Supply and demand: Post-pandemic recovery in euro area
The widespread lockdowns which began in March 2020, implemented to contain the spread of the coronavirus (COVID-19) pandemic, caused global supply disruptions and suppressed demand. As a result, euro area output dropped and international trade plummeted. The euro area economy recovered solidly after the first strict lockdowns were lifted in 2020, despite the adverse shocks in 2021 and 2022 associated with global supply bottlenecks, the energy crisis and the uncertainty…

