Good Morning from Davos. On day3 of the #WEF26, attention turns to Chancellor Friedrich Merz’s speech. After Trump’s appearance, there’s a noticeable hangover. Last year, Merz promised in Davos that as chancellor he would think about Germany’s competitiveness every morning when he got up. Now he has to put substance behind that pledge. Especially so b/c he has called an EU summit for 12 February to discuss the Draghi report and the broader question of Europe’s competitiveness.