Concerns over supply chain security, energy security and diversification have become dominant, increasing the need to provide a regional counterweight. This is the familiar theme of open strategic autonomy.
Although the estimation of equilibrium exchange rates is a difficult business as model and parameter uncertainty 24 are huge, it was evident at the time that such statements were correct. Again also in this case no guess on the timing of a trend reversal or on the exact equilibrium level could be made.