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How effective has the pandemic emergency purchase programme been in ensuring debt sustainability?

How effective has the pandemic emergency purchase programme been in ensuring debt sustainability?

During the pandemic, euro-area sovereign debt surpassed the peak of 95% of GDP seen during the sovereign debt crisis that started in 2009. The average debt ratio in highly-indebted Italy, Spain and Portugal reached slightly above 130% in 2020 – a 25 percentage-points of GDP surge relative to 2019. The deep recession caused by the pandemic together with strong fiscal response contributed to the debt surge.