Person

Cyrus de la Rubia

Chief economist at Hamburg Commercial Bank, Hamburg Commercial Bank

2 articles · 7 May 2025 to 24 July 2025

What we have reported

Commented on the July PMI survey, noting the manufacturing recession is ending and services growth accelerated slightly.
Argued the first-round upset will be forgotten within a week and that the coalition partners are not far apart on infrastructure and defence priorities.

Coverage

2 of 2 in the archive

Europe

ECB holds rates at 2% as trade talks with Washington drag on

The deposit facility rate stays unchanged after seven consecutive cuts, with Lagarde signalling patience until the EU, US tariff picture clears. Markets still price one more move this year but the bar has risen.

Clara Devereux24 July 20257 min read

Politics

Merz survives shock first-round defeat to become German chancellor

Friedrich Merz won the chancellery on the second ballot after an unprecedented first-round failure, but the CDU/CSU-SPD coalition faces immediate tests on economic reform, defence spending and internal trust.

Sofia Marchetti7 May 20259 min read

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Ursula von der Leyen
President of the European Commission
Friedrich Merz
Chancellor of Germany
Donald Trump
President of the United States
Emmanuel Macron
President of France
Christine Lagarde
President of the European Central Bank
Viktor Orbán
Prime Minister of Hungary
Volodymyr Zelenskyy
President of Ukraine
Kaja Kallas
High Representative of the Union for Foreign Affairs and Security Policy
Mark Rutte
Secretary General of NATO
Péter Magyar
Prime Minister of Hungary
Henna Virkkunen
Executive Vice-President for Tech Sovereignty, Security and Democracy
Keir Starmer
Prime Minister of the United Kingdom

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What we have reported

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