Spain can cope with rising borrowing costs and the ECB’s winding down of its purchases of euro area sovereign bonds due to the improved profile of Spanish public debt and the country’s relatively robust economic outlook.

Turkish President Recep Tayyip Erdoğan is short on time to use the government’s fiscal and monetary space to shore up support for his government as a disruptive rebalancing of the economy looms, hence his decision to hold elections earlier than expected.

The French government’s medium-term fiscal credibility and France’s capacity to resist future external shocks are at stake in its contentious pension reform plan, but it is far from the most important determinant of the country’s fiscal outlook.

Tuesday, January 24th 2023 - 3:00 PM (CET)

As a core future energy supplier to the EU, Norway is set to benefit in coming years from long-term supply agreements and lower stranded asset risks.

The collapse of Slovakia’s government constitutes another setback for the domestic economy in the middle of an energy crisis, requiring a swift policy response to avoid severe economic and social repercussions.

The knock-on effects of Russia’s war on Ukraine, including international sanctions and retaliation by Russia through weaponisation of its energy exports, are key downside risks to sovereign ratings in central and eastern Europe in 2023.

The French government needs to accelerate structural reforms to achieve its debt-reduction objectives, modest though they are, as interest rates rise and the economy grows more slowly than expected.

EU countries need to ramp up green investments to achieve their climate objectives, which poses fiscal risks amid a weakened economic outlook and rising interest rates, though the long-term gains of forceful climate action outweigh short-term costs.

Les perspectives pour 2023 sont difficiles à cause de la guerre en Ukraine, d'une inflation élevée, du resserrement monétaire et de finances publiques affaiblies. La croissance mondiale tombera sous son potentiel à 2,6 %, après 3,3 % en 2022.