Europe is a sitting duck for major geopolitical risk, but the U.S. is getting there too:
And volatility surrounding the uncertainty measure is also out of line for Europe, both in levels and trends:
Just as the Global Financial Crisis in Europe was not caused by the U.S. financial meltdown, even if the latter was a major catalyst to the former, so is the current period of extreme policy anxiety and instability is not being driven by the emergence of the Trump Administration. Europe’s problem seems to be European.
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