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ECB meeting preview - Europe: more fiscal spending = more monetary activism (whatever it breaks)
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By Frederik DUCROZET, Head of Macroeconomic Research chez Pictet Wealth Management
The deepening of the energy crisis has been the catalyst for a fresh round of government support measures, including discussions about various price cap mechanisms at the European or national level, changes to regulation of energy markets, direct support for households and companies, tax cuts, credit line and state guarantees for stressed energy providers and SMEs.
In the euro area, the total amount of fiscal spending that has been announced so far this year is exceeding 2% of GDP, although the final impact on activity and inflation remains uncertain because of timing and implementation issues. Meanwhile, gas and electricity prices are on the rise again after...
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