Macroeconomic outlook: are we back on track?

This podcast episode is part of Bruegel’s macroeconomic outlook
series of The Sound of Economics, in which we bring you regular
analysis of all things macro and fiscal policy.



This February, the European Commission published the Winter 2021
Economic Forecast with the estimation of a 3.7% increase in GDP
in the EU in 2021. While this means a recovery from the pandemic,
economic uncertainty still remains significant.



On the other side of the globe, the Biden administration has
announced a $1.9 trillion fiscal package. Would this result in
inflation risks? How will this affect European economies? And,
what fiscal intervention is needed in the euro area?



Maria Demertzis, Deputy director of Bruegel, is joined by Elina
Ribakova, Deputy Chief Economist at the Institute of
International Finance, Christian Odendahl, Chief economist at the
Centre for European Reform and Grégory Claeys, senior fellow at
Bruegel to discuss the Commission forecast, recent US fiscal
package and their insights of the macroeconomics outlook in the
EU and globally.



Relevant publications:



Demertzis, M. (2021) ‘A K-shaped recovery and the role of fiscal
policy’



Claeys, G. and M. Demertzis (2021) ‘The productivity paradox:
policy lessons from MICROPROD’, Policy Contribution 01/2021,
Bruegel



Demertzis, M., M. Domínguez-Jiménez and A. Lusardi (2020) ‘The
financial fragility of European households in the time of
COVID-19’, Policy Contribution 2020/15, Bruegel