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1、2026European Macroeconomic ReportEconomic and Financial AffairsEUROPEAN ECONOMY INSTITUTIONAL PAPER 328|NOVEMBER 2025European Economy Institutional Papers are important reports analysing the economic situation and economic developments prepared by the European Commissions Directorate-General for Eco
2、nomic 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 should not be considered as representative of the European Commissions official p
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6、r any use or reproduction of elements that are not owned by the European Union,permission may need to be sought directly from the respective rightholders.PDF ISBN 978-92-68-34359-3 ISSN 2443-8014 doi:10.2765/3120433 KC-01-25-080-EN-N CREDIT Cover photography:iS European Commission Directorate-Genera