This paper assesses the potential economic impact of Next Generation EU (NGEU), focusing on the euro area. Its findings … pandemic-induced crisis and longer-term modernisation of the euro area economy through their digital and green transitions …, fiscal stimulus and risk premium. Overall, NGEU may increase gross domestic product (GDP) in the euro area by up to 1.5% by …

euro area and for supervising all euro area banks in order to ensure their safety and soundness, some directly and some …

aims to draw lessons for the design of a euro area fiscal instrument. The empirical risk-sharing analysis in this paper … contributions. This would suggest that a euro area budgetary instrument for stabilisation should be designed as a tool that enhances … central stabilisation instrument for the euro area would be integrated in an overall fiscal policy framework that ensures …

first is the global financial crisis in 2008-09, and the second is the euro area sovereign debt crisis in 2010-12. Both … sequence of financial reforms has improved the sector's ability to deal with major macro-financial shocks at the EU/euro area …