2030 – and it builds on the ECB-BASE –a semistructural model for the euro area. The historical analysis (until end-2019 … euro area. It consists of two major parts – a historical assessment and an assessment based on an extended scenario until … economic times and it would have been able to eliminate a large portion of the second downturn in the euro area. In turn, the …

) pandemic. In the euro area, the unique architecture of a monetary union consisting of sovereign Member States, with cross … monetary-fiscal policy interactions in the euro area from a monetary policy perspective and with a focus on the ramifications … stage for a discussion of specifically euro area aspects and challenges in subsequent parts of the report. In particular, it …