As the largest beneficiary of the Next Generation EU post-pandemic reconstruction plan, Italy has a unique opportunity to modernise its economy through...

Understanding the outlook for credit markets in 2023

The only way to tackle the new inflationary regime is a credible and abrupt change in the approach to policy: but this seems unlikely to happen.

In the current high-inflation regime, the use of fiscal space must: (1) be rule-based; and (2) preserve the possibility of a cooperative game between...

After years of dormant peripheral risk, the recent resurgence of fragmentation issues in Europe, amid rising stagflationary risks at a time of Central...

Understanding how the misallocation of capital in the last macro-financial regime laid the foundations for the prospect of stagflation today.

Understanding why the idea of the fiscal 'free lunch' is an illusion while global debt remains at record highs, and moving into a more fragmented world.

Understanding the linkage between money velocity, psychology of inflation in the regime shift, and consequence for investors.

Investors have enjoyed stellar performances over the last twelve months. A 60/40 traditional global equity/bond portfolio returned around 19% on a one-year...

These are days to be optimistic if you are an Asset Manager. And this is not just because the industry has been doing well and the fundamentals remain...

The Covid-19 crisis is exceptional in many ways. It is the most serious health crisis since the Spanish flu a century ago. This crisis resulted in an...

One year ago, as the Covid-19 crisis had just begun, we wrote about its potential inflation implications from both a cyclical and a structural standpoint....