Summer 2020 Economic Forecast: An even deeper recession with wider divergences-continued

July 7, 2020--The EU economy will experience a deep recession this year due to the coronavirus pandemic, despite the swift and comprehensive policy response at both EU and national levels. Because the lifting of lockdown measures is proceeding at a more gradual pace than assumed in our Spring Forecast, the impact on economic activity in 2020 will be more significant than anticipated.
The Summer 2020 Economic Forecast projects that the euro area economy will contract by 8.7% in 2020 and grow by 6.1% in 2021. The EU economy is forecast to contract by 8.3% in 2020 and grow by 5.8% in 2021. The contraction in 2020 is, therefore, projected to be significantly greater than the 7.7% projected for the euro area and 7.4% for the EU as a whole in the Spring Forecast. Growth in 2021 will also be slightly less robust than projected in the spring.

view more


Europe ETP News
The Value of Money, Controversial Economic Cultures in Europe: Italy and Germany
June 10, 2021--A discussion of Italian and German macro-economic cultures and performances.
Verlag has published the volume "The Value of Money. Controversial Economic Cultures in Europe: Italy and Germany", edited by Christiane Liermann Traniello (General Secretary, Villa Vigoni), Thomas Mayer (Founding Director, Flossbach von Storch Research Institute), Francesco Papadia (Fellow, Bruegel; Chair of the Selection Panel of the Hellenic Financial Stability Fund and Chair of Prime Collateralised Securities) and Matteo Scotto (Research Fellow, Villa Vigoni), with a preface by Jean-Claude Trichet (President of European Central Bank between 2003 and 2011).
read more
New independent group to help tackle 'greenwashing'
June 9, 2021--The UK’s net zero economy goal was boosted today (9 June 2021) with the appointment of a new expert group whose work will support investors, consumers and businesses to make green financial decisions.
read more
Research: UK official holdings of international reserves: May 2021
June 3, 2021--This release details movements in the international reserves of gold and assets held by the UK government.
read more
ESMA sees a prolonged period of risk from market corrections
June 3, 2021--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today published its first Risk Dashboard (RD) for 2021 covering the first quarter of the year. The RD highlights that the main risk for EU financial markets remains that posed by a sudden risk reassessment, amid the general decoupling of securities prices from economic fundamentals, and is maintains its risk assessment at a very high level.
read more
ESMA publishes latest edition of its Newsletter
June 1, 2021--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today published its latest edition of the Newsletter "Spotlight on Markets".
read more
Bitcoin ETP takes Swiss route to UK after cautious London response
June 1, 2021--Launch underscores tensions in Britain among institutional fund managers, regulators and policymakers
London is preparing for its first listed security tracking the price of bitcoin, with a launch that uses crypto-friendly Swiss market rules to swim against a tide of regulatory scepticism about digital assets.
read more
ESMA publishes Final Report on the MiFIDII/MiFIR obligations on market data
June 1, 2021--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today published its Final Report on Guidelines on the MiFIDII/MiFIR obligations on market data. The Final Report sets out guidelines on the requirements to publish market data on a reasonable commercial basis and to make market data available free of charge 15 minutes after publication.
read more
Monetary developments in the euro area: April 2021
May 31, 2021--Annual growth rate of broad monetary aggregate M3 decreased to 9.2% in April 2021 from 10.0% in March (revised from 10.1%)
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, decreased to 12.3% in April from 13.6% in March.
read more
ETFs remain elusive for most European retail investors
May 28, 2021--Sharply rising popularity with private banks and wealth managers contrasts with lack of availability at retail level.
read more
ESMA publishes guidance on funds' marketing communications
May 27, 2021--The European Securities and Markets Authority (ESMA), the EU's securities regulator, has today published the final report on its Guidelines under the Regulation on cross-border distribution of funds. The Guidelines specify the requirements that funds' marketing communications must meet.
read more
Late to the party, London rushes to win SPAC listings
May 27, 2021--Britain is rushing out rules to make London's stock market attractive for 'blank cheque' listing vehicles as bankers ready a string of potential floats in Europe as interest in the U.S. fades.
read more
ESMA updates its Opinion on reporting information under the AIFMD
May 27, 2021--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has updated the Opinion Collection of information for the effective monitoring of systemic risk under Article 24(5), first sub-paragraph, of the AIFMD , in the context of AIFMD reporting.
read more
Refinitiv head David Craig to depart LSE
May 26, 2021--Executive who championed $27bn deal will leave group after less than a year in new role
read more
Russia's Economic Recovery Gathers Pace, Says New World Bank Report
May 26, 2021--Report also analyses how cost-effective social safety nets can become key to halving poverty
Russia's GDP growth is forecast at 3.2% in 2021, followed by 3.2% and 2.3% in 2022 and 2023, respectively, according to the World Bank's latest Russia Economic Report. Global economic recovery, higher oil prices, and soft domestic monetary conditions in 2021 are expected to support a recovery led by household consumption and public investment.
read more
Euro area investment fund statistics: first quarter of 2021
May 21, 2021--In first quarter of 2021, outstanding amount of shares/units issued by investment funds other than money market funds rose to €14,447 billion, up €710 billion on previous quarter
Net issues in quarter amounted to €290 billion, with €1,407 billion in gross issues and €1,117 billion in gross redemptions
read more
Ireland calls for review of fund liquidity after March 2020 crisis
May 19, 2021--Ireland's central bank has called on asset managers to "critically" review their practices to avoid a repeat of an episode at the height of the coronavirus crisis during which dozens of funds seized up.
read more
Official Statistics: Forecasts for the UK economy: May 2021
May 19, 2021--A comparison of independent forecasts for the UK economy in May 2021.
read more