In Europe


ECB's upcoming tapering

ECB Needs To Build A Macroeconomic Narrative To Justify Upcoming Tapering

Tapering will come anyway, largely because of technical/ political constraints around QE. The ECB will still have to justify this with a macroeconomic narrative. This is what the ECB President has set out to do.However, experts at BoAML believe that what he said yesterday in Sintra central bankers summit is also consistent with a very slow exit.


Eurozone's GDP increase

The Eurozone has geared up

Suprising as it may be, 18 of the 19 members of the Eurozone saw an increase in GDP in Q1’17 with respect to Q4’16. Spain’s GDP improved by 0.6%; Italy managed to grow (0.2%); Germany and France clocked up a 0.4% rise. Only Greece remained in the red. The unemployment rate in the region has officially fallen to 9.6%…there is growth.


Popolare and Veneto

Popolare And Veneto: Banking Rescue Italian Style

The recent rescue of two ailing Italian banks -Popolare di Vicenza and Veneto Banca-broke away from the standard bail-in procedures introduced by the EU. The trick used for implementing that circumvention was based on the official guarantee that the two lame ducks did not represent a systemic danger.