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One step forward, two steps back
- The positive momentum on markets last week gave way to further uncertainty in recent days, with some of the recent gains unwound over the course of this week.
- With countries bracing for a larger lasting shock, policymakers have begun to lay out fiscal supports to offset some of the shock.
- However, as we have stated previously, wider fiscal deficits will limit the ability of EU governments to provide the level of support seen following the war in Ukraine in 2022.
- However, as the Fiscal Advisory Council has pointed out, these surpluses are expected to dwindle towards 2030, with the Government planning to save just €1 out of every €6 collected in corporation tax.
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