Insights

• Joe Biden plans a ten day blitz of executive orders to begin his term
• EU sets out plans to limit reliance on the dollar and strengthen the international role of the euro
• China GDP Q4 

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1. ECB Meeting (Thursday)
   With Europe facing extended lockdowns and sclerotic vaccine deployment, growth in the Eurozone already looks worse than when the ECB last met. Given that they expanded and extended QE at their last meeting,

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The global economy
The first lockdown covered half the world and caused economic output to be 20% lower than it would have been otherwise. The current lockdown should hurt growth less,

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++ Expectations over the winner of this weekend’s CDU leadership election are dangerously complacent. The frontrunner, Friedrich Merz is unlikely to win: he is too uncompromising to be the compromise candidate.

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• Biden’s $1.9trn relief plan includes $1,400 cheques, part of $1trn aimed at families
• Fed Powell 

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