Search at CaixaBank Research
Search results
1833 results found for Euro digital
One of the most highly debated issues around a partial or total peace agreement and the process of Ukraine’s reconstruction is what will happen to the European energy scenario. Will Europe once again be a major customer of Russian energy?
European countries have announced a large number of fiscal measures to cushion the blow of the pandemic. In 2020 the fiscal impulse will be similar across the major countries but the differences lie in the automatic and discretionary components of fiscal policy in each state.
Intuition tells us that a shock like COVID-19 should increase country risk and this has certainly been confirmed by the data. Nevertheless, a longer-lasting impact on country risk should be observed, which is not the case.
Last November the European Commission presented a proposal to reform the fiscal rules with a view to their re-implementation in 2024. The proposal does not change the debt and deficit targets of 60% and 3% (they are laid down in the EU treaties and changing them is rather infeasible); instead, it establishes them as medium-term targets and focuses on reforming the system to steer us towards them.
Analysing European consumers’ saving patterns at this time is key, since a revival of consumption will serve as one of the pillars that will support the economic recovery after the coronavirus.
The outbreak of the pandemic has changed the scenario for investment in retail-related property. On the one hand, severe mobility restrictions and social distancing measures have lowered prices and rents for commercial premises, reducing investor interest. On the other hand, COVID-19 has brought about a change in the habits of Spanish consumers that has benefited supermarkets, where investment reached record highs in 2020, and has accelerated the penetration of online commerce in the retail sector, boosting investment in the logistics required to support this sales channel.
The initiation of the ECB’s monetary policy normalisation process has led to an acceleration in house prices, especially in markets with a significant mismatch between insufficient supply and dynamic demand. The economies in which real prices have increased the most in the last year and a half, and where the residential markets are showing signs of more significant overvaluation, include Portugal, Bulgaria, Hungary, the Netherlands and Estonia. In contrast, the markets of large economies such as Germany, Sweden, France and Luxembourg remain overvalued, but have corrected the strong price growth they experienced in the decades leading up to the pandemic, reducing signs of overheating.