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Eurozone Publications

Below is a list of our Eurozone Publications for the last 5 months. If you are looking for reports older than 5 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.

Melanie Debono (Senior Eurozone Economist)

5 August 2025 Eurozone Monitor Hawkish inflation read in Switzerland; is a recession ahead?

  • Swiss headline inflation rose in July, lifting our profile for the coming months…
  • ...But downside risks are mounting, not least as we now see a recession in H2 from higher trade tariffs. 
  • We still expect the SNB to cut its key policy rate by 25bp in September, to -0.25%.

Melanie Debono (Senior Eurozone Economist)Eurozone

EZ Datanote: Inflation, Switzerland, July 2025

In one line: Above consensus; September cut hangs in the balance. 

Melanie Debono (Senior Eurozone Economist)Eurozone

1 August 2025 Eurozone Monitor EZ inflation in July not as decisively dovish as we were expecting

  • HICP inflation held steady in France in July, but dipped in Germany and Italy.
  • The month-to-month changes in HICP prices point to EZ headline inflation staying at 2.0% in July.
  • EZ unemployment was unchanged at a record low in June; we still expect a small rise by year-end.

Melanie Debono (Senior Eurozone Economist)Eurozone

EZ Datanote: Advance GDP/ESI, EZ, Q2 2025/July 2025

In one line: EZ GDP growth slows from tariff front-running boost in Q1. 

Melanie Debono (Senior Eurozone Economist)Eurozone

30 July 2025 Eurozone Monitor Spain still doing better than most and will continue to outperform

  • Spanish GDP rose by a whopping 0.7% quarter-to-quarter in Q2, after 0.6% in Q1. 
  • Growth in the Iberian country will now likely slow, but not as much as we previously thought. 
  • The Spanish and Belgian data—released yesterday—are still consistent with 0.2% growth in the EZ in Q2.

Melanie Debono (Senior Eurozone Economist)Eurozone

EZ Datanote: ECB Rate decision, July 2025

In one line: Still on track for a final rate cut in September.

Melanie Debono (Senior Eurozone Economist)Eurozone

PM Datanote: Flash PMIs, Eurozone, July 2025

In one line: Nothing in here to suggest an ECB rate cut today.

Melanie Debono (Senior Eurozone Economist)Eurozone

24 July 2025 Eurozone Monitor BTP-Bund spread to fall to 30bp early next year

  • Supply and demand analysis on BTPs would suggest a lower yield over the coming years…
  •  ...But more accurate spread analysis implies it will fall only slightly from current levels out to 2027. 
  • We expect the BTP-Bund spread to fall to 50bp by year-end and to 30bp by Q1 next year.

Melanie Debono (Senior Eurozone Economist)Eurozone

EZ Datanote: ECB BLS, EZ, Q2 2025

In one line: Lending standards still tight while demand for loans is rising. 

Melanie Debono (Senior Eurozone Economist)Eurozone

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Keywords for: Eurozone Documents

independent macro research, Eurozone Document Vault, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence,