E29: Europe’s Historic Growth Model Shift
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The U.S. tariffs are exerting an immediate impact on the financial markets, but they also have long-term consequences for economies — including a fundamental challenge to Europe’s longstanding export-led growth model. But as Chief European Economist Arnaud Marès argues in this episode, a shift toward domestic demand based growth had already been gaining momentum in the key economy of Germany. Join host Elise Badoy and Arnaud as they delve into the drivers and implications of Europe’s historic growth model shift.
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Elise Badoy, Head of Europe, UK, Middle East and Africa Research
Elise Badoy is a Managing Director and Head of Europe, UK, Middle East and Africa Research. Elise joined Citi in February 2010 and is a member of the Global Research Executive Committee. Prior to Citi, Elise worked at Goldman Sachs from 1999 to 2009, initially on the buy-side at GSAM and from 2001 in the Global Investment Research division covering the Consumer Staples sector. Prior to joining Goldman Sachs, she worked at Daiwa Securities in Equity Capital Markets and at ING Barings in Investment Banking. Elise was named in Financial News’ 100 Most Influential Women in European Finance 2018 and was a 2019 Women in Banking and Finance award for achievement finalist. Elise graduated from Ecole Superieure de Commerce de Paris (ESCP) and is a CFA Charterholder.
Arnaud Marès, Chief European Economist
Arnaud Marès is a Managing Director and Citi's Chief European Economist. He is based in the London office and started with Citi Research in 2017. Arnaud served as Special Adviser to the President of the European Central Bank (ECB) from 2012 to 2017, and held various other positions in the private and public sector, including Head of Policy at the UK Debt Management Office from 2004 to 2007. Arnaud is a graduate from the Ecole Nationale de la Statistique et de l’Administration Economique (ENSAE) in Paris.
