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  • EZ consumer confidence dipped at year-end, but consumers’ spending should hold up anyway. 
  • Risks are balanced; inflation in items bought regularly is rising, but the saving rate remains high. 
  • EZ current account figures show services exports started Q4 on a weak footing, the same as goods.

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Keywords for: 23 December 2025 Eurozone Monitor

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