What other risks are of concern to the ECB? The signing of phase 1 of the trade agreement between China and the United States was a positive step and provides some relief from trade policy uncertainty. Markets reacted very positively. We will see what happens next.
Regardless of this trade agreement’s various potential implications for Europe, it is very important that we defend our rules-based multilateral trade system. We believe it is the key to creating prosperity and wealth all over the world. It’s the approach that’s supported by the European institutions, and the ECB fully agrees with it.