OECD estimates of Real GDP Growth for 2018 have been revised up for Europe (to 2.5%). However, 2019 estimates have been cut to +1.9% growth.

With money supply (M3) growing at 5.1%, the real question is whether these estimates are conservative. Here we explore some risks.

Daniel Lacalle is Chief Economist at Tressis, SV a PhD in Economics and author of Life In The Financial Markets, The Energy World Is Flat (Wiley) and Escape from the Central Bank Trap (BEP)