¹ See Micossi, S.: Managing Post-Covid Sovereign Debts in the Euro Area, in: VoxEU, https://voxeu.org/article/managing-post-covid-sovereign-debts-euro-area, 2020.

² See Damar, H. E.; Gropp R. E.; Mordel, A.: Banks' Funding Stress, Lending Supply, and Consumption Expenditure, in: Journal of Money, Credit and Banking, Vol. 52 (4), 2020, 685-720. – Leland, H. E.: Saving and Uncertainty: The Precautionary Demand for Saving, in: Quarterly Review of Economics, Vol. 82 (3), 1968, 465–473. – Mody, A.; Ohnsorge, F.; Sandri, D.: Precautionary Savings in the Great Recession, in: IMF Economic Review, Vol. 80 (1), 2012, 114-138.

³ See Barro, R.: Are Government Bonds Net Wealth, in: Journal of Political Economy, Vol. 82 (6), 1974, 1095-1117.

⁴ See Dossche, M.; Zlatanos, S.: COVID-19 and the Increase in Household Savings: Precautionary or Forced?, in: ECB Economic Bulletin, Iss. 6/2020, 2020

⁵ If households had spent as before, household deposits would have remained unchanged, while firm deposits would have increased.

⁶ If policies vary at regional level, the index measures the stringency of the strictest region of the country. Policy indicators included capture restrictions and recommendations with respect to work places, public events, public transport, schools, international travel, internal movement, and stay at home orders.

⁷ See www.focus.de/finanzen/boerse/geldanlage/notenbanken-bleibt-kein-ausweg-top-oekonom-hans-werner-sinn-hofft-dass-inflation-nicht-so-schlimm-wie-nach-dem-weltkrieg-wird_id_12732332.html, www.wiwo.de/my/politik/konjunktur/treibt-corona-die-inflation-ja-nach-der-krise-kommt-die-inflation-mit-macht/25845292.html, www.focus.de/finanzen/boerse/interview-mit-hendrik-leber-finanz-profi-ich-rechne-mit-zweistelligen-inflationsraten_id_12647760.html.

⁸ See www.ecb.europa.eu/stats/ecb_surveys/survey_of_professional_forecasters/html/table_hist_hicp.en.html.

⁹ See www.economist.com/briefing/2020/12/12/a-surge-in-inflation-looks-unlikely.

¹⁰ Source: Eurostat.