A. Levchenko and N. Pandalai-Nayar (2020), Global Supply Chains in the Pandemic, CEPR Discussion Paper, No 14766. 3. Baldwin, R. and R. Freeman (2020), Trade conﬂict in the age of Covid-19, VoxEU, https://voxeu.org/article/trade-conﬂict-age-covid-19 4. HSBC (2020), Navigator: Now, next and how for business, https://www.business.hsbc.com/navigator 5. See Deutsche Bundesbank (2017), The danger posed to the global economy by protectionist tendencies, Monthly Report, July 2017, pp.
Its title refers to "political consequences of the euro" and insinuates, in this way, some kind of watertight relationship between cause and effect. As a central banker and economist, I am only too aware of the danger of misinterpreting concurrent developments as causal relationships and of the risk of treating simple extrapolations from current trends as predictions of future developments.