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United kingdom – So ambitious it could prove unrealistic

  • Edition 20 January, 2017

    On 17 January, UK PM Theresa May clarified the broad objectives of her government's plan for the Brexit. The UK will leave the Single Market and the customs union. It will seek a comprehensive free trade agreement with the European Union and ambitious trade deals with third countries. May also promised a parliamentary vote on the final terms of the Brexit.


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Political issues – Where the anger is coming from

  • Edition January 18, 2016

    The issue of populist movements does not stop at elections. In the longer term, it poses the problem of the legitimacy of elites and solutions for reconciling democracy and globalisation. In fact, we have now entered into a political cycle, ie, a point in history where politics has taken over from the economy and is imposing its own rationality. There is no going back: we are seing a transition of both internal and external political equilibrium.


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ECB: from 'work, work, work' to 'words, words, words'

  • Edition January 18, 2017

    The ECB has been in full Barbadian-pop-star mode between September and December 2016: "work, work, work, work, work, Draghi said they have to work…". Now, after the announcement, the explanation and the publication of the legal acts, the relevant committees, the ECB and NCB staff and the Governing Council members can take a break.


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ECB: December's inflation is so overrated

  • Edition January 5, 2017

    Inflation rates in the Eurozone surprised to the upside in December 2016, and we forecast that inflation will continue to rise over the next few months, coming close to 2% before receding below 1.5% during the summer. There have been voices calling for monetary tightening following these inflation figures. Calling for ECB tightening today is to misunderstand the inflation trend, the macroeconomic outlook in the Eurozone, the ECB's mandate and the way the ECB understands its mandate.


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ECB 2017 outlook: take a break Mr Draghi

  • Edition December 21, 2016

    After two and a half years of active and changing monetary policy – ABSPP, CBPP 3, TLTRO I, PSPP, PSPP extension, PSPP expansion, TLTRO II, PSPP reduction, PSPP extension and change in modalities – the ECB has set the conditions for a period of unchanged monetary policy.


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World - Macroeconomic Scenario for 2017-2018: Economic and financial forecasts

World - Macroeconomic Scenario for 2017-2018: "Hope is a risk you have to take"

  • Edition December 20, 2016

    Clearly, the geopolitical, political and economic risks facing the world are many and multifarious. And it's no easy matter to isolate those that seem most apparent to us. In this respect, a sudden tightening of financial conditions does not yet seem an imminent danger. While 2017 is not looking as if it will be the year of living dangerously, 2018 could well be more fraught.


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