Markets still looking for meaning

In exceptional times (the correction of the great debt cycle), markets tend to overreact; mostly because the business cycle is no longer the main driver of expectations. As long as the private sector in different parts of the US and Europe faces an ongoing deleveraging, the usual cyclical developments of private demand will be altered. At the same time, policymakers appear less able to smooth the joint cycle of company and household spending, simply because use of their tools has been overstretched in the past couple of years.

Economic and financial forecasts

This publication presents the economists' forecasts for interest rates, exchange rates and commodity prices, along with the Crédit Agricole Group's central economic projection.