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The economic rebound triggered by the European reopening could be spectacular given strong consumer confidence and high cumulated excess saving. The European Central Bank (ECB) should look through it, but the debate on the post-PEPP stance has started in earnest. We take a good look at BdF Governor Villeroy de Galhau’s latest speech. In the US, the debate on the appropriateness of Biden’s economic policy continues. This week we focus on Adam Posen’s critical view of his approach to trade.