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      France: political uncertainty weighs on public finances and funding conditions

      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.

      Scope publishes updated GRE Rating Methodology following call for comments

      4/9/2024 Research EN

      Scope publishes updated GRE Rating Methodology following call for comments

      Scope Ratings has updated its GRE Rating Methodology following the call for comments period, which concluded on 29 July 2024. The methodology changes are not expected to impact any current ratings.

      Germany: regional elections raise concerns about sustained political gridlock, economic growth

      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.

      Spain's robust growth amid expected fiscal adjustments

      6/8/2024 Research EN

      Spain's robust growth amid expected fiscal adjustments

      Spain's GDP growth is outpacing the euro area, but expenditure pressures continue to challenge public finances, demanding comprehensive reforms on regional financing to ensure long-term sustainability.

      The Wide Angle: Building a labelled EU MidCap Bond market should be a CMU priority

      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.

      Constrained income growth and rising costs weigh on finances of UK universities

      31/7/2024 Research EN

      Constrained income growth and rising costs weigh on finances of UK universities

      The UK higher education system enjoys a strong reputation globally but increasing pressure on the sector’s funding model has rendered the financial viability of some universities uncertain.

      German Länder to increase borrowing by end-2024 for investment but continued focus on consolidation

      31/7/2024 Research EN

      German Länder to increase borrowing by end-2024 for investment but continued focus on consolidation

      Germany’s Länder are likely to borrow around EUR 10bn more than originally planned this year as they face weak domestic economic growth and federal budgetary constraints.

      Italy: fiscal consolidation needed as foreign investors’ share of bond holdings set to rise

      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.

      Germany: 2025 draft budget tests debt brake flexibilities to partially address investment needs

      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.

      Egypt gains room for manoeuvre but vulnerability to external shocks remains

      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.