the articles & research center news
The appointment of Christine Lagarde as President of the ECB and Ursula Von der Leyen as President of the European Commission are undoubtedly among the best possible compromises, because these are two women of great experience, both very much in favour of strengthening the European Union.
Didier BOROWSKI, Isabelle VIC-PHILIPPE, Grégoire PESQUES
After a long series of disappointments in 2018, euro zone economic figures have remained very mixed so far in 2019. However, the situation should improve over the coming quarters, thanks to a combination of robust household income, heavy fiscal support, and global trade that is a little weaker than it has been in recent months.
CFA, Strategy and Economic Research at Amundi
CFA, Credit Strategy
The global economy enjoyed a strongest upturn in 2017. The upswing was broad and driven by a notable rebound in global trade and an investment recovery in advanced economies. The improvement in the macroeconomic environment has allowed central banks to confirm the gradual reduction (at different speeds) in the accommodative stance of monetary policy.
Valentine AINOUZ, Sergio BERTONCINI, Silvia DI SILVIO
Two events pushed down Eurozone sovereign spreads in 2017: the French presidential election in April & May, which dissipated investors’ fears about Eurosceptic movements, and the announcement on 26 October of a smaller-than-expected reduction in ECB’s QE for 2018 (monthly purchases lowered from € 60 bn to €30bn).
Fixed Income and FX Strategy
After underperforming against its peers for two decades in macroeconomic terms and following the deepest double-dip recession in its history (in 2008-2009 and in 2012-2013), the Italian economy is growing again, partially thanks to the strong, synchronised growth seen across the Eurozone, but also partially due to some structural improvements that have boosted competitiveness.