Pantheon Macroeconomics

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Pantheon Publications

Below is a list of our Publications for the last 5 months. If you are looking for reports older than 6 months please email info@pantheonmacro.com, or contact your account rep.

Please use the filters on the right to search for a specific date or topic.

Ankita Amajuri (Eurozone Economist)

13 March 2026 Eurozone Monitor Toss the FX models; safe-haven CHF flows will override them all

  • Safe-haven flows have pushed the Swiss franc close to record highs against the euro and US dollar.
  • The risk of an energy shock has weakened the euro, making it harder for the SNB to weaken the franc.
  • Appreciation driven by risk-on sentiment will offset downward pressure from interest rate differentials.

EZ Datanote: Industrial Production, Spain, January 2026

In one line: Spanish industry stumbled at the start of the year; downside risks loom.

EZ Datanote: Inflation, Switzerland, February 2026

In one line: Inflation holds steady; negative rates even less likely than earlier. 

Global Datanote: Inflation, Switzerland, February 2026

In one line: Inflation holds steady; negative rates even less likely than earlier. 

5 March 2026 Eurozone Monitor Deflation and negative rates in Switzerland both off the table

  • Headline inflation in Switzerland held steady at 0.1% in February; deflation is unlikely going forward…
  • …The SNB will stand pat in 2026 and will instead intervene in FX markets to stem currency strength.
  • GDP growth in Italy picked up in Q4; we expect even stronger quarterly growth throughout 2026.

EZ Datanote: EC Sentiment, Eurozone, February 2026

In one line: Sentiment edges down, price pressures remain elevated. 

EZ Datanote: ISTAT Business Confidence, Italy, February 2026

In one line: Slight deterioration, but consumers and retailers are upbeat.

EZ Datanote: INSEE Consumer Confidence, France, February 2026

In one line: Sentiment improved, but unemployment fears remain high. 

EZ Datanote: Advance EC Consumer Confidence, Eurozone, February 2026

In one line: EZ consumer sentiment up once again, but by only a bit this time.

EZ Datanote: Construction Output, Eurozone, December 2025

In one line: Things are looking up, aside from a small bump in the road in January.

20 February 2026 Eurozone Monitor Will she, won't she? Speculation about Ms. Lagarde's future rises

  • ECB President Lagarde is rumoured to be stepping down early, to pre-empt a populist successor.
  • Horse-trading for the presidency and two other Executive Board seats now begins.
  • We doubt an early change in ECB President would drive a big policy shift at the Bank this year.

EZ Datanote: ZEW Economic Sentiment, Germany, February 2026

In one line: Falls short of consensus’ expectations, but morale still high. 

EZ Datanote: Industrial Production, Eurozone, December 2025

In one line: Disappointing; PMI points to downside risks for early-Q1. 

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independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence