Europe Economics Update Greece exits recession but big challenges remain While it is welcome news that the Greek economy has finally started growing again after seven years of recession, the recent GDP figures have not solved two of its, arguably biggest, problems: its... 17th November 2014 · 1 min read
Europe Economics Update Is QE already priced in? Markets have probably at least partially priced in the prospect of QE in the euro-zone, suggesting that the ECB will have to unveil a bold programme to prompt a further significant market reaction. 12th November 2014 · 1 min read
Europe Economics Update Will negative yields render ECB QE useless? Any optimism surrounding the ECB’s progress towards QE has been dulled by concerns that the already low level of yields on many assets will make the policy ineffective. But there is still scope for QE... 10th November 2014 · 1 min read
Europe Economics Update ECB’s Draghi signals QE is imminent Today’s statement from Mr Draghi that ECB staff are preparing further monetary policy measures provided the firmest support yet for our long-held view that the Bank will implement full-blown... 6th November 2014 · 1 min read
Europe Economics Update Sedlabanki cuts rates but may tighten next year Iceland’s central bank unexpectedly cut its main interest rate to 5.75% today, the first change in two years, as it lowered its inflation and growth forecasts. But we think it may have to reverse... 5th November 2014 · 1 min read
Europe Economics Update Sedlabanki cuts rates but may tighten next year Iceland’s central bank unexpectedly cut its main interest rate to 5.75% today, the first change in two years, as it lowered its inflation and growth forecasts. But we think it may have to reverse... 5th November 2014 · 1 min read
Europe Economics Update What can the ECB learn from the Bank of Japan? While the extension of the Bank of Japan’s quantitative easing programme may not deliver a sharp upturn in the Japanese economy, the signal it has sent regarding the future stance of Japanese monetary... 4th November 2014 · 1 min read
Europe Economics Update Precautionary credit line may not be sufficient for Greece The Greek Government appears to have backtracked from plans of a “clean exit” from its EU bail-out programme in December, but it might still be over-estimating the extent to which it can finance... 4th November 2014 · 1 min read
Europe Economics Update Gold referendum highlights limits of SNB policy Fears that a referendum over the Swiss National Bank’s (SNB’s) gold holdings might prevent the Bank defending its ceiling for the Swiss franc may be overblown. But the referendum highlights political... 4th November 2014 · 1 min read
Nordic & Swiss Economics Update Gold referendum highlights limits of SNB policy Fears that a referendum over the Swiss National Bank’s (SNB’s) gold holdings might prevent the Bank defending its ceiling for the Swiss franc may be overblown. But the referendum highlights political... 4th November 2014 · 1 min read
Europe Economics Update Euro-zone Fiscal Monitor (Oct.) All peripheral economies narrowed their budget deficits in September but France and Italy submitted draft budgets that flouted EU fiscal rules. 3rd November 2014 · 1 min read
Europe Economics Update Italian labour market reform won’t transform economy The Italian Prime Minister’s package of labour market reforms is a step in the right direction, but reform efforts are moving too slowly to ensure a meaningful reduction in unemployment or improvement... 31st October 2014 · 1 min read
Europe Economics Update Riksbank cuts rates to zero but deflation threat persists Sweden’s central bank today stepped up its fight against deflation, cutting its main policy rate to a record low of 0% and pushing back the date at which it first expects to raise rates. We think that... 28th October 2014 · 1 min read
Nordic & Swiss Economics Update Riksbank cuts rates to zero but deflation threat persists Sweden’s central bank today stepped up its fight against deflation, cutting its main policy rate to a record low of 0% and pushing back the date at which it first expects to raise rates. We think that... 28th October 2014 · 1 min read
Europe Economics Update Stress tests offer some relief, but not for Italy On the whole, the results of Europe’s bank stress tests were positive, implying that the heavy drag that falls in bank lending have exerted on the euro-zone economy may be set to ease. But poor... 27th October 2014 · 1 min read
Europe Economics Update Euro-zone Monetary Indicators Monitor (Sep.) September’s euro-zone monetary data showed further signs of improvement but with lending growth still negative and, given the need for some of the weakest banks to raise further capital, the sector is... 27th October 2014 · 1 min read
