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3rd Mar 2025 19:12EurozoneDaily Monitor

  • The EU’s first defence package contains only a small element of joint loans; more will be needed soon. 
  • EZ unemployment remains pinned at a record low, though we think it will start rising soon, slowly. 
  • Markets see tariff risks as dovish for ECB policy, but the economic data are pulling in the other direction.

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Keywords for: 5 March 2025 Eurozone Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence