Announcements
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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.
12/7/2024 Research EN
France: minority government may mitigate risk of fiscal slippage, but reforms unlikely
A hung parliament in France mitigates risk of significant fiscal slippage due to the policy agendas of the far right or radical left. Still, reform momentum will likely stall given the need for compromise by centrist parties and the political extremes.
5/7/2024 Research EN
UK: Labour government must prioritise pro-growth policies amid limited fiscal space
The Labour Party won a landslide victory in Thursday’s UK general elections but long-run challenges will endure, including dealing with rising debt and reviving the economy while hitting fiscal targets. But the results at a minimum ensure a clear mandate.
4/7/2024 Research EN
G7: rising debt heightens sovereign risks amid election uncertainty
Higher-for-longer rates heighten the stakes for sovereign debt sustainability especially as financial-market and institutional checks on excessive borrowing of rich countries are weaker than they were several years ago, says Scope Ratings.