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  • We think this week’s inflation data for November will continue to signal Eurozone inflation above 2% in Q4. 
  • The acceleration in money supply growth is easing, but it still indicates decent GDP growth. 
  • Early Q4 spending data are mixed: we see strength in France and Spain, softness in Germany.

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Keywords for: 25 November 2025 Eurozone Monitor

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