The economic recovery on both sides of the Atlantic hangs in the balance this week. EU leaders continue to negotiate the shape of the European recovery fund, while Congressional leaders in the US are bringing their proposed rescue packages to the table. In the US, where virus infections continue to hit new highs week after week, economic indicators look less than promising, and current fiscal support measures are set to end in the coming days. Meanwhile in Europe, Germany and France face tough opposition in gaining approval for a sizeable rescue package.

Still, as Ewout van Schaick explains in our latest podcast, our current asset allocation reflects our belief that EU leaders will ultimately commit to a comprehensive recovery fund. “The most important steps towards EU unity have always needed a crisis moment and tough negotiations. It’s only after a heated debate that we make the best decisions.”