Signal The eurozone returns to secular stagnation with flat productivity and high saving

Summary

MGI reads the eurozone as back in secular-stagnation-like conditions: flat productivity, higher saving, balance sheets broadly more in balance than the US except for cases such as Italian government debt, productivity growth down across Germany, France, and Italy, inflation until recently trending toward the ECB's 2 percent target though exposed to energy prices, personal saving rates high amid weak demand, per capita wealth down in PPP terms in Germany and France, and productive investment below prepandemic and global averages.