YouSaid · the spoken record

Philip Lane

lines on the record: 40
first: 2025-02-07
most recent: 2025-02-07
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“You like unfair subsidies, but I think we should remember the world gain richer. Technology is getting invented. Wherever they get invented creates global possibilities. I'll call them possibilities. But I would say, and I said it earlier on, is the fact that China is becoming more similar, whether in chemicals, auto and so on. Does create adjustment issues. It does mean the kind of price at which a European firm can sell its output around the world is compromised. The answer to that is not to say, look, I wish this new competition didn't exist. The answer is, okay, how do we adjust? So I would say individual sectors, adjustment issues, that's always been true with trade, but also to recognize that rising real incomes in China are add to the world's demand as well.”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“Now, of course, there is a debate about industrial policy and under what circumstances, whether for economic security reasons or for kind of stability of various industries, you recognize that there are concepts such as kind of countervading tariffs. So Europe imposed in a very calibrated way tariffs on Chinese EVs a while ago. But essentially that was done within, I think, WTO rules, which is basically if you think the origin of some of the low prices out of China are, if you like, unfair subsidies, then the handbook says you can countervail that and correct that. What I would say is there are kind of WTO mechanisms that can go a long way in dealing with any kind of identification of”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“Economically, what we've had for a long time now is China growing, becoming a bigger share of the world economy And the most basic point is that operates in both demand and supply. So as they get more productive, the technologies they diffuse around the world, so those who are able to buy a cheap electric vehicle to buy cheap solar panels, windmills, all of those, I mean, there is a kind of global impact of that. Also, it's trying to get richer. Again, their interest in buying exports from Europe and from America goes up. the baseline of course is essentially the world getting richer is win-win”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“World. And so the fluctuation of inflation, what would be the appropriate monetary policy is very much going to depend on a lot of policy decisions around the world.”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“Going to be basically back around 2% and 25%. That was a kind of timeline that's been very stable. And under that timeline, which is really been followed, then of course the market is recognizing the interest rates you need when you're at 10 or 5 or 3% inflation are not the interest rates you need when you're around 2. So I think in that context the predictability of how disinflation works has held up fairly well. The big issue was how did that inflation erupt in the first place and the scale of it. But once we got to the peak, going from peak back to 2% has been, I think, in line with how the macro modeling community would think about it. So I don't think there's been all that surprising so far. And so let me go back to this year. What I would say is, as we've talked about, there's a lot going on.”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“Okay, I'm going to sidestep that to some extent because philosophically the world is subject to shocks. So going back to when you get these market revisions, that's their point in time view right now. Let's see what happens. So my role is not really, I think, to kind of overly comment on the market view. But let me go back to the peak inflation of late 22. Our staff, the Euro system staff, I think did a pretty good job of providing”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“The scope for new technologies to help and to be sensible about what you ask different parts of the economy, whether it's households, large corporates, small corporates, the banking system, that's essentially an evolving work in progress.”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“Away from using oil and gas towards using heat pumps. What is the right policy and the right timeline for getting people to move from petrol and diesel cars to electric vehicles? I would view all of that as recalibration, tactical adjustments. But again, coming back to where we started with the European Commission's agenda for the next few years, decarbonization remains central to that. So I would say we're learning a lot. The evidence from all of the severe weather effects, not just in Europe, but around the world, people see it. They see it every day. How they live their lives. So I think the identification of the problem is there. But of course, making sure that the trade-offs are recognized.”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I think the assessment is pretty stable, and that's not just in central banking, but in many dimensions. The assessment is the world is getting hotter. The assessment is policy is needed, both to Slow that down and to cap it, but also to make sure the economy and society adapts to hotter temperatures. So it's, I think, important for central banks to prepare the financial system. For that, it's important for central banks in how we do monetary policy to recognize the effects of these climate shocks and also the underlying transition issue. So what is true, which is inevitable, these are pretty big policies. There's big policies, but of course all the time you have to think about recalibration. What exactly is the right subsidy policy for heat pumps, for example? So to move housing.”