EA macro and the energy shock, where do we stand?

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EA macro and the energy shock, where do we stand?

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July 24, 2026 03:26 PM GMT

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

Chief Europe Economist

EA macro and the energy shock, Jens.Eisenschmidt@morganstanley.comJean-Francois Ouvrard +49 69-21662817

Deputy Chief European Economist

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

where do we stand? Morgan Stanley & Co. International plc

Bruna Skarica

This week, Jens Eisenschmidt and Jean-Francois Ouvrard review Chief UK Economist

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

the euro area macro backdrop of the past months. Next week, Chiara Zangarelli

the focus will be on the Fed and the BoE meetings as well as Economist

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

July inflation and 2Q26 GDP in the euro area.

Morgan Stanley Europe S.E.

Gabriela SilovaThe 2026 Extel Global Fixed Income Survey is open until today 24 July (here). If you

Economist

have enjoyed reading our weekly essays each Friday and our research in general, Gabriela.Silova@morganstanley.com +49 69-21662832

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

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readership and support! Skander Garchi Casal

Our Weekly will be on pause during the next weeks and we resume coverage on 21 Skander.Garchi.Casal@morganstanley.com +44 20 7425-0034

August. We wish you a nice and restful break! Morgan Stanley Europe S.E.

Claire A Thuerwaechter

This week in Europe: What have we learned since March? Economist

Claire.Thuerwaechter@morganstanley.com +49 69-21662842

Our focus this week was of course on the ECB meeting. As widely expected, rates

were kept on hold. We think the reference by President Lagarde to current