Shaun Richards: Who thought the ECB would be sharply raising interest-rates with Germany in recession?

This morning has brought us back to some extent to a piece of economic orthodoxy. Putting it another way something which was always really rather likely is being presented as a shock of sorts. So let me hand you over to the German statistics office.

“After GDP had already slipped into the red at the end of 2022, the German economy recorded two negative quarters in a row,” says Ruth Brand, President of the Federal Statistical Office.

So Germany is in a recession or as it is now more commonly called a technical recession.

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