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“While we have to make sure when we had a really big energy shock and we had to make sure and to be able to provide the reassurance to everyone that we will make sure inflation comes back down to 2%, not overnight, but in a realistic timeframe and essentially threat the whole process to keep inflation expectations stable. So in contrast to 1970s, this has happened. So the famous second round or third round effects, they were there to an extent. There'd have to be a catch-up phrase for wages, which is now maybe nearly over. But no, I think the central bank world, once it was diagnosed, then we needed to act. That has not been the biggest headache here. So for central banks, that's our offer or our promise. We will deliver price stability in the medium term. That doesn't mean there won't be shocks, but when there is a shock, we get it back down to 2% in a realistic way.”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“I get it. But of course, you need a certain amount of fiscal integration. We have stepped forward with more joint debt and so on. You do need a certain amount. You need to make sure your banking systems don't require a lot of fiscal support. They have to be well capitalized and well regulated. And we've come a long way on that. And you have to make sure every member country is following fairly stable policies so we don't have the really large property bubbles, the big current account deficits we had. So Europe is quite a kind of stable environment, not super growing fast. So dynamism is an issue, but stable, yes. But stability is, if you like, a kind of minimal condition. And I think this is where the conversation is. Let's move on from being stable to delivering more of what we want. And if we grow more quickly.”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“No one is really saying the answer is to kind of go on a nation state basis. Because of course you can see, going back to the scale economy issue, it's really hard to think about being a small country in today's world. So the value of the European Union is, I think, common. I don't think there's any anti-EU. Serious anti EU kind of proposals in any of the national systems. And going back to the spread issue, I mean, this nothing like the situation we had 15 years ago. So, of course. Going back to the vision here that essentially the European Union is a unique structure. And I think that's very important because sometimes, you know, in my career, I've heard, why can't he just be like the US? And of course, this kind of one line”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“You might say, Oh my god, going more slowly under the hand, you may say, okay, here's a real opportunity. So to embrace the diffusion of new technologies, again, if you looked 30 years ago with the transmission of internet to the business sector, that happened here first, but it then happened in Europe because, of course, European firms could see was possible. So I'd be in the optimistic camp that there's a lot of opportunities and going back to the single market idea. Again, it does require political will. It does require political leadership, but there's a huge opportunity here.”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“This is when going back to 400 pages with the dragon report, some of those pages were devoted about look, all of this debate about fiscal space, it looks a lot better if you get your economy to grow more quickly. So I think fundamentally the identification that if we can grow more quickly had to distribute resources, how to make progress on decarbonization, all of these issues would look a lot easier. So let me focus on the fact that there is a kind of more and more identification is the only way to square the circle is to commit to policies, to improve the growth rate. But let me say there's a huge opportunity here. You can look at the fact that Europe has been a bit slower in terms of, for example, adoption of AI.”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I would say there's a shared identification of essentially the challenge that what I would say is a lot of the problems your faces, let me not say problems, but a lot of the desires, what we want, a lot of these would look a lot easier to achieve with a faster growth rate.”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“And with that, of course, if you think about individual firms who might have been used to certain margins, certain ability to obtain market share, they are under a new competitiveness challenge. So that is something where Europe is in between China and America. Everyone has their kind of structural priorities. But this issue of how do you not kind of try and build a wall, but how do you navigate this new world is important?”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“Is the global, if you like, equilibrium. One thing the ECB has worked on and identified is essentially when you can do this exercise of comparing economies. And what's interesting of the last 15 years is Europe and China have become more similar. The US has not become more similar. So if you think about which industries are important activity, the composition of activity, and of course this is immediate applications in the car industry now, China is much more similar to Europe.”