The chances of a vaguely normal summer tourism season increased this week after European policymakers agreed on proposals to allow fully vaccinated tourists to travel to the EU and increased the number of countries on its safe list, which will be a boon to the tourism-dependent Mediterranean economies. Meanwhile, ECB officials this week have sounded untroubled by the recent rises in inflation and bond yields, suggesting they are happy with their current policy stance. Next week, more survey data for May should echo the message from the flash PMIs and show a further improvement in economic confidence as restrictions are lifted.
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