Europe Economics Update Stress tests offer little hope of Greek lending revival ECB stress tests have offered some comfort about Greek banks’ solvency, but they are not out of the woods. And with a lack of access to cheap funding and depressed deposits seriously restricting banks... 2nd November 2015 · 1 min read
Europe Economics Update Euro-zone Fiscal Monitor (Oct.) The euro-zone’s peripheral economies appear to have improved their fiscal positions in the year to September. But progress hasn’t been sufficient for most to put their debt ratios on a downward trend... 2nd November 2015 · 1 min read
Europe Economics Update Can the ECB really cut rates even further? While we have argued for some time that the ECB will expand its asset purchases in December, we now expect it to cut its deposit rate further into negative territory too. This seems unlikely to have... 28th October 2015 · 1 min read
Europe Economics Update Sweden’s Riksbank loosens policy but still more needed The decision by Sweden’s Riksbank to increase the size of its government bond-buying programme was clearly a response to the growing anticipation of more stimulus from the ECB. We think that these... 28th October 2015 · 1 min read
Europe Economics Update Weak inflation expectations add to pressure on ECB The dovish stance taken by the ECB in recent weeks has partly reflected its fear that inflation expectations have become unanchored from the near-2% target. Such concerns are justified, supporting... 28th October 2015 · 1 min read
Nordic & Swiss Economics Update Sweden’s Riksbank loosens policy but still more needed The decision by Sweden’s Riksbank to increase the size of its government bond-buying programme was clearly a response to the growing anticipation of more stimulus from the ECB. We think that these... 28th October 2015 · 1 min read
Europe Economics Update Euro-zone Monetary Indicators Monitor (Sep.) September’s euro-zone monetary data point to low inflation and continued slow growth, which is likely strengthen the conviction of policymakers at the ECB that more stimulus is needed. 27th October 2015 · 1 min read
Europe Economics Update Portugal’s austerity backlash seems set to continue Political wrangling in Portugal since its election has again highlighted the difficulty of imposing endless austerity on a weak economy. The fragile new Government will struggle to meet the European... 26th October 2015 · 1 min read
Europe Economics Update ECB all but promises more support in December While the European Central Bank left monetary policy unchanged today, President Draghi gave even stronger-than-anticipated signals that the QE programme will be expanded in December. 22nd October 2015 · 1 min read
Europe Economics Update Austria’s banks casting a smaller shadow over the economy Austria’s banking sector is still struggling with the legacy of the 2008 crisis when its large exposure to Emerging Europe brought it to the brink of collapse. However, in its current state, with... 21st October 2015 · 1 min read
Europe Economics Update How is Norway coping with lower oil prices? The decline in oil prices has weighed on the Norwegian mainland economy and things could get worse before they get better. But ramped-up policy support from the Government and central bank next year... 20th October 2015 · 1 min read
Nordic & Swiss Economics Update How is Norway coping with lower oil prices? The decline in oil prices has weighed on the Norwegian mainland economy and things could get worse before they get better. But ramped-up policy support from the Government and central bank next year... 20th October 2015 · 1 min read
Europe Economics Update Swiss election doesn’t change gloomy economic outlook The shift to the right in yesterday’s Swiss election will mean continued resistance to immigration and perhaps more business-friendly policies. But exchange rate developments are more important for... 19th October 2015 · 1 min read
Nordic & Swiss Economics Update Swiss election doesn’t change gloomy economic outlook The shift to the right in yesterday’s Swiss election will mean continued resistance to immigration and perhaps more business-friendly policies. But exchange rate developments are more important for... 19th October 2015 · 1 min read
Europe Economics Update Key reform vote not Greece's last major challenge The Greek parliament looks set to pass the next set of reforms needed to unlock further bailout funds and potentially open the door to a debt restructuring. But with yet more reforms needed, the... 15th October 2015 · 1 min read
Europe Economics Update Sweden’s labour recovery won’t stop Riksbank cutting The improvement in Sweden’s labour market in recent months has exceeded consensus expectations and those of the Riksbank. But conditions are still far from healthy and wage growth remains subdued... 15th October 2015 · 1 min read
