The European Commissioner for the Economy, Paolo Gentiloni, estimated the cumulative fiscal stimulus that euro area countries have put in place to deal with soaring energy prices at “2%” of GDP by 2022, on Monday 7 November, at the end of the Eurogroup.
Clearly, Mr Gentiloni noted, “such a strong fiscal expansion risks adding to inflationary pressures”. He called on Member States to ensure that these measures are fiscally sustainable and “targeted”, as “around 70%” of them...