The writer is chief economist at Allianz
Are eurozone governments getting too close for comfort to a new danger zone? The signs are there, with sovereign exposure to the corporate sector crossing 20 per cent of gross domestic product.
This comes from both the European Central Bank’s asset purchases and the generous policy support to shield companies from the effects of back-to-back crises.
Government credit guarantees and liquidity support certainly hit the mark, helping to keep vulnerable firms afloat. But they mask considerable economic scarring. Some sectors and firms have yet to fully recover, and some may never recover, especially those hit the hardest by pandemic-related containment measures and consequent changes in consumer behaviour.
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