In a speech this week ECB president Christine Lagarde said the euro bloc risked facing “a future of lower tax revenues and higher debt ratios” which would mean “fewer resources for social spending.”

Inflation in the 20 countries that use the euro currency rose in November — but that likely won’t stop the European Central Bank from cutting interest rates as the prospect of new U.S. import tariffs from the incoming Trump administration adds to the gloom over weak economic growth.