ECB's Makuch: Unpredictable Trump is euro area's main risk

More comments by ECB member Jozef Makuch

• Trump is like an "unguided missile"
• The unpredictability of his policies represent the biggest risk for the economy
• "He says something and in the end something else happens"
• Current slowdown in euro area growth driven by exports
• But projections for global economic development remain positive
• Says that ECB governing council sees no signs of spillover from EM to euro area

Makuch also made some comments earlier here. Unpredictable is right, but main threat to the euro area economy is a tough one to debate. Though the threat of tariffs sure does present a major risk to the economic outlook that's for sure.

Interestingly, the ECB isn't too concerned about what is happening in EM still. Very much taking a page out of the Fed's book that we have seen so far this year. I guess it only becomes a problem when it is a problem.