Of the 30 European developed sovereigns that we rate, the outlook on 23 of them is stable. Our outlooks on Andorra, Cyprus, Estonia, Greece, and Italy are positive, while our outlooks on Guernsey and Spain are negative. - GDP growth in the euro area is expected to be 4.4% in 2022, which should help governments start to consolidate oversized budgetary deficits and the European Central Bank (ECB) start to normalize monetary policy. - The euro area's supranational response to the pandemic has combined quantitative easing and the pooling of fiscal resources behind the Next Generation EU Fund (NGEU). This has buttressed the creditworthiness of all member states. - At the national level, however, significant political fragmentation could cement.