Eurozone | Brexit impact should be bounded, higher political and geopolitical risks

Summary

Economic recovery continues at a moderate pace after Brexit, that should be limited through both trade and confidence channel. The ECB is ready to take further measures, likely an extension until September 2017 and a fine-tuning of the QE programme. We maintain our growth forecast at 1.6% in 2016 and revise downwards to 1.5% in 2017.

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