IGTA Journal - Winter 2020/2021

29/01/2021 The sovereign-bank-corporate nexus – virtuous or vicious? https://www.ecb.europa.eu/press/key/date/2021/html/ecb.sp210128~8f5dc86601.en.html 4/13 Source: ECB. At the same time, the pandemic sparked a marked increase in both sovereign and corporate debt levels ( Chart 4 ). Chart 4 Indebtedness of the general government and the non-financial corporate sector across the euro area percentages of GDP IGTA eJournal | Winter 2020/21 | 9