The kerfuffle over the Italian government’s planned windfall bank tax is not likely to have any lasting impact on the economy, not least because PM Giorgia Meloni moved swiftly to limit the damage. Meanwhile, we have taken a second look at France’s Q2 GDP numbers and concluded that they were as good as they looked after all. That said, we still think France and the euro-zone are heading for a mild recession in the second half of this year.
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