EU consumer confidence plunged during the GFC and again in 2011/12 during the European debt crisis. Since early 2014, it has been at average or above-average levels, rising to a cyclical peak at the beginning of 2018. Even after it dropped back significantly in late 2018 as doubts emerged over the US economy’s robustness, the index remained at a level which corresponds to significant optimism among households. The February survey...