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{EU} Lane on the impact of policy: TLTRO III....>

ECB
ECB: {EU} Lane on the impact of policy:
TLTRO III
"An illustrative counterfactual exercise by ECB staff suggests that the TLTRO
support in removing tail risk would be in the order of three percentage points
of euro area real GDP growth in cumulative terms over 2020-22."
Fiscal policy:
"The extraordinary fiscal response has played a central role, with an estimated
2.5 percentage point positive contribution to 2020 euro area output."

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