By the same token if he is not able to get this taken care of and we go into higher tariffs, particularly for consumer goods, how much does that hurt the eurozone or is that more of a US issue?
In essence, we have gone from one extreme – with overabundant liquidity leading to the misallocation of capital – to another – where, in some systemically important markets, capital is barely being allocated at all. The challenge for policy-makers is to provide transition support that effectively restarts rather than replaces markets.