2021~2022年欧洲经济：复苏进程加快

Abstract:After experiencing several rounds of COVID-19 outbreaks，the European economy has picked up its pace towards recovery since the spring of 2021. Activities in both manufacture and service industry were expanding at an exceptional speed and the regional unemployment rate slightly dropped. The economic sentiment indicator rose to its highest level since 2018，while the consumer confidence index posted two consecutive all-time-highs in June and July. What put the EU economies back in motion are the rollout of vaccination and the continued easing of virus containment measures. ECB’s stand on monetary policy and the implement of Next Generation EU fueled the recovery as well. Yet，the mounting pressure of inflation has forced ECB to cut back on pandemic emergency purchase program，and may slow down the expansion of monetary supply. The outlook of the European economy will be impacted by the virus variants，disruptions in supply chains and the rising inflation. The pace of recovery in other advanced economies will also generate mixed implications for EU. Under the assumption of no renewed outbreaks of COVID-19，the EU is expected to see its economic output return to the pre-pandemic level by the beginning of 2022 at the earliest.

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