Since the COVID-19 pandemic, the household savings rate in the euro area has been exceptionally high.The savings rate has been driven up in particular by the decline in households’ real wealth, higher interest rates and increased public deficits. Increased uncertainty due to the Middle East war and higher energy prices are slowing the recovery of private consumption.
Economic growth in the euro area has been undermined in recent years by the erosion of competitiveness in relation to the United States and China. This has been mainly attributable to the subdued growth in labour productivity and the fact that energy has remained significantly more expensive than in competitor countries.
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