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Feb 09, 2023

Monetary policy in Central and Eastern Europe

The outlook for Central and Eastern Europe (CEE) has slightly improved in recent weeks due to diminishing headwinds from lower-than-expected energy prices. Nonetheless, growth in the CEE-4 (Poland, Czechia, Romania, Hungary) remains subdued overall as the impact of continued high inflation, increased interest rates, weaker external demand and lower business confidence will take full effect this year.

Feb 07, 2023

A Faustian bargain: Europe’s answers to the US IRA

The Inflation Reduction Act (IRA), enacted in summer 2022, is America’s first serious attempt to tackle the climate crisis and reach its own emission-reduction goals. As such, it is overdue and more than welcome. At the same time, it entails a string of protectionist measures that – though aiming mainly at China – might hurt Europe’s green industry. 

Feb 02, 2023

Falling off a savings cliff?

Americans to fall off the pandemic savings cliff after the summer break, while Europeans hoard even more.

Jan 31, 2023

Do we need more inflation to get more corporate investment?

Up until 2019, global disinflation pushed down corporate investment; however, since 2020, inflation has failed to lift corporate investment.

Jan 27, 2023

Consumption: What’s (wealth) got to do with it?

With the cash cushion that was built during the pandemic losing its fluff, it is a good time to revisit consumption behavior, which is starting to lose steam in Europe and the US. 

Jan 24, 2023

No, the energy shock in Europe does not mean de-industrialization

The large energy-price shock still lies ahead for European corporates. In 2022, increases in corporate utility bills were contained, thanks to government interventions and the long pass-through from wholesale energy prices to retail contracts, which are for the most part not fully indexed. 

Jan 20, 2023

Quantitative tightening and debt repayment costs in the Eurozone

Despite a sharp decline in food and energy prices in the Eurozone in December, which led headline inflation decreasing to 9.2% y/y (down from 10.1% during the previous month), inflation will remain uncomfortably high, averaging about 6% this year with core remaining rather sticky until next year.

Jan 17, 2023

Allianz Risk Barometer 2023

Cyber incidents and Business interruption rank as the biggest company concerns for the second year in succession. Macroeconomic developments such as inflation, financial market volatility and a looming recession, as well as the impact of the Energy crisis are the top risers in this year’s list of global business risks.

Jan 13, 2023

Pension reform in France: Bonjour tristesse

The proposed increase of the statutory early retirement age to 64 years from 62 in France does not address long-term deteriorating demographic and funding prospects.

Jan 10, 2023

Wealth without pensions in Asia

Total gross financial assets in Asia reached a new record high, but the share of life and pension assets in private households’ portfolios kept declining. Total gross financial assets increased by +9.4% and reached a new record high of EUR62.4trn in 2021, 25% above the corresponding figure for Europe. 

604 releases in total