2 March 2023

The search for a new equilibrium: ING’s March Monthly

With a longer period of subdued growth in the eurozone now expected alongside a significant slowdown for the US economy, it seems that recent optimism may have been short-lived. Major economies are still out of sync as the path to renewed balance remains unclear

Executive summary

Recent weeks have shown that optimism about an imminent strong economic recovery and a pivot by the major central banks was premature. Markets, economies and central banks are still searching for a new balance, a new equilibrium, of structural transition and cyclical developments, higher inflation and interest rates, stricter monetary policy and loose fiscal policy.

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