the world economy, a focus on the eurozone philippe d’arvisenet, advisor, bnp paribas group bnp...
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- Slide 1
- The world economy, a focus on the eurozone Philippe DARVISENET, Advisor, BNP PARIBAS Group BNP PARIBAS BUDAPEST, December 2014
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- /// 2 1 Global trends: OECD an EMEs 2 Economic outlook and policies: USA, UK, Japan, Eurozone 3 The Eurozone crisis, where are we ?
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- /// 3 Economic growth outlook Sources of risk The issues: deflation and stagnation Global trends, OECD and EMES
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- /// 4 US: the recovery accelerates, towards a normalization in monetary policy UK: Best performances among the main advanced economies but fragilities Japan: Abenomics after the VAT shock Eurozone: disappointing outlook, extremely low inflation, questions about the effectiveness in monetary policy EMES : BRICS, the five fragile , China, Indian, Brazil Economic outlook and policies
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- /// 5 The origins The crisis management: hesitations, errors, better institutions Crisis management instruments EFSF/ESM Tighter rules (SGP, 6 pack, 2 pack, TSCG, european semester) Banking union: SSM, SRM Unconventional monetary polity (OMT, TLTROs, ABS and Covered bond purchase programs) Discussions about the nature of the crisis Optimal monetary area ECB a federal institution without a governement Public finance consolidation: How? The Eurozone crisis
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- 6 I WORLD Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 7 Chart 1 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 8 Chart 2 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 9 Chart 3 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 10 II US Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 11 Chart 4 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 12 Chart 5 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 13 Chart 6 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 14 Chart 7 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 15 Chart 8 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 16 Chart 9 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 17 Chart 10 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 18 Chart 11 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 19 Chart 12 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 20 III JAPAN Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 21 Chart 13 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 22 Chart 14 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 23 Chart 15 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 24 Chart 16 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 25 Chart 17 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 26 Chart 18 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 27 Chart 19 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 28 IV UK Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 29 Chart 20 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 30 Chart 21 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 31 Chart 22 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 32 Chart 23 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 33 Chart 24 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
- Slide 34
- 34 V EMERGING COUNTRIES Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 35 Chart 25 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 36 Chart 26 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 37 Chart 27 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 38 Chart 28 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 39 Chart 29 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 40 Chart 30 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 41 Chart 31 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 42 VI EURO ZONE Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 43 Chart 32 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 44 Chart 33 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 45 Chart 34 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 46 Chart 35 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 47 Chart 36 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 48 Chart 37 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 49 Chart 38 Non performing loans as % of total private sector* borrowing Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 50 Chart 39 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 51 Chart 40 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 52 Chart 41 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 53 Chart 42 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 54 Chart 43 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 55 Chart 44 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 56 Chart 45 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 57 Chart 46 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 58 Chart 47 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 59 Chart 48 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 60 Chart 49 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 61 Chart 50 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 62 Chart 51 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 63 Chart 52 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 64 Chart 53 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 65 Chart 54 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 66 Chart 55 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 67 Chart 56 Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014
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- 68 Our publications Philippe DArvisenet, Advisor, BNP PARIBAS Group December 2014