“The ECB has raised rates to 2.25%. A widely anticipated decision, with few surprises and a stagflationary outlook… The debate now centres on the ECB’s next moves. Our economists believe this is the last hike of 2026, whilst the markets continue to price in a further hike in September and a third in early 2027”. By Antonella Manganelli By Antonella Manganelli, CEO of Payden & Rygel in Europe | The…
Reported by Consejeros Editorial Team In the referendum held this weekend in Switzerland, the public has rejected a 10-million population cap, which would effectively have meant tighter controls on immigration. The referendum, which was rejected by a 55% to 45% margin, has brought great relief to the business community, which saw it as a threat to the free movement of people with the EU, its main market. The initiative by…
Reported by Consejeros Editorial Team Three years on, the European Central Bank (ECB) has decided to raise key interest rates by 25 basis points, from 2% to 2.25%. The decision is based primarily on the consequences of the conflict in the Middle East and the closure of the Strait of Hormuz. “The ECB’s rise in official interest rates came against a backdrop of stagflation. The move was also intended to…
Dassault Aviation and Airbus, which were leading the project on behalf of France and Germany respectively, have been unable to reach an agreement on the division of tasks or patent rights. Spain was involved through Indra, which was responsible for the industrial aspects (sensors and electronics). Reported by Consejeros Editorial Team Eight years after its announcement, the development of the sixth-generation European fighter jet, the most ambitious European project in…
By Josefina Rodríguez We expect the ECB to raise rates by 25 basis points at Thursday’s meeting, bringing the deposit facility rate to 2.25%, in line with market expectations. This move is likely to be presented as a response to a more persistent inflation outlook, driven by higher energy prices compared with the March forecasts. Although growth has weakened, the Governing Council is likely to emphasise the need to guard…
Reported by Consejeros Editorial Team In most European Union (EU) countries for which data was available, the apparent cost of public debt rose slightly or remained stable between 2024 and 2025, according to data published by Eurostat. The highest apparent cost of gross government debt among the countries for which data was available was recorded in Romania (5.2%), followed by Poland (4.5%), the Czech Republic (3.1%) and Italy (3%). The…
Portugal has a story worth telling and, more importantly, companies worth investing in. Its “Capital Markets Day” – 15 and 16 June – brings investors into contact with companies, strategies and real investment opportunities. By Abel Sequeira Ferreira Abel Sequeira Ferreira (Board Member and Executive Director of AEM – Portuguese Issuers Association. Board Member of European Issuers) | On 12 and 13 November 2025, Lisbon hosted the second edition of…
By Martin Wolburg At its meeting on 11 June, the ECB is highly likely to raise its key interest rates by 25 basis points, in line with its recent hawkish communication. Beyond that date, the monetary policy outlook becomes more complex, as the Governing Council must balance persistently high inflation with weakening economic activity. Inflation is rising, inflation expectations have rebounded slightly and the fall in real interest rates argues…
Analysis by Morgan Stanley Jens Eisenschmidt (European macro analyst) summarises the key takeaways from a trip to Berlin with policymakers and experts in economic and defence policy. The main message points to an acceleration of Germany’s reform agenda before the summer, with the focus on pensions, the labour market, defence and public investment. Although implementation will remain gradual, the authorities are seeking to send a clearer signal of their commitment…
Reported by Consejeros Editorial Team The rise in energy prices resulting from the war in the Middle East has driven up inflation in the Eurozone. In May, the Consumer Price Index (CPI) stood at 3.2%, up from 3% in April, according to preliminary estimates published by Eurostat, the statistical office of the European Union (EU). The figure, which is in line with expectations, puts further pressure on the European Central…