The reasons behind the cooling off in activity on both sides of the Atlantic during Q1’18 are more important than the cooling off itself. In fact, the characteristics of these reasons are those which allow us to have confidence about the improvement in activity in the spring in both the US and Europe.
Europe-US economy comparison
There are a lot of stupid comparisons in the press, which contain elements of truth taken out of context, so the reader has a false idea of reality. For example, it has been said that in the second quarter, Europe has beaten the US in terms of GDP growth. If we put things in context, this makes no sense, unless we are celebrating a race which only lasts for one quarter.