Florian Hense

By exempting a significant chunk of bank deposits from the negative deposit rate and making its offer of long-term liquidity for banks even more generous, the ECB is mitigating the impact of a negative deposit rate on bank balance sheets, by lowering funding costs further, it can make it easier for governments to finance a modest fiscal expansion and nudge countries with some extra fiscal space to actually use it – think Germany.

The United States is starting to cause more red tape on tech companies. This will affect all companies that do business with tech, and that will cause a ripple effect in Europe.

As the U.S. president is ratcheting up trade tensions, he is using tariffs to pursue non-economic goals which is worrisome and highlights the risk of a solution being very far away.