Germany: Defeat at WC, Win at Reforms?

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Germany: Defeat at WC, Win at Reforms?

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July 3, 2026 03:40 PM GMT

Morgan Stanley Europe S.E.+MEuropean Economics Weekly | Europe Jens Eisenschmidt

Chief Europe Economist

Germany: Defeat at WC, Win at Jens.Eisenschmidt@morganstanley.comJean-Francois Ouvrard +49 69-21662817

Deputy Chief European Economist

Jean-Francois.Ouvrard@morganstanley.com +49 69-21662813

Reforms? Morgan Stanley & Co. International plc+

Bruna Skarica

This week, Claire Thürwächter and Jens Eisenschmidt review the Chief UK Economist

Bruna.Skarica@morganstanley.com +44 20 7425-9110

German reform package. Next week, the focus will be on the Chiara Zangarelli

NATO summit, ECB minutes and Scandi June inflation prints. Economist

Chiara.Zangarelli@morganstanley.com +44 20 7677-3644

Otherwise, it is a light week in terms of data both in the euro

Morgan Stanley Europe S.E.+

area and the UK. Gabriela Silova

Economist

The 2026 Extel Global Fixed Income Survey opens on Monday 6th July (here). If you Gabriela.Silova@morganstanley.com +49 69-21662832

have enjoyed reading our weekly essays each Friday and our research in general, Morgan Stanley & Co. International plc+

please rate us five stars in the European Economics category. Thanks for your Skander Garchi Casal

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This week in Europe: Why the German reform package is not expected to boost Morgan Stanley Europe S.E.+

growth soon Claire A Thuerwaechter

The focus this week was on the ECB’s Annual Forum in Sintra and euro area June Claire.Thuerwaechter@morganstanley.com +49 69-21662842

inflation. The agenda in Sintra spanned a wide range of topics including innovation, Morgan Stanley & Co. International plc+

AI, tokenisation, migration and global trade.