But there are probably a sizeable number of investors who are presuming they can exit their positions ahead of any sell-off. History tells us that this is generally not a successful strategy. The exits tend to get jammed unexpectedly and rapidly.
I realise that economic indicators point to a deterioration in the outlook for economic activity in the euro area, with growth projections from the ECB and other institutions being revised downward for 2023 and 2024. However, this slowdown in growth will not on its own be enough to ensure inflation returns to its target of 2% in the medium term.