The COVID-19 crisis and the aftermath of the war in Ukraine have left a legacy of ballooning public debt levels and structural fiscal deficits higher than those existing in 2019 in many EU countries. Reducing them to avoid greater evils will be a crucial and ambitious task in the coming years.
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Since the beginning of the pandemic, the performance of the key economic indicators has been disrupted, particularly in terms of the sharp swings in activity and now the persistence of inflation. Policy priorities have also been strongly affected.