Upward pressure on long-term interest rates persists: The eurozone economy's growth remains low, at around 1%. Low growth is also expected for next year, despite fairly loose fiscal policy. The problem, however, is that this loose fiscal policy is mainly driven by higher defense spending. A large share of defense contracts, in fact, go abroad, giving them a very low, and often even negative, multiplier. Furthermore, monetary policy is neutral, and Europe is investing relatively less in everything related to AI. An important negative factor...