Osservatorio | March 2025
The Trump storm sweeps away Germany’s taboo on public deficits.
At a glance:
The threat of being left without defense pushes Germany to override the constitutional debt brake.
A Copernican revolution brings both ‘guns and butter,’ in the form of investments in physical and digital infrastructure.
Industrial reconversion helps overcome the automotive crisis and revitalize the Eurozone economy.
Trump’s economic measures were aimed at adversaries but ended up denting confidence among U.S. consumers and businesses.
The ECB faces a new policy mix, yet rate cuts are not over—while the Fed remains on the sidelines.
Asia continues to be the primary engine of global growth.
George Lee, Portfolio Manager at Belgrave Capital Management, analyzes how global political dynamics have sparked strong interest in European defense companies.
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