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  • The acceleration in money and credit is easing, but both remain a bright spot for the EZ economy. 
  • The last set of business surveys for the month round up a month of largely hawkish data. 
  • It would take a downside surprise in inflation to push the ECB to cut in December; we doubt it will happen.

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Keywords for: 28 November 2025 Eurozone Monitor

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