Summary: ifo business climate index down in March, below expected figure; expectations, current conditions indices both down; sentiment in German economy “collapses”, companies “expecting tough times”; expectations index implies euro-zone GDP contraction in year to June 2022. 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 in...