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ECB preview: The meaning of summer
With the announced de facto end of QE at the June meeting, the ECB clearly stuck out its neck on the outlook for growth and inflation in the eurozone. The discussion on the sustainability of the recovery and any acceleration of inflation will continue. Soft patch or downswing? In our view, the jury is still out on whether the eurozone only went through a soft patch in the first months of the year or is actually already in the middle of a protracted cooling. While hard macro data released since the ECB’s June meeting were encouraging and point to stable growth in the second quarter, soft indicators have only shown ... (full story)