Summary: ifo business climate index up in March, above expected figure; German economy stabilizing; supply chain bottlenecks dissipating; current conditions index, expectations index both up; expectations index still implies euro-zone GDP contraction of 2.7% in year to June. Following a recession in 2009/2010, the ifo Institute’s Business Climate Index largely ignored the European debt-crisis of 2010-2012, mostly posting average-to-elevated readings through to early-2020. However, the index was quick to react...