期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2021
卷号：2021
语种：English
出版社：European Central Bank
摘要：Fiscal policy support has mitigated financial stability risks during the pandemic, but the vulnerabilities arising from contingent liabilities have increased for euro area sovereigns. National policy responses to support households and firms during the pandemic directly increased the aggregate euro area general government debtto-GDP level by around 14 percentage points to around 100% of GDP in 2020. Additionally, public guarantee schemes that were introduced in 2020 constitute sizeable contingent liabilities for governments in most euro area countries, adding to the stock of both existing government guarantees and other implicit contingent liabilities, which reinforces concerns about the emergence of an adverse sovereign-bank-corporate nexus. Against this backdrop, this box presents historical evidence from contingent liability materialisations, investigates their commonalities and differences with the situation under the current pandemic-induced shock and assesses the ensuing risk for sovereigns.
