The article presents the Bank’s new macroeconomic projections. For the first time, and in accordance with the change in the publication of the euro area projections by the ECB, the projection period includes the year t+2, in this case 2016. It should be stressed that the uncertainty around the...

The current economic situation in the euro area is causing serious concern. While the measures adopted by the European authorities since the end of 2011 did temporarily ease the uncertainty and financial tensions at the beginning of 2012, renewed nervousness on the sovereign debt markets and...

The article presents the Bank’s new macroeconomic projections for 2013 and 2014. They were produced in a context of deceleration of growth in the emerging economies and a hesitant revival of activity in the advanced countries. According to the Eurosystem’s projections, real GDP is likely to...

Since the publication of the Bank’s previous macroeconomic projections in June 2012, the global economic environment has become much less buoyant. In the euro area, economic activity is now also slowing down rapidly in countries that were previously less affected by the crisis. Against this...