ING’s Eurozone Quarterly: A slower cruising speed

Eurozone: Mixed feelings

Eurozone growth has slowed since the beginning of the year, with inflation remaining unusually low. While both phenomena might be temporary, it looks as…

Germany: The flip side of being the best

A weak start to the year does not make a fully-fledged downswing. However, boosting investments will be key to solving the current supply-side constraints

France: Enjoying cyclical strength

President Emmanuel Macron is everywhere, controlling every national reform while remaining very active on the international scene, where he still lacks a…

Italy: The impact of a possible 5SM-League deal

Italy's anti-establishment Five Star Movement and the far-right League are close to a deal but they have yet to agree on a shared programme and a…

Netherlands: Still in sixth gear

The Dutch economy continues to grow above potential and the Eurozone average, but we think there is still ample room for more. Despite marginal wage rates…

Spain: Has growth peaked?

The Spanish economy has continued its strong growth in 2018 but a slowdown could well be on the horizon. Meanwhile, there are optimistic tunes around the…

Belgium: Just not fast enough

For Belgium, 2017 was another recovery year which is definitively satisfactory but things could be much better. Yet, we don't see any signs of strong…

Austria: Still on track

With the economy carrying most of last year’s momentum into 2018, the main focus after the summer will be Austria’s EU presidency

Portugal: Some weakening after a strong cyclical push

Most indicators are moving in the right direction but burdens of the past are still a drag. We expect the Portuguese economy to slow down towards the end…

Eurozone: Low interest rates continue to support real estate

Recovery of housing markets in the Eurozone continues and remains supported by low-interest rates. But we suspect 2018 will be another year of high house…

Greece: Looking through the end of the third programme

Greece is rushing to complete prior actions to close the ESM programme. Some extra debt relief should be conceded at the end of it, but life after it will…