Covid-19 crisis (2020-2021) was significantly more countercyclical than before - in particular in the Eurozone. We do not … performance over 2020-2021 was more in line with the past than for discretionary fiscal policy. Overall, fiscal policy in non-Eurozone … advanced countries is more countercyclical than in the Eurozone. However, the cyclicality varies markedly across countries. Our …

credibility) but the degree of anchoring to this target has gone down, implying an erosion of what we call anchoring credibility …. A decline in anchoring credibility can explain increased forecast variance independently of any changes in inflation …