The non-seasonally adjusted figure also sees a return to surplus of €3.2 billion, from -€15.4 billion previously. It is a welcome development after higher energy and raw material prices led the current account to a deficit in the prior two months.

That said, the negative terms of trade shock isn’t over just yet. The details from Germany this month showed that it recorded a deficit in terms of current account with China, its first since 2012. As such, it isn’t just the impact from the Russia-Ukraine war that Europe needs to be wary about but also a slowdown in China.