ISSN 2443-8014 (online) European Economic Forecast Winter 2022 INSTITUTIONAL PAPER 169 | FEBRUARY 2022 EUROPEAN ECON OMY Economic and Financial A?airsEuropean Economy Institutional Papers are important reports analysing the economic situation and economic developments prepared by the European Commission's Directorate-General for Economic and Financial Affairs, which serve to underpin economic policy-making by the European Commission, the Council of the European Union and the European Parliament. DISCLAIMER The views expressed in unofficial documents do not necessarily represent the views of the European Commission. LEGAL NOTICE Neither the European Commission nor any person acting on behalf of the European Commission is responsible for the use that might be made of the information contained in this publication. This paper exists in English only and can be downloaded from https://ec.europa.eu/info/publications/economic-and-financial-affairs-publications_en. Luxembourg: Publications Office of the European Union, 2022 PDF ISBN 978-92-76-43938-7 ISSN 2443-8014 doi:10.2765/333044 KC-BC-22