The Covid-19 pandemic is a crisis like no other. In 2020, it plunged the global economy into its deepest recession since World War II. But, after a year in the doldrums, Europe’s private firms and households are now awash with cash. How households in particular use their accumulated savings will be crucial in shaping the continent’s post-pandemic recovery. Whereas companies have built their cash buffers on piles of new debt, households remained prudent during the pandemic: Their debt barely increased, and debt leverage remained essentially flat. Households’ cash buffers – or excess savings, as they are often called – stem from reduced spending, mainly on services. All those cancelled restau
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