Comments by ECB policymaker, Gabriel Makhlouf
Adam pointed this out earlier in the year, with this chart going to be one of the most key things to be aware of once the post-pandemic recovery kicks into gear:
The above may be referring to the US but it is a safe assumption that a similar phenomenon is being observed across the globe. Hence, how much (and at what pace) that buffer collapses in the next year or so is going to be crucial for how markets will react.
