Allianz Global Wealth Report 2026

ECB: Show and tell

Today’s policy announcements were geared in particular towards easing liquidity conditions but left the job unfinished with regard to boosting the ECB’s ability to backstop Eurozone debt markets.

Eurozone: Black hole economics

The Covid-19 crisis has hit the Eurozone economy like a meteorite. According to a preliminary flash estimate provided by Eurostat, Eurozone GDP declined by -3.6% q/q in Q1 2020 – the sharpest decline on record.

Retail in Germany: A very slow exit from lockdown

Germany has been the first major European retail market to lift country-wide restrictions on “non-essential stores” on 20 April, putting an end to a five-week mandatory closure of a majority of non-food stores. While the move is most welcome for store owners left with zero turnover but bills to pay, we believe the industry is far from out of the woods. Taking into account segment size, seasonality and restrictions, we estimate that this five-week closure of non-essential stores could have cost German retailers as much as EUR26bn in turnover.