Announcements
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5/9/2024 Research EN
France: political uncertainty weighs on public finances and funding conditions
Political uncertainty, a challenging fiscal outlook, and the rising divergence in funding conditions between France and other core euro area sovereign borrowers underscore the importance for political stability and reform efforts to reduce the deficit.
4/9/2024 Research EN
Germany: regional elections raise concerns about sustained political gridlock, economic growth
Electoral success of populist far-right and far-left parties in Thuringia and Saxony highlights Germany’s fragmenting political landscape as mainstream parties lose ground. Looming policy uncertainty could delay regional budgets and slow economic growth.
1/8/2024 Research EN
The Wide Angle: Building a labelled EU MidCap Bond market should be a CMU priority
EU policymakers remain steadfast in their conviction that deploying bank and institutional capital and retail savings through frictionless banking and capital markets union will create economic security. An EU MidCap Bond market should be a priority.
30/7/2024 Research EN
Italy: fiscal consolidation needed as foreign investors’ share of bond holdings set to rise
The proportion of Italian sovereign debt held by foreign investors, a potentially less stable source of demand than the ECB and residents, is rising and will make Italy more susceptible to changes in market sentiment in coming years.
19/7/2024 Research EN
Germany: 2025 draft budget tests debt brake flexibilities to partially address investment needs
The German government is maximising the modest leeway it has under the so-called debt brake to inject public funds into the economy, but the measures are insufficient for addressing the country’s large and widening investment gap.
19/7/2024 Research EN
Egypt gains room for manoeuvre but vulnerability to external shocks remains
Egypt’s public finances remain vulnerable to external shocks given the government’s limited fiscal space though external support, increased foreign direct investment and progress on reforms are improving resilience.