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“Draggy report starts is Europe had a very good idea 40 years ago now that essentially in a modern world scale economies matter if the European member countries essentially come together and build a single market that will really help that remains and the intersection now is I think with digitization with other new technologies scale economies really matter It's really hard to think about, okay, if I have a big fixed cost investment, if I build some new AI kind of business model, rolling that out is a function of scale. So the European Union building scale through a single market, the case for it is now reinforced. So I think this new energy about that. And then, of course, the other big one, maybe, Joe, just because I think this is interesting from a global point of view.”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“Every country debates had to deal with 18, had to deal with climate change, had to deal with digitalization, AI and so on. In a European context, maybe there's two extra factors. One is the structure of Europe. That's literally a structural factor. We have choices and debates about essentially more integration, the single market. And as you mentioned earlier on, Tracy, last week the European Commission announced this competitiveness compass. That's essentially a long to-do list to convert the draggy report, the letter report, into essentially action. And of course, you can imagine in a European Union, there's a lot of things need step by step action. So I would say it's all aligned, but it's just, we have a new commission. It's basically a kind of an agenda for the next few years. But fundamentally, and this is where...”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, let me make a few points about this because, of course, this debate is ongoing. First of all, I think it's important to recognize there isn't a clear bright line between cyclical and structural because, of course, if an economy faces structural issues, more or less, if you have pessimism on a structural basis, it will lower demand. So cyclical policy is called for, even if the origin is structural. But let me say on top of all the structural issues which are global”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“While it's not all going to happen this year in 25, it's going to go into 26. So a long way to summarize where we are is it's multi-year. It really is a long lag. And again, from WordGo, from the time we started hiking, I and the ECB flagged quite a bit. We haven't done this very often. How much of an evidence base do we have about how long are those lags? How powerful this transmission? And in the context of a pandemic and a war. So for all those reasons, it really goes back to, I'm reassured that transmission is working. I see it. But I'm also validated, if you like, that it takes real time. It takes real time before it transmits all the way through the economy.”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“So, the one for one transmission of the policy rate, that works in the money market. It's softer, both on the way up and on the way down for the banking system. So we have taken into account in the banking system with a mix of deposit funding and market funding, the transmission is slower. And then on the economic side, one issue we talked about last week was housing investment. That's a classic interest rate sensitive area. And we are seeing mortgage loans pick up quite a bit in Europe, but we haven't seen housing investment move up yet. And this goes back to like here to some extent, okay, someone has decided I'm going to start a new project, getting the permits, finding the workers, all of that takes time. And so this is why I said to you earlier on, we think the big recovery investment is going to take”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“The bank based system, and then in one is how the economy responds. So in a bank-based system, and we had new numbers this morning, essentially because, of course, banks are partly funded by deposits, partly funded by market funding. Deposits, they have responded, but not one for one. There's still lots of zero interest overnight deposits funding banks.”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“Expectations of rates. Well, I mean, the world changes. Then we had a fairly rapid hiking cycle to 4%. And now we're coming down from that. And then the market is debating somewhere in the neighborhood of 2%, let's say, is the new steady state. So in terms of how people are thinking about the financial system, some of it is, well, we're gone from an old steady state of basically at the floor. The new steady state is around 2%. And how do I value assets? How do I organize my saving, my investment around that? So on top of the cyclical issue of as we ease rates, but we're easing from 400 to in the neighborhood of 2%, we're not going back to the pre-shock super low rate. I mean, we don't expect to. That's an additional factor in transmission. Let me emphasize a couple of things. One is about”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I mean, this is what keeps us busy, and this is why throughout this period, some people don't like these phrases, but they're essential. We said we're going to be data dependent. And we said we have this reaction function where essentially as we see the transmission in action, we can recalibrate our policy. So let me maybe explain why it's the complexity in the area. We were in a loaf-or-long environment, even in December 21, when already inflation was picked up, the markets believed the policy rate would not go above zero until around 2027. So there's high conviction that we were in this low for long period.”