Quantitative tightening and debt repayment costs in the Eurozone
The ECB will start quantitative tightening in March, but the expected reduction of its balance sheet will be limited at the planned run-off rate of government bond holdings.
The current reform proposal in France has been met with considerable anger, seen as the end of savoir vivre. But the truth is that the reform barely goes far enough.
Total gross financial assets in Asia reached a new record high, but the share of life and pension assets in private households’ portfolios kept declining.
The deteriorating energy crisis and tough policy choices have confirmed our forecast of slowing growth, higher inflation and rising interest rates. We expect global growth to slow to +1.4% in 2023.
