Economy re-opening again

With the economic and vaccine data having improved in recent weeks we have nudged up our forecasts for economic growth this year. Meanwhile, European governments have handed in their recovery plans to the European Commission, but no money is likely to flow until around September. Next week will be a quiet one for economic data. But the account of the last ECB meeting, to be published on Friday, may shed some light on the chances of another tweak to the pace of ECB asset purchases at its June meeting. For now, we think a change is unlikely.