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  • The ECB is lining up a change in key personnel, but the key transitions are back-loaded to 2027. 
  • Isabel Schnabel’s departure will almost certainly result in a dovish tilt to the ECB’s communication. 
  • Investor sentiment has fallen marginally in November but still signals a solid composite PMI.  

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Keywords for: 12 November 2025 Eurozone Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence