The disparity in the size of the fiscal stimulus between each side of the Atlantic is monumental. Indeed, total fiscal support now represents more than 12% of US GDP but ‘just’ 6% for Europe. This will have a huge relative impact over the medium term in terms of the pace of their respective economic recoveries, inflation pressures and financing needs.
Source: Bloomberg, Unigestion. Data as at 26 March 2021.
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