How to Use Europe’s Excess Savings
What European households do with the cash buffers they have built up during the pandemic could have good, bad, or ugly consequences. The best option is for policymakers to help channel these savings into long-term investments that support the continent’s green and digital transformations.
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MUNICH – The COVID-19 pandemic is a crisis like no other. In 2020, it plunged the global economy into its deepest recession since World War II. But, after a year in the doldrums, Europe’s private firms and households are now awash with cash. How households in particular use their accumulated savings will be crucial in shaping the continent’s post-pandemic recovery.