On March 10, Claus Vistesen and Melanie Debono of Panson Macro wrote in a note that the European Central Bank may be overly pessimistic about the eurozone’s growth opportunities this year, as the planned spending push looks set to boost economic activity. The European Central Bank last week lowered its forecast for output growth in the eurozone, specifically pointing to the risk of import tariffs imposed by the United States. But Vistesen and Debono said the tariffs may not last forever. New plans for Germany and the EU as a whole to increase infrastructure and defense spending provide a shot in the arm. “Last week’s fiscal announcement suggests that the risks going forward will be more balanced,” they said. ”
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