Financial stability report : December 2021

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      <subfield code="a">Financial stability report</subfield>
      <subfield code="b"> : December 2021</subfield>
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      <subfield code="a">Luxembourg</subfield>
      <subfield code="b">European Insurance Occupational Pensions Authority</subfield>
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      <subfield code="a">The European economy continued to improve facing a strong second quarter supported by the vaccination campaigns and the reopening of the economies, with the expectations regarding real GDP pointing at exceeding pre-pandemic levels (2019 q4) by the end of 2021. The development of the pandemic and the supply chain disruptions remain key risks weighing on growth with high frequency data point to growth although with weaker momentum than before.1 In the euro area the projections for yearly growth have been revised to 5% for 20212 (4.6% and 2.1% for 2022 and 2023, respectively), an upward revision of 0.4 percentage points from previous forecasts. Yet, the quarterly forecasts for the second half of 2021 have been marginally deteriorating, driven, among others, by the supply chain disruptions and concerns over the recent increase of coronavirus infections. In fact, uncertainties remain high looking ahead due to the recent surge in infections and a further potential adverse development of the pandemic.</subfield>
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