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  • The EZ current account surplus rose marginally in September; a strong euro will bring it down in 2026.
  • Foreign investors have moved away from EZ debt and piled into EZ equities over the past year.
  • EZ construction output was flat in Q3, after declining in the previous quarter; Q4 will likely be a little better.

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Keywords for: 21 November 2025 Eurozone Monitor

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