Is There a Need for More Debt Neutralization in Europe?

Germany is clearly one of the biggest downside risks to the macro story, but it's also the country which has the widest policy space. A recession in Germany is absolutely unavoidable, I think, at this stage. But we know that they can deal with this on their own forces, which is not something that we have in other countries. That's the big difference. You do have to wonder how much higher inflation is going to be for a longer period of time given the fiscal response in Germany.