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“Is essentially why you are able to have disinflation and recovery in the economy. And as you say, we do have the lowest unemployment in the history of your area. Again, let me come back to this differences across your area. Germany's been suffering, we know that. Unemployment has gone up in Germany. So the labor market is what you would expect. Spain has been very strong. Unemployment is coming down in Spain. And so when you think about the overall euro area narrative, I mean, when you talk about the US economy, we all tend to think about the US and the aggregate. But of course, there's differences across California, Chicago, New York, and so on. Same for us. There are big differences right now across some of the major countries.”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“But in the same six months, so spring to autumn twenty two, this is when the European economy reopened. So actually, if you look at activity data, it's quite strong for those six months because tourism restarted, hospitality restarted. So this is a very unusual configuration of events. That reopening had a demand element to it because of course people really wanted to spend and of course the supply was still pandemic constrained. So this I would say is weird, unusual, not representative. So not that surprised implementing the most basic macro model only gets you so far. And then if you like compare since then, and I think that's carbon across US and Europe, is a lot of what's happened is the supply side has recovered. The exact nature of it on both sides of the Atlantic is there. And that recovering the supply side.”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I think the labor market tightness is part of it. And actually, the euro area is an interesting place to look at that because, of course, across the area, you have some economies that are hotter than others. You have kind of a laboratory. So absolutely, there is a correlation between a tight labor market and wages. But the strength of that effect is not big compared to the size of the inflation shock we had, which was essentially an intersection of two factors. One was the energy shock, and two was the exit from the pandemic. So, more or less exactly at the same time in spring 22, we had the Russian invasion of Ukraine. And that wasn't just a kind of a level shift in energy. From there until August 22, you this really large, extreme run up in gas prices.”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“Very subdued, still well below historical averages. So, what I would say is compared to the peak, there's been some eating, but it's not the case that that process has gone into a kind of new steady state. We're still in a recovery phase.”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“So it's a nice hypothetical conjecture. But if you are more dealing with shocks, so whether downside shocks or upside shocks, monetary policy has to, if they're material, so they're there for the medium term, not just noise. So I think now as you get closer to that zone, let's not talk about neutrality. Let's talk about what's appropriate. And then you do the standard wish list. Are we seeing what are we seeing in the pricing data? What are we seeing in the activity data? What are we seeing in the transmission? Because again, we have a bank-based system over here in America, much more market-based system. I mean, the markets, of course, matter in Europe, but we pay a lot of attention to banks. And right now, to one of the dimensions of the question is what we see is credit starting to pick up. So there is some easing there, but it's still...”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“Inflation comes back to more or less around target, those factors lose kind of resonance and you do have to kind of change the narrative framework. Now what we said in December, and I think this is maybe not rocket science, but maybe it's helpful is what we're going to do is we're going to set monetary policy appropriately. Now the appropriate phrase is essentially saying, what do we need to do to keep inflation around two? And this is where the neutrality debate loses some relevance. You know, what is the probability in the next number of months the world is neutral, so there's no shocks.”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's important to have narrative frameworks. And one of the narrative frameworks is when inflation is well above 2%, it's very important that everyone understands that monetary policy is going to be restrictive. And that's important to be able to demonstrate that the policy rate is higher than so-called normal. It's important to look at is demand dampening, i.e. is the pricing environment making it more difficult for firms to be able to get through price increases.”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think we're trying to be cautious. So, one of our kind of stable sentences is no preset patch. So even if the market is pricing several cuts, I'm not saying there's any reason not to have that market view. From a policy point of view, our emphasis is really on agility. The energy situation is changing. It may change again in either direction in the coming weeks. And I see we have a balancing act. We do have the recovery, but we also know that essentially the disinflation is well on track. And as disinflation continues, finding, if you like, the new normal for interest rates is essentially a part of our challenge. And when we cut last week from 300 basis points to 275, that was essentially saying, well, 300 is not the new normal. And I think we'll be in that search process. As we go along.”