The difference between the two camps is very limited, ... Markets want continuity. So continuity is more or less guaranteed.

They've been wanting to tackle upside risks to inflation for a long time and now they're seizing the opportunity.

The general picture in the euro zone is satisfying, but risks are more evident than what we saw in December. The relatively high level of the PMI is exclusively due to confidence in Germany and that confidence depends on exports.

If the U.S. Fed cuts rates soon, maybe in the next 72 hours, the next couple of days, the ECB will have to do the same.

If the U.S. Fed cuts rates soon, maybe in the next 72 hours, the next couple of days, the ECB will have to do the same,

Germany's economy is going to remain rather flat... with some recovery coming next year.