Defining Warcession

Warcession is not like stagflation. This report analyses the difference. Warcession is most likely to hit the EU first and worst. But the risks are present globally. It needs EU-wide fiscal stimulus. Instead, the fiscal spending being implemented is national and small relative to needs. National spending will, nevertheless, cause the gap between North and South debt and deficits to rise. This makes both the euro and EU assets vulnerable – both bonds and equities.

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