Europe Economics Update Euro-zone Monetary Indicators Monitor (Mar.) The latest euro-zone money supply figures further support the view that the ECB’s injections of short-term liquidity into the banking sector will not be sufficient on their own to encourage banks to... 26th March 2009 · 1 min read
Europe Economics Focus Will the ECB ever catch up? The Federal Reserve’s decision to embark on an even bolder program of quantitative easing has left the ECB apparently lagging still further behind other central banks in tackling the economic crisis... 19th March 2009 · 1 min read
Europe Economics Update ECB moving towards unconventional policy Following the expected 50bp interest rate cut to 1.5%, the ECB made some broadly encouraging comments about further policy support to come. No plan is in place for quantitative easing, but the Bank... 5th March 2009 · 1 min read
Europe Economics Update Money data confirm banks' reluctance to lend The latest euro-zone money data provide further worrying signs that the credit crunch is tightening its grip on the wider economy. Looking ahead, falling bank capital looks set to prompt a sustained... 26th February 2009 · 1 min read
Europe Commercial Property Update Recession to take a larger toll on rental values across the euro-zone The rapid deterioration in the euro-zone economic outlook over the past three or four months has left our existing rental value forecasts looking too optimistic. Indeed, taking the euro-zone as a... 26th February 2009 · 1 min read
ECB Watch Another step towards zero, but still no plan for QE With the euro-zone recession deepening, the ECB is almost certain to deliver the 50bp interest rate cut that President Trichet signalled last month. What’s more, we expect hints of further cuts to... 26th February 2009 · 1 min read
Europe Economics Update Emerging Europe concerns likely to intensify Concerns over Western banks’ exposure to Emerging Europe look likely to intensify as the news from the region continues to deteriorate. Both the euro and the Swedish krona could suffer further as a... 18th February 2009 · 1 min read
Europe Economics Update Lower borrowing rates won't kick-start the economy The recent falls in borrowing rates for euro-zone households and firms suggest that last year’s interest rate reductions by the ECB are already filtering through to the wider economy. While this is... 9th February 2009 · 1 min read
Europe Economics Update ECB pauses, but rates still heading towards zero Although the ECB left interest rates on hold at 2% as expected this month, it hinted clearly that rates would fall by a further 50bp next month. What’s more, President Trichet’s dovish tone supported... 5th February 2009 · 1 min read
ECB Watch ECB worryingly cautious President Trichet’s continued insistence that the next “important” monetary policy meeting will not be until March has more or less ruled out an interest rate cut this month. We still think that weak... 29th January 2009 · 1 min read
Europe Economics Update Euro-zone lagging behind on support for banks After the UK Government’s latest announcement of additional measures to support banks, policy in the euro-zone is lagging behind again. We hope that extra support will be announced in time, but the... 22nd January 2009 · 1 min read
Europe Economics Update ECB drags its heels While the ECB cut interest rates as expected today, it’s warnings that it will not reduce them again at its next meeting confirm that it will continue to drag its heels compared to other central banks... 15th January 2009 · 1 min read
Europe Economics Update Industrial slump points to deeper and longer recession Hopes that the euro-zone’s relative lack of indebtedness would allow it to fare comparatively well in the global downturn have been dashed by the slump in the industrial sector and insufficient policy... 13th January 2009 · 1 min read
ECB Watch ECB making slow progress Given the latest sharp fall in inflation and mounting evidence that the euro-zone economy is in the midst of a severe downturn, we see the ECB cutting interest rates by 50bp this month. Indeed, as it... 8th January 2009 · 1 min read
Europe Commercial Property Update Euro-zone property: are we underestimating small country risk? Over the next two years, we expect the best performing euro-zone commercial property markets to be Greece, Finland and Portugal. All are forecast to deliver better total returns than core markets such... 19th December 2008 · 1 min read
Europe Economics Update Can the ECB engage in quantitative easing? The latest signal from the US Federal Reserve that it plans to adopt an even more aggressive policy of quantitative easing has fuelled speculation over what other central banks like the ECB might do... 18th December 2008 · 1 min read
