- German economy likely shrank in Q4 2021
- Manufacturing remained constrained by supply disruptions, consumption fell on renewed COVID-19 fears
- Inflation developments may take longer to improve
- Price growth could remain "exceptionally high" in early this year due to soaring energy prices, supply bottlenecks
That's a pretty fair take on the situation but it doesn't really do much to add to the ECB discussion for the time being. The ECB is trying to kick the can down the road for as long as they can, knowing well that inflation pressures will be rather persistent in the early stages of this year. So, that's the most important thing to be wary of for now.
