At the end of H1 2020, we estimate the net savings of EU non-financial corporates to have doubled to over EUR700bn, or more than 4.5% of GDP

Our proprietary Trade Momentum Index shows that Q2 is likely to see an even stronger contraction.

In response to the Covid-19 crisis, gross financing needs could amount to EUR800-900bn for the Eurozone, and only part of it will be covered by the issuance of long-term bonds.

This first attempt at a transfer union may make net payouts look small for, say Italy, but symbols do matter.

The Covid-19 crisis has pulled the rug out from under the feet of the German economy.

Ana Boata, Head of Macroeconomic Research, explains.

In Europe, both new car registrations and the business climate slumped in April.

A longer transition would be needed, at least until mid-2021.