Financial crises

• Following the nation's COVID trajectory, markets in the Northeast outperformed other regions of the U.S. in nearly every housing metric.
• After prices stumbled in April, home prices have continued to accelerate each month since.
• July's listing price growth of 8.5 percent marks the largest leap in median listing prices since November 2018 and equates to a $27,000 increase over last year.
• Of the nation's 50 largest metros, 48 saw year-over-year gains in median listing prices in July, up from 46 last month.

• Net interest income decreased from $3,338,262 in the second quarter of 2019 to $2,877,332 in the second quarter of 2020.
• Average loans outstanding in the second quarter of 2020 amounted to $268,196,488 compared to $242,438,661 in the second quarter of 2019.
• Loan yields decreased from 5.61 percent in the second quarter of 2019 to 4.72 percent in the same quarter of 2020.
• The yield on interest earning assets decreased from 5.05 percent to 3.57 percent from the second quarter of 2019 to the second quarter of 2020.

• On 20 May the European Commission released its country-specific recommendations for economic and fiscal policies under the 2020 European Semester.
• In response to the dramatic COVID-19 shock, all euro area countries implemented packages of fiscal measures.
• These packages consist of discretionary fiscal stimulus measures, state guarantees for loans to firms and other liquidity support measures.
• According to the European Commissions Spring 2020 Economic Forecast, the discretionary fiscal measures amount to 3.25% of GDP at the aggregate euro area level.
• The depth of the COVID-19 shock and the size of the fiscal response have led to a drastic deterioration and heterogeneity in fiscal positions.
• In 2021, under unchanged policies, government deficit and debt-to-GDP ratios are expected to decline, albeit remaining far above pre-crisis levels.
• All countries will need to continue supporting their economies to recover from the severe shock, while safeguarding medium-term fiscal sustainability.
• Subsequently, When economic conditions allow, countries are recommended to pursue fiscal policiesaimed at achieving prudent medium-term fiscal positions and ensuring debt sustainability,while enhancing investment.
• Fiscal policies will then need to resume the adjustments provided for in the Pact.

Chart B General government gross debt, 2019-2021 (percentages of GDP)

• Safety nets for workers, businesses and sovereigns have been put in place, amounting to a package worth up to 540 billion.
• [8] Second, a 25 billion pan-European guarantee fund will be created to strengthen the activities of the European Investment Bank (EIB).
• [9] Third, as a safeguard for euro area sovereigns, a Pandemic Crisis Support instrument was established, based on the European Stability Mechanisms (ESM) existing precautionary credit line, the Enhanced Conditions Credit Line (ECCL).
• Access granted will be 2% of the respective Member States 2019 GDP, with an overall envelope of 240 billion.

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