Pantheon Macroeconomics

Best viewed on a device with a bigger screen...

Eurozone Publications

Below is a list of our Eurozone Publications for the last 6 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.

EZ Datanote: ESI, EZ, April 2025

In one line: Down but pointing to higher inflation expectations.

Melanie Debono (Senior Eurozone Economist)Eurozone

EZ Datanote: ISTAT Confidence, Italy, April 2025

In one line: Business sentiment sours on pessimism in services.  

Melanie Debono (Senior Eurozone Economist)Eurozone

EZ Datanote: Money Supply & ECB Inflation Expectations, March 2025

In one line: EZ inflation expectations jumped on the eve of the tariff shock. 

Claus Vistesen (Chief Eurozone Economist)Eurozone

EZ Datanote: Advance GDP, Spain, Q1 2025 & Advance Inflation, Spain, April 2025

In one line: Growth slowed but remained solid; Inflation comes in below expectations.

Melanie Debono (Senior Eurozone Economist)Eurozone

April 2025 - EZ Economic Chartbook

UNCERTAINTY OVER GLOBAL TRADE WILL WEIGH ON GROWTH...

  • ...A SHORT TECHNICAL RECESSION IN H2 IS NOW OUR BASELINE

Claus Vistesen (Chief Eurozone Economist)Eurozone

29 April 2025 Eurozone Monitor Where are the Eurozone's key asset prices heading this year?

  • Market expectations for the ECB’s deposit rate to stay below 2.0% next year are a sitting duck. 
  • Bunds are fairly valued at 2.5%; fiscal policy poses upside risk, but trade wars pull in the other direction. 
  • EURUSD is overshooting our models; EZ equities are set to struggle for a while longer.

Claus Vistesen (Chief Eurozone Economist)Eurozone

EZ Datanote: Retail Sales, Spain, March 2025

In one line: In line with our view that consumer spending growth is now slowing.

Melanie Debono (Senior Eurozone Economist)Eurozone

EZ Datanote: INSEE Business Confidence, France, April

In one line: French industry intends to make hay while the sun is still shining.

Claus Vistesen (Chief Eurozone Economist)Eurozone

28 April 2025 Eurozone Monitor Robust inflation and growth data to lift EZ bond yields this week

  • Our forecasts for Q1 GDP and the April HICP imply upside risk for ECB rate expectations this week.
  • Robust national business surveys point to upside risk to our Q2 forecasts for GDP in Germany and France.
  • Tariff front-running seems to be just what the doctor ordered for manufacturing in France.

Claus Vistesen (Chief Eurozone Economist)Eurozone

EZ Datanote: IFO, Germany, April 2025

In one line: Lifted by tariff front-running, still pointing to downside risks to growth. 

Melanie Debono (Senior Eurozone Economist)Eurozone

EZ Datanote: INSEE Consumer Confidence, France, April

In one line: Resilient, but labour market prospects remain difficult.

Claus Vistesen (Chief Eurozone Economist)Eurozone

EZ Datanote: Trade & construction, EZ, February 2025

In one line: Don’t show Donald Trump the trade charts; Construction down but still defied surveys in Q1

Melanie Debono (Senior Eurozone Economist)Eurozone

EZ Datanote: Flash PMIs, Germany, April 2025

In one line: As in France, domestic demand is rattled by tariff concerns and PMI shows clear signs of tariff front-running.

Melanie Debono (Senior Eurozone Economist)Eurozone

25 April 2025 Eurozone Monitor Near-real-time data paint an encouraging picture for early Q2

  • Most near-real-time consumers’ spending indicators suggest it is holding up well in April. 
  • The trade war also hasn’t hit job postings, while Google searches for ‘unemployment’ are down. 
  • Leading indicators on production, meanwhile, reflect greater activity, boosted by tariff front-running.

Melanie Debono (Senior Eurozone Economist)Eurozone

EZ Datanote: Flash PMIs, France, April 2025

In one line: Fastest fall in demand for services since Covid pulls down the headline.

Melanie Debono (Senior Eurozone Economist)Eurozone

24 April 2025 Eurozone Monitor PMIs sink as domestic demand falters; EZ-US trade surplus jumps

  • Soft April PMIs signal downside risk to our Q2 GDP call, but we still think tariff front-running will help. 
  • Demand for services is retreating, confirming that trade uncertainty is weighing on domestic demand. 
  • Manufacturing is holding the fort for now, with new orders recovering thanks to tariff front-running.

Melanie Debono (Senior Eurozone Economist)Eurozone

23 April 2025 Eurozone Monitor First post-tariff economic data today likely to come in weak

  • We look for a chunky decline in the April PMIs; falling new orders likely will bear the brunt of the hit. 
  • The euro’s rise is supported by strong portfolio inflows, which look set to continue in Q2.
  • Is euro strength a sign of a more structural shift in FX reserve portfolios? Perhaps, but it’s too soon to say.

Claus Vistesen (Chief Eurozone Economist)Eurozone

  Publication Filters

Change View: List   Small Grid  

Filter by Keyword

Filter by Region

Filter by Publication Type

Filter by Date
(6 months only; older publications available on request)

  Quick Tag Filters
Consistently Right
Access Key Enabled Navigation
Keywords for: Eurozone Documents

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