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  • Last week’s video conference of members of the European Council to discuss the EU’s response to the Covid-19 outbreak again highlighted the slow pace and complexity of decision making by the bloc’s leaders.
  • Combined with a crash in IHS Markit’s composite purchasing managers’index for the Eurozone in April to 13.5, by far its lowest reading since the survey began in mid-1998, it’s hard to see anything other than a further decline in the Euro.