ECB chief economist Philip said there will be “positive spillovers” from the USD 1.9T pandemic relief package from the US. The significant package will “boost global GDP, will boost exports from the euro area”.
“Of course, the initial impact was visible more in the financial market, but over time, as this stimulus gets rolled out, it will be a significant engine for the world economy,” he added.
In Europe, “we have 19 fiscal policies and then we have the joint fiscal action,” Lane said. “The parameters of the fiscal debate have clearly moved with the US decision. And it is an important issue for European policymakers to reflect upon.”
