ESRB warns governments not to withdraw stimulus prematurely

Report highlights how support measures face trade-offs between cliff effects and debt sustainability

Claudia Buch
Claudia Buch

The European Systemic Risk Board (ESRB) has warned governments to avoid cliff effects that could be triggered by a premature withdrawal of fiscal stimulus.

In a report published today (February 16), the body studies the impact of the fiscal stimulus measures implemented during the Covid-19 pandemic on financial stability.

The ESRB aims to monitor and prevent risks affecting all types of financial intermediaries, markets and infrastructure. Its new analysis acknowledges the effectiveness of the

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