Economics

Europeans Unwillingly Hoarded Cash During Lockdowns, ECB Says

  • ‘Forced savings’ were main driver of spike in first half
  • Under lockdowns, millions of Europeans couldn’t spend normally
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Europeans struggled to spend their money in the midst of the coronavirus pandemic, sparking a surge in savings, according to the European Central Bank.

With economies in lockdown and millions of consumers forced to stay at home, people in the euro area were unable -- rather than unwilling -- to consume as normal in the first half of the year, the ECB said in its economic bulletin published Tuesday.