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defensa

In Europe 19th December 2024

Europe needs defence investments of €500 billion over next decade just to cover air defence system

Norbolsa: Europe-defence: the debate continues on how to raise defence spending in Europe. The pressure of war, Putin’s threat and Trump’s pressure to raise the contribution to NATO are heating up the debate, but it remains deadlocked on how to do it: whether from national budgets, jointly from Europe or by creating a new funding vehicle. It is estimated that Europe requires investments of €500 billion over the next decade,…

semiconductores 1

World economy 18th November 2024

Europe gets closer to Taiwan to promote semiconductor manufacturing in Europe and reduce dependence on Asia

Norbolsa | Taiwan is approaching Europe to conclude an economic agreement and closer economic cooperation, a route from which it has so far been excluded because it has not been represented in these forums. Europe is also seeking such cooperation, as a way to promote semiconductor manufacturing in Europe and reduce dependence on Asia. Taiwanese investment in the EU has been boosted by Taiwan Semiconductor Manufacturing Co. (TSMC), which in…

XiJinping

European economy 7th May 2024

Xi Jinping shows little sign of being willing to offer major concessions to secure more balanced trade with Europe

Norbolsa | French President Emmanuel Macron and European Commission chief Ursula von der Leyen on Monday urged Chinese President Xi Jinping to ensure more balanced trade with Europe, but the Chinese leader showed little sign of being willing to offer major concessions. In his meetings in Paris, Macron also pressed the Chinese leader to use his influence over Russia to end the war in Ukraine. Xi was arriving in Europe…

mercados incertidumbre dibujo

World economy 11th April 2023

Is Recession Inevitable?

Morgan Stanley | The probability of recession especially in the US has increased for most investors in recent weeks. Indeed, our analyst Ellen Zentner has revised her growth estimates downwards (on a 4Q/4Q basis): -10bps for 2023 (to 0.3%) and -20bps in 2024 (to 1%). Even in the case of avoiding technical recession, the impact on the labour market would be unavoidable: the macro team expects new jobs to be…

Ursula

European economy, Relevant News Item 14th February 2023

European Commission upgrades forecasts but inverted German debt curve points to recession

The European Commission has raised its 2023 growth forecast to 0.9% vs 0.3% and lowered its inflation forecast from 6.1% to 5.65% for this year. The note highlights that domestic demand could turn out to be stronger than expected if the recent declines in wholesale gas prices are passed through to consumer prices more strongly, which we doubt, and consumption proves more resilient. In fact, this has had little reaction…

eu human rights

European economy 7th October 2022

Calls Are Growing For A European Fiscal Programme

Santander | Calls are growing for a European fiscal programme. Financed by joint SURE-style emissions guaranteed by member states. In this case, to combat the energy and security crisis as proposed in their open letter by EC Commissioners for Economy and Home Affairs Gentiloni and Breton last Monday. Yesterday it was the turn of Von der Leyen, who called for the EU to seek other sources of funding to accelerate…

Nuclear energy in Spain

Spanish economy 4th January 2022

Spain Opposes, Together With Germany And Austria, The EU Proposal To Gas And Nuclear Energy As Renewable

Renta 4 | The European Union surprised with a new plan that would label some natural gas and nuclear energy projects as “green” investments after a year of debate among the different governments about which investments are really climate-friendly. Specifically, the Brussels text, still in draft form, includes nuclear power plants already in operation and those to be built at least until 2045, as well as gas-fired power plants, which will enjoy the same recognition until 2030.

US EUROPA1

World economy 24th December 2021

Europe Fails To Recover At The Same Pace As The US Market

Julian Marx (Flossbach Von Storch) | Almost two years have passed since the outbreak of the pandemic and economic output in the Eurozone is still below pre-crisis levels, unlike in the US.The ECB envisages a more cautious monetary policy than the dollar bloc (Australia, Canada and the US): real economic output in the US in calendar year 2021 should already be a good two percent above that of 2019. In the eurozone, on the other hand, the statistics for 2021 will probably remain in some cases significantly below the pre-crisis level.

Cities are leading refugee integration efforts

European politics 10th April 2021

Germany’s Refugees Face a Future Without Angela Merkel

Kiran Bowry | In 2015, the European refugee crisis awoke Germans from a long and comforting slumber that Angela Merkel had lulled them into with her political style. The term “asymmetric demobilization” came to be known as a way of describing the German chancellor’s shrewd strategy of sitting on the fence and thereby winning elections. Merkel weakened her political competitors by avoiding controversial issues and, in doing so, choking off debate. Simultaneously, she adopted popular policy stances of her opponents and demobilized their potential voters.

intangibles

Spanish economy 16th March 2021

Investment In Intangibles In Spain Stands At Around 6.5% Against 7% In Germany And 12% In The US

Claudia Canals and Oriol Carreras Baquer (Caixabank)| Given the importance of investment in intangibles for boosting the digital transition, we wonder what impact NGEU will have on this type of investment. To answer this question, first we estimate the average increase in the relative weight of investment in intangibles as a proportion of GDP in Spain between 1995 and 2017. We then measure the impact that NGEU will have on investment in intangibles, considering in the calculation the carry-over effect that this programme could have on private investment.