Allianz Research

Volle Kraft voraus:
Global Wealth Report 2025

Five things that could derail the ECB

At its meeting this week, the ECB is set to stay stable in turbulent times. Despite the stormy news flow,  the ECB is in a sweet spot in economic terms, confirming our longer-run outlook of policy rates on hold at 2%, a level the ECB views as broadly neutral.

Team Italy: An economic performance worthy of a gold medal?

Italy approaches the Olympic Winter Games Milano Cortina 2026 with a notably stronger macroeconomic backdrop, underpinned by post‑pandemic resilience in output, employment and trade, and an improved fiscal stance. 

A new decade high for major insolvencies driven by services, retail and construction

Business insolvencies ended 2025 with an upside trend in most countries, despite already high levels. The first final data available for 2025 confirm our expectations of a +6% increase in global business insolvencies, with Western Europe (+6%) remaining a key contributor to the global trend, several Asian countries posting double-digit rises (five out of nine) and most advanced economies noticeably exceeding pre-pandemic numbers.