Allianz Research Figure 8: Europe - Fiscal support measures to fight the energy crisis (%) 10 9 8 Liquidity support to energy utilities 1/ 7 Current fiscal measures t 6 Pre-conflict measures or EU median p p 5 u S l 4 3.8% a sc i 3 F 2 3.2% of t n 1 ou m 0 A y a e e * . k d ly a a n x. a n a a d a y s a d c h i i i a i ia i i ry a m i u lt UK n a t n u v i n k h n i u n a r ni n an EZ* EU et ar t t r gal a a a I a L t u pa a c o a an eec N m l ede t va la g gi ve rw yp t l m M r r ro ua La us r S m o n gar F G h w ze u l C re er en Fin C t S A o lo C P Bello No Es I G D Li P Ro S H Bu S Sources: Refinitiv Datastream, Allianz Research Figure 9: Fiscal and monetary impulse in advanced and emerging economies (pp) TR Looser -10 -8 2022 EZ e t -6 US UK Ra -4 y c ) 2023 i l t o en -2 JPN e Pc 0 v i per t 2 CHN ec In f ( f E US CHN 4 l BRA JPN BRA Rea 6 EZ UK Tighter 8 TR -5 -4 -3 -2 -1 0 1 2 3 4 5 Tighter Fiscal Impulse Looser Sources: Refinitiv Datastream, Allianz Research 16