• Headline

    The ECB's QE in five questions

    Edition 23 May 2016

    Following our report "TLTRO II in five questions", we continue our series of technical publications on the ECB. At first glance, the EAPP (expanded asset purchase programme) is a simple quantitative e ...

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    Not the end of the world after all


    Political, geopolitical, economic and financial: the risks are multiple, interconnected, and mutually sustaining. They are very clear, and the concerns are legitimate. Fact. But some of them do seem e ...

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    Annual growth in eligible loans

    Edition 5 April 2016

    A -0.40% interest rate on TLTROs would apply providing that bank lending to non-financial customers (excluding mortgages) exceeds a target, specific to each country, by 2.5% by January 2018. This woul ...


    Discover the economic research of Credit Agricole Corporate & Investment Bank


    In collaboration with Crédit Agricole S.A.'s Economic Research Department, Crédit Agricole CIB develops its own axes of research: Global Markets Research, which covers underlying macroeconomic asset ...

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  • Edition 23 May 2016

    The ECB's QE in five questions

    Following our report "TLTRO II in five questions", we continue our series of technical publications on the ECB. At first glance, the EAPP (expanded asset purchase programme) is a simple quantitative easing programme, and the 2008 crisis taught us what a QE programme is. However, as always as far as the Eurozone is concerned, things are a little bit more complex.


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  • Edition 20 May 2016

    US- June FOMC options open. Job market & inflation progress...

    FOMC voters want to keep their options open for raising rates in June. They seek to "maintain the flexibility to make this decision based on how the incoming data and developments shaped their outlook for the labor market and inflation as well as their evolving assessments of the balance of risks around that outlook." Fed officials generally saw the Q1 growth slowdown as temporary and noted that labor market conditions continued to strengthen while inflation continued to run below the 2% objective.


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  • Edition 9 May 2016

    ECB: TLTRO II in five questions

    On 10 March 2016, the ECB announced a second series of TLTRO with easier conditions than the first series. At the four quarterly operations (from June 2016 to March 2017), banks will be able to borrow for four years at a rate between -0.4% and 0%, depending on their lending to the private economy.


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  • Edition May 3, 2016

    Emerging Countries – Monthly News Digest

    Highlights: What are the consequences of devaluations in the Caucuses and Central Asia? In Serbia, the outcome of elections came as no surprise. Saudi Arabia is faced with challenges as it abandons its rent-driven model. Mozambique discloses that it has hidden over USD1.3 billion of debt. South Korea experiences a bout of weakness. Brazil moves towards impeachment.


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  • Edition 28 April 2016

    US-April FOMC: No change. No hints. June still in play

    The FOMC maintained its current monetary policy settings today, in line with market expectations. Neither the 0.25% to 0.50% Fed funds target range nor the Fed's current portfolio reinvestment policies were changed. The discussion in the March FOMC minutes and subsequent comments from Fed officials pointed to little chance of policy move in April.


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  • Edition April, 2016

    France – Housing market: Recent developments and outlook for 2016

    The housing market bounced back in 2015. The number of home transactions reached around a million units, up by 15% over 12 months. Will this momentum persist in 2016? The recent rebound is cyclical and driven by two factors: the marked drop in lending rates and new-build stimulus plans. But the market has still not been really "cleaned up" as prices remain high. The economic environment, for its part, is mixed, so the recent recovery is fragile.


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  • Edition April 22, 2016

    ECB - "I find your lack of faith disturbing"

    The ECB released the details about the CSPP. However, it will "be mindful of the potential impact of its purchases on market liquidity". We expect the ECB to purchase EUR4bn a month on average. Mario Draghi gave more details on other monetary policy tools. Above all, M. Draghi has fiercely defended the ECB's independence and reiterated the crucial need for governments to do more on structural reforms and growth-friendly composition of public finances.


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Edition May 3, 2016

Argentina: the cost of risk is falling

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