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“Or you are looking in fairness at the Q4, which did flatline a bit. But I think there's some cyclical factors in those Q4 data. On inflation, we're down from 10.6 in October 22 to 2.5 in the most recent number. That's, by the way, I know there were some market speculation. Was that a bit high? From my point of view, what's been developing is a bit more energy inflation, but actually services inflation, which has been what we've been really looking at, came in softer than I would have expected. So it's not the case the overall inflation profile is too dramatic. And what we think is fairly soon we will be back at our 2% target. And essentially that's why we cut rates last week.”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“And that we expected that. We expected consumption to recover in particular. Now, it wasn't as strong as we would like. Then we have, as we just talked about, new types of shocks hit in the economy. But let me emphasize is that we do think, going back to this cyclical structural issue you raised, that there is cyclical recovery as our baseline. We should expect to grow profitably a bit above potential this year and next year. And essentially, if you think about a lot of factors kicking in as we ease monetary policy, we still expect this year to be led by consumption. And then in 2016, more than this year, a recovery in investment. And then also, I think a contribution from exports. I think it's important, you know, if you kind of are too backward-looking about this, you're looking at maybe the stagnation in 23.”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I think what you have to go back to is 2022. So 22 under one side, we were coming out of the pandemic. There was a burst of activity as we reopened. And remember, Europe had a much longer lockdown than over here. But then we had the Russia-Ukraine war in spring 22. So after that, we had inflation going all the way to 10.6% in October 22. And of course, we had to respond to that by raising rates, which were in a low for long before then. So our policy rate went from minus 0.5 to plus 400 in terms of basis points. So there's a lot of adjustment. What that meant is in 2023, we did flatline. In 2030 grew by 0.1. Now, if I look at last year, 24, there was a partial recovery. We went from 0.1 in 23 to 0.”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“Those are disinflationary forces. So in December, we basically, and now again in our January meeting, we said for output, it's a downside scenario. For inflation, the effects are uncertain. But as you indicated earlier on, there's also classic issues about price level versus inflation. How big this is compared to all the other factors, we have to think about for inflation. So I would say, you know, I think it's very natural to focus on the economic effects. And then we will look at the inflation effects as we see it unfold rather than taking a very strong ex-ante position on that.”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't think there's any question in terms of output. The effect of introducing frictions into global trading system is a negative. So it has to be bad for output. Now, there will be mitigants. As you say, firms will work out, okay, now I'm going to find another supplier. Now I'm going to build another plant somewhere else to kind of get around tariffs. But those are mitigans. They're not going to say, well, all of a sudden, that's a net positive. So I think there's no doubt it's net negative for output. As you say, for inflation, there's many conjectures that, of course, mechanically, if it turns out to be the case that there's more expensive imports from America, mechanically there's an upward effect from that. On the other hand, as we just talked about, if there's kind of a weakening of domestic demand in Europe, if there's a lot of trade frictions globally, if there's a weakening in the global economy,”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“Autumn or next year, so I don't think it's kind of a zero one day only type event. It's something we will continually reassess.”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source
“So let me make two differentiations there. Number one, of course, for a long time now, there has been speculation about tariffs. So to the extent the speculation about tariffs is feeding into investor plans, consumer plans, it's there in the data. And as you said, a lot of the sentiment indices are kind of subdued. And I think clearly the uncertainty about trade is one of those factors. What is true though is we have looked in great detail about different tariff scenarios. But until you really know the scope of what we're talking about, putting those into the baseline we haven't done, we will essentially adjust when and if we see more detail. And of course, this can evolve. The trade policy configuration we have in spring 2025 may not be the trade policy configuration we have in”
2025-02-07 · Odd Lots · Philip Lane on the Big Problems Facing the Euro-zone Economy · IDENTIFIED FROM THE TRANSCRIPT · source