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    China – Beyond the financial risk

    Edition 6 December 2018

    Chinese debt has been a major topic over the past few years. And not without reason, as it entails a risk of financial instability that is real, despite the existence of buffers. But possibly overly m ...

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    Italy: Under pressure

    26.10.2018

    The impact of external risk factors materialized in the first half of the year, leading to a more pronounced slowdown in the Italian economy than in other European countries. Strong investment rebound ...

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    China: domestic debt (exclu. general government) and growth

    Edition 6 December 2018

    The massive use of credit to finance Chinese economic growth, no matter how strong, has been accompanied by a substantial loss of efficiency in recent years. Loss of efficiency that resulted in the ac ...

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  • Edition 6 December 2018

    China – Beyond the financial risk

    Chinese debt has been a major topic over the past few years. And not without reason, as it entails a risk of financial instability that is real, despite the existence of buffers. But possibly overly much so, to the point of overshadowing the rest. However, beyond the financial risk, there are also other risks, questions and uncertainties, linked to the recent political and institutional developments, as well as the deterioration of relations with the United States.

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  • Edition December 3, 2018

    France – Pensions: The state of play and future reform issues

    The reforms in the 2000s warded off the risk of a severe deterioration in the pension systems deficit. The financial balance, which is currently close to equilibrium, is likely to remain so in the short term. It is felt to be positive in favourable scenarios, but would again go into deficit, by 1-1.5% of GDP a year from 2030 in the more cautious scenarios. A new pensions reform has been announced whose prime objective is to roll out a universal regime that would be clearer and fairer. It would still be a pay-as-you-go system but would shift completely to a points-based regime.

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  • Edition October 31, 2018

    France – Housing Market: Recent developments and outlook for 2018-2019

    After an exceptional year in 2017, the housing market has again been sustained in 2018, but is not showing any signs of a bubble or overheating. On the contrary, signs of cooling have been growing, with a slight dip in sales of pre-owned homes, a more marked drop in sales of new-build homes, and a slowdown in prices and mortgage lending. In 2019, the market will continue to slow very gently, with a slight fall-off in transactions and a slowdown of housing prices.

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  • Edition 26 October 2018

    Italy – Economic environment : Under pressure

    The impact of external risk factors materialised in the first half, leading to a more emphatic slowdown in the Italian economy than other European countries. Activity increased by 0.2% in the second quarter, hampered by the decline in foreign demand, albeit less pronounced than at the start of the year. Internal demand contributed positively to growth thanks to private investment, which should remain strong through end-2018.

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  • Edition October 22, 2018

    Germany - Scenario 2018-2019: Heading for a growth slowdown

    After a year of sustained growth in 2017, Germany is now on the path of an expected slowdown of GDP at 1.9% this year and next. Germany benefits from solid domestic demand, driven by the dynamism of private and public consumption. Investment, although weakened by lower margins resulting from higher wage costs, remains the second factor supporting this growth. Net exports, on the other hand, will subtract a few points from GDP growth because of the acceleration of imports compared to exports.

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  • Edition 24 October 2018

    France: 2018-2019 Scenario

    The first half was marked by a certain desynchronisation among the main economic regions. Growth remained upbeat in the United States and fairly stable in the eurozone, while some emerging countries experienced specific difficulties. In France, the growth outlook has been revised down slightly. After 2.3% growth in 2017, we are forecasting further fairly robust growth in 2018 and 2019 at 1.6% a year.

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  • Edition 24 October 2018

    Italy – Public Finance : 2019 budget, a European challenge

    All eyes are glued to the 2019 draft budget. The power struggle between the Economy Ministry and the leaders of the two governing parties was won by the latter. Finally, the deficit will definitely rise to 2.4% in 2019, but will fall to 2.1% in 2020 and 1.8% in 2021. We will, therefore see a fiscal expansion next year, but the fiscal stance will subsequently become neutral once more. The long march towards a cancellation of the structural deficit will then resume from 2022.

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Edition 6 December 2018

China: domestic debt (exclu. general government) and growth

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