Summary: ifo business climate index up in May; above expected figure; current conditions index up, expectations index essentially steady; “no observable signs of recession”; expectations index implies euro-zone GDP contraction of 4.0% in year to August 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...