Core Viewpoint - The European Central Bank President Christine Lagarde indicated that survey data shows a moderate expansion in the overall economy, but higher tariffs and a stronger euro are expected to make it more difficult for businesses to invest [1] Economic Expansion - Survey data suggests a moderate expansion in the overall economy [1] Investment Challenges - Higher tariffs are anticipated to complicate investment for businesses [1] - A stronger euro is also expected to pose challenges for corporate investment [1]

Core Insights - Geopolitical factors, trade tensions, and the unpredictability of U.S. government policies are determining the global environment [1] - These factors have a decisive impact on global economic growth prospects and pose risks to the stability of the financial system [1] - Higher tariffs are expected to primarily affect the United States, with lesser impacts on the Eurozone and Spain [1]