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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.

3 February 2026 Eurozone Monitor No change from the ECB this week amid mixed data

  • The ECB will hold rates steady this week, amid data to suit both hawkish and dovish policymakers. 
  • German retail sales rose by 0.3% quarter-to-quarter in Q4, reversing weakness in Q3. 
  • The Swiss PMIs point to a rebound in growth in early 2026, matching our forecasts. 

EZ Datanote: PMIs, Switzerland, January 2026

In one line: Tentative signs of a recovery after the mayhem of 2025.

EZ Datanote: Retail Sales, Germany, December 2025

In one line: Decent Q4, with revisions now signalling strong growth in 2025.

EZ Datanote: Advance Inflation, Germany, January 2025

In one line: Falling energy and services inflation overpowered by rising inflation in food and core goods. 

EZ Datanote: Advance GDP, Italy & ECB CES Inflation Expectations Q4 2025/December 2025

In one line: Growth will accelerate further as a turnaround in inventories is inevitable.

EZ Datanote: State CPIs, Germany, January 2026

In one line: Sticky, and hawkish, relative to our expectations. 

EZ Datanote: Advance GDP & Unemployment, Germany, Q4/December 2025

In one line: Solid GDP, but risks tilted towards a downward revision later; nothing to see in the labour market. 

EZ Datanote: Advance GDP, Spain, Q4 2025

In one line: Growth accelerated in Q4, but will slow in 2026.

EZ Datanote: Advance GDP, Q4-25, France

In one line: Solid trend in domestic demand, ex-inventories.

2 February 2026 Eurozone Monitor Super Friday in the Eurozone less dovish than we expected

  • We now look for EZ headline inflation at 1.8% in January, with the core rate unchanged at 2.3%.
  • Energy and services inflation fell in Germany but were overpowered by rising goods and food inflation.
  • The EZ economy shrugged off tariff whiplash last year, ending 2025 on a high.

EZ Datanote: EC Sentiment, Eurozone, January 2026

In one line: Sentiment improves; selling price expectations edge down.

EZ Datanote: Money Supply, Eurozone, December 2025

In one line: Easing M1 growth offset by falling inflation, for now. 

EZ Datanote: Retail Sales, Spain, December 2025

In one line: Spanish households tightened their purse strings during the holidays.

January 2026- EZ Economic Chartbook

DOVISH INFLATION DATA SET UP A NERVY Q1 FOR THE ECB...

  1. …BUT THE BAR FOR FURTHER EASING REMAINS HIGH

30 January 2026 Eurozone Monitor Resilient EZ money and credit data, and a jump in the ESI

  • Money supply and credit data signal a stable trend in EZ GDP growth, at 0.3% quarter-to-quarter.
  • The headline ESI index jumped to a post-Covid high in January, signalling upside risk to growth.
  • ESI selling price expectations eased in January, but upside risk to services inflation lingers.

29 January 2026 Eurozone Monitor Will the ECB be pulled by the nose by a strengthening euro?

  • EURUSD eyeing 1.20 and beyond adds to the dovish pressure on the ECB ahead of the January HICP…
  • …A EURUSD move above 1.22 in coming weeks would likely lower the ECB’s core inflation forecast.
  • Italian survey data support our view that a turn in the inventory cycle boosted Q4 GDP.
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Keywords for: Eurozone Documents

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