Eurozone: employment is holding up, credit slightly less so

Employment and credit are the two forces driving the European economy. The pandemic had raised fears of a lasting surge in unemployment and a credit squeeze. Government support measures helped prevent this disaster. The two growth engines quickly got back on track. When the war in Ukraine broke out, they were running above their normal regime. Current economic conditions are thus proving quite resilient but surging inflation and the uptick in borrowing rates risk pressuring futur...