France, Germany, Italy: good fiscal stimulus, bad trade deficits?

France, Germany, Italy: good fiscal stimulus, bad trade deficits?

The unprecedented fiscal stimulus plans launched by European governments this summer (phase II to relaunch growth engines after phase I emergency relief programs) should help to boost economic growth by +2.4pp in France, +2pp in Germany and +0.7pp in Italy (see Figure 1) over 2021-22.

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