ING’s Eurozone Quarterly: A late-cycle economy?

Eurozone: That late summer feeling

The Eurozone economy is still showing decent growth, but the pace of growth is likely to level off over the next two years, as the international…

Germany: Late is not too late

Between the late-cycle and the golden decade, the German economy is experiencing an unusual fluctuation in high-frequency data but the underlying trend…

France: Emmanuel Macron 2.0

After a difficult summer which saw his approval ratings plummet, President Macron is starting his second year in a weaker position. If the number of…

Italy: Budget test for the 5SM/League government

The inconsistencies between a challenging 5SM/League attitude on budgetary issues and finance minister Tria’s reassuring statements finally seem…

The Netherlands: Domestic momentum stays

The Dutch economy continues to grow above potential thanks to strong domestic demand, and as long as hard Brexit and trade war fears don't…

Spain: Political challenges ahead as the economy slows down

The next couple of weeks are likely to be stressful for the Spanish prime minister as he confronts a number of thorny issues. Meanwhile, evidence of a…

Greece: Thinking about life after the bailout programme

The almost ‘clean’ exit from the third programme leaves Greece with many challenges ahead, the first of which will be devising a sustainably…

Belgium: An election year in sight

The Belgian economy continues to grow at a moderate pace. Having said that, the labour market is still doing well. In the short term, we don’t…

Austria: Still enjoying the isle of happiness

2018 marks another boom year for the Alpine republic, but for 2019 and 2020 we expect a gradual return to average growth levels cooling down to 2.2% and…

Ireland: Fingers crossed for a deal

The Irish economy continues to show healthy signs of growth despite the Brexit uncertainty. While a no deal scenario could have significant ramifications,…

Portugal: On track for another good year

The government continues to focus on reducing public debt and the deficit however strong house price growth is becoming a concern. We expect the economy…

Finland: Peak growth?

The Finnish economy continues to outpace the Eurozone average in 2018, but a maturing cycle, weakening competitiveness and more uncertainty about the…

Eurozone housing market cycle is maturing

The residential real estate market has been recovering in the Eurozone since 2012. However, ECB’s quantitative easing program has boosted prices…