Macroeconomic outlook: are we back on track?

<div>This podcast episode is part of Bruegel’s macroeconomic outlook series of The Sound of Economics, in which we bring you regular analysis of all things macro and fiscal policy.<br> <br> </div> <div>This February, the European Commission published the Winter 2021 Economic Forecast with the estimation of a 3.7% increase in GDP in the EU in 2021. While this means a recovery from the pandemic, economic uncertainty still remains significant.<br> <br> </div> <div>On the other side of the globe, the Biden administration has announced a $1.9 trillion fiscal package. Would this result in inflation risks? How will this affect European economies? And, what fiscal intervention is needed in the euro area?<br> <br> </div> <div> <a href="https://www.bruegel.org/author/maria-demertzis/">Maria Demertzis</a>, Deputy director of Bruegel, is joined by <a href="https://www.bruegel.org/author/elina-ribakova/">Elina Ribakova</a>, Deputy Chief Economist at the Institute of International Finance, <a href="https://www.bruegel.org/author/christian-odendahl/">Christian Odendahl</a>, Chief economist at the Centre for European Reform and <a href="https://www.bruegel.org/author/gregory-claeys">Grégory Claeys</a>, senior fellow at Bruegel to discuss the Commission forecast, recent US fiscal package and their insights of the macroeconomics outlook in the EU and globally.<br> <br> </div> <div>Relevant publications:<br> <br> </div> <div>Demertzis, M. (2021) ‘<a href="https://www.bruegel.org/2021/03/a-k-shaped-recovery-and-the-role-of-fiscal-policy/">A K-shaped recovery and the role of fiscal policy</a>’<br> <br> </div> <div>Claeys, G. and M. Demertzis (2021) ‘<a href="https://www.bruegel.org/2021/01/the-productivity-paradox-policy-lessons-from-microprod/">The productivity paradox: policy lessons from MICROPROD</a>’, Policy Contribution 01/2021, Bruegel<br> <br> </div> <div>Demertzis, M., M. Domínguez-Jiménez and A. Lusardi (2020) ‘<a href="https://www.bruegel.org/2020/07/the-financial-fragility-of-european-households-in-the-time-of-covi