Europe Economics Update SNB determined to head off deflation threat The latest comments from the Swiss National Bank (SNB) confirm that it will maintain its strong policy stimulus for the foreseeable future, helping to reduce the significant risk of a sustained period... 19th August 2009 · 1 min read
Nordic & Swiss Economics Update SNB determined to head off deflation threat The latest comments from the Swiss National Bank (SNB) confirm that it will maintain its strong policy stimulus for the foreseeable future, helping to reduce the significant risk of a sustained period... 19th August 2009 · 1 min read
Europe Economics Update Greece – don’t expect a robust recovery Greece has so far weathered the global economic downturn rather well. In fact, it is the only eurozone economy yet to have entered a technical recession. But next year, we still expect it to begin to... 18th August 2009 · 1 min read
Europe Economics Update German export recovery will be gradual June’s surge in exports brought hope that the key German external sector is on the road to recovery. Unfortunately, there are good reasons to think that the pace of improvement will slow sharply in... 12th August 2009 · 1 min read
Europe Economics Update Car purchase incentives to provide only a limited boost Government incentives to buy new cars probably prompted euro-zone consumer spending to rise at the strongest rate in two years in Q2. But this boost will be partly reversed as the schemes are phased... 11th August 2009 · 1 min read
Europe Economics Update ECB holds its line After leaving interest rates unchanged at 1.0% at it August meeting, President Trichet suggested that the ECB is unlikely to adopt new measures to stimulate the economy in the immediate future. We... 6th August 2009 · 1 min read
Europe Economics Update Swiss industry not out of the woods July’s pick-up in the Swiss manufacturing PMI was an encouraging sign for the industrial sector, as is the Swiss National Bank’s continued intervention to prevent a renewed appreciation of the franc... 3rd August 2009 · 1 min read
Nordic & Swiss Economics Update Swiss industry not out of the woods July’s pick-up in the Swiss manufacturing PMI was an encouraging sign for the industrial sector, as is the Swiss National Bank’s continued intervention to prevent a renewed appreciation of the franc... 3rd August 2009 · 1 min read
Europe Economics Update NAMA unlikely to solve Ireland’s bank problems The Irish Government’s plans to set up a “bad bank” should eventually help to reduce the uncertainty surrounding the size of banks’ losses. But the sheer scale of the problems in the banking sector... 31st July 2009 · 1 min read
Europe Economics Update Decline in bond spreads may not go much further The recent decline in the spread between German and other euro-zone government bond yields is an encouraging sign that rising fiscal deficits in the region are unlikely to lead peripheral governments’... 28th July 2009 · 1 min read
Europe Economics Update Euro-zone Monetary Indicators Monitor (Jul.) The latest euro-zone money figures revealed that lending growth continues to slow. Of course, other things, equal, the ECB’s recent 12-month liquidity injection should help to boost bank lending in... 27th July 2009 · 1 min read
Europe Economics Update Strong euro to add to near-term deflationary pressures The recent appreciation of the euro is yet to have had an impact on euro-zone import prices, due to the normal lags between these two variables. But it soon will. What’s more, with spare capacity... 21st July 2009 · 1 min read
Europe Economics Update Italy’s budget plan unlikely to comfort markets In its blueprint for the budget law (DPEF in Italian) – the Italian Government reiterated its commitment to fiscal consolidation. Because of Italy’s huge public debt, this is a formidable challenge... 20th July 2009 · 1 min read
Europe Economics Update Spanish housing market downturn far from over The latest housing market data show that the residential property market downturn is continuing to gather pace. With most valuation measures still suggesting that house prices remain well above their... 15th July 2009 · 1 min read
Europe Economics Update Italian banks – weathering the storm better than most Italian banks have so far coped with the financial crisis better than most of their European peers. While this has not prevented a slowdown in lending, the problems in the supply of credit seem... 2nd July 2009 · 1 min read
Europe Economics Update ECB relying heavily on bank lending channel Despite weaker signs of recovery in the euro-zone than elsewhere, the ECB’s policy support remains considerably narrower than other central banks’. President Trichet suggested today that the Bank is... 2nd July 2009 · 1 min read