Odd Lots

We Just Saw Europe's Biggest Week in Decades

Mar 7, 2025

George Saravelos, Head of currency research at Deutsche Bank, dives into Europe's significant shake-up with up to €800 billion in defense spending and relaxed debt rules in Germany. He discusses how these moves affect the euro and dollar amidst rising tariffs from the U.S. and a shifting political landscape. Saravelos also shares insights on market reactions, cautious optimism among corporate leaders, and the broader implications for global economic ties, highlighting the transformative moment for Europe and its financial future.

30:21

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George Saravelos

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Quick takeaways

Europe's announcement of €800 billion in defense spending and an easing of Germany's debt rules signals significant fiscal changes amidst geopolitical uncertainties.

The potential rise in German Bund yields highlights a shifting economic landscape in Europe, affecting the euro and broader financial systems.

Deep dives

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Intro

2min

Anticipation Builds for Live Show in D.C. Focused on the Jones Act

2min

Shifts in European Financial Policy

9min

Economic Sentiments and Trade Uncertainties in Europe

13min

Shifting Political and Economic Dynamics in Europe

9min

Engagement and Support: Closing Thoughts and Opportunities

3min

This week was a busy one and some of the most interesting things that happened came out of Europe, where policymakers announced up to €800 billion of additional defense spending and an easing of Germany's stringent debt rules. All of this comes as Europe responds to tariff threats from the Trump administration, as well as worries that the Trans-Atlantic security alliance may be over. So how significant could these changes be? And what do they mean for things like the euro, the dollar, and the wider financial system? And what are the vibes in Germany like right now? On this episode, we speak with George Saravelos, head of currency research at Deutsche Bank, about this huge moment.

Read more:
EU Backs German Push to Look at Easing Fiscal Rules for Defense
Trump Hails Tariffs as US Economy Barrels Into Trade Wars

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