ING Economist Challenges Negative Narrative on European Economy
Marieke Blom of ING launched a series of notes to counter economic despondency and warn that excessive gloom fuels populist political movements in Europe.
Chief economist at ING Marieke Blom has launched a series of Pitchbook notes to challenge what she describes as excessive despondency regarding the economic state of Europe. Blom argues that focusing exclusively on weaknesses, such as an aging population and productivity lagging behind the United States and China, creates a self-fulfilling prophecy. She contends this narrative makes businesses wary, encourages excessive household saving, and pushes politicians toward protective policies rather than forward-looking alternatives.
Blom warns that this pervasive gloom may increase the appeal of populist political movements if citizens lose belief in the system. To counter this, she highlights Europe's resilience, noting that the eurozone was the only major economic area to experience a growth pickup in the three months ending June 2026. She further points out that the continent avoided predicted recessions following the 2022 Russian invasion of Ukraine and the 2025 U.S. tariff increases.
While acknowledging that Europe has achieved less than its ambitions require, Blom asserts that the region has achieved more than the public debate acknowledges. Her effort to reframe the discourse follows previous warnings from European Central Bank President Christine Lagarde, who suggested Europe risked becoming a nice museum.
