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  • The growth acceleration peak has been passed. However, activity will still be supported by house-hold demand and catch-up effects.
  • The Central Banks are slowly changing the direction of their very accomodative financial conditions.
  • Fiscal policy will remain expansive over several years. The recovery plans will bring a significant growth surplus without mentioning their financing.
  • Inflation will remain expansive over several years. The recovery programmes will provide significant additional growth without mentioning their financing.
Written in July 2021.

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