Speaking yesterday after releasing a global-macro outlook for 2017-18 , the Vice President of the Credit Rating Agency Moody’s, Madhavi Bokil, announced that the Agency expects global activity to maintain its upward curve. However, there were a number of caveats that were attached to the announcement and one of them in particular will be the focus of this short post. Citing the shifts in economic policy emanating from the Trump administration in the U.S., which it suggests would affect the global economy via shifts in its views to trade and interest rates, and the risks associated with a deceleration in China’s economic expansion, Bokil is confident that ‘ destabilising economic and policy dislocations will be minimal ’ in the next few years. However, there is another caveat of Moody’s’ which is of interest when understood with a recent development within Europe. Bokil continued by discussing that the political and fragmentation risks in the E.U. and the European area also pose ...