In its latest Financial Stability Review, the European Central Bank points to the risks associated with the exuberance of certain markets, particularly real estate, where prices have risen at the fastest rate in 16 years.
According to the European Commission, which published on November 11th its “Autumn 2021 Economic Forecast”, the EU economy is rebounding from the pandemic recession faster than expected. As vaccination campaigns progressed and restrictions started to be lifted, growth resumed in spring and continued unabated through summer, underpinned by the re-opening of the economy. Despite mounting headwinds, the EU economy is projected to keep expanding over the forecast horizon, achieving a growth rate of 5%, 4.3% and 2.5% in 2021, 2022 and 2023 respectively. Growth rates for the euro area are projected to be identical to those for the EU in 2021 and 2022, and 2.4% in 2023.
57 organizations, including the Big Four, representing over EUR 8.5 trillion in assets and employing over 5 million people, released at the end of October an open letter for the European Union to act on ESG disclosure standards. They encourage the European Commission to promote a global baseline set of standards through supporting the IFRS Foundation on the launch of the International Sustainability Standards Board (ISSB).
Leaders of the world’s biggest economies approved a landmark agreement on international tax reform on October 30th. It aims to put an end to tax havens by introducing a minimum global tax of 15% on the profits of multinationals.
The Governing Council of European Central Bank confirmed, on October 28, that it continues to judge that favourable financing conditions can be maintained with a moderately lower pace of net asset purchases under the pandemic emergency purchase programme (PEPP) than in the second and third quarters of this year.
On October 20th, Bundesbank President Jens Weidmann asked Federal President Frank-Walter Steinmeier to dismiss him from office on 31 December 2021. He is leaving the Bundesbank, which he has headed since May 2011, for personal reasons.
Devastating floods in the Greater Region, forest fires in the south of Europe, and record temperatures…. An accumulation of extreme weather events in Europe and around the world has dominated the news this summer. The conclusions of 230 experts from 60 countries that make up the Intergovernmental Panel on Climate Change (IPCC) are therefore not surprising: they show with an unprecedented degree of certainty and precision that the climate is changing more quickly than expected.
L'agence de notation DBRS Morningstar a confirmé la note «AAA» du Luxembourg avec perspective «stable». DBRS Morningstar rejoint ainsi les rangs d'autres agences telles que Standard & Poor's et Fitch, qui ont également attribué la meilleure notation au Grand-Duché dans leurs dernières évaluations.
Stock markets were severely shaken by the health crisis in 2020, before gradually returning to and then exceeding their pre-crisis levels. Olivier Goemans, Senior Portfolio Manager at BIL, shares with us the lessons drawn from the pandemic and his forecasts for the future.
The latest Europe-wide ING International Survey offers interesting insights on what determines our attitudes towards saving and investing. While in Luxembourg outside factors like the Covid-19 crisis seem to have had little effect on respondents’ behaviour towards savings, one inherent factor makes a great difference in how we save: our gender.