We start today's podcast assessing a number of developments including the ECB's biannual report about financial stability which highlights ongoing concerns about the health of Eurozone banks. We also discuss how European nations are now at risk of breaching fiscal rules and how Germany is now suffering a fiscal deficit crisis thanks to the recent Constitutional Court ruling. We then discuss why the EU petrochemical sector is in free fall and why there is a growing belief that it might never recover and signals a broader concern about the ongoing de-industrialisation of Europe. We then move onto a report written by the CFR which highlights why China is clearly under reporting economic growth and how West Asia is signing deals to take advantage of China opening up its financial system. We conclude discussing Russian development associated with the Northern Sea Route, Mali and Pakistan as Moscow itself begins to embrace multipolarity and the development of its own internal BRI in earnest.

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