The ECB was in a slightly festive mood this week as officials nudged up their forecasts for economic growth and inflation. We think this is only partly justified as we are sceptical about President Lagarde’s claim that the increase in corporate sector investment “is largely attributable to the development of AI”. Meanwhile, the EU's decision to water down its commitment to end the sale of combustion engine cars will offer only limited respite for the region's auto sector.
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