Daily Reports

	Report 918 12 Oct 09	ECB Observer: 8 October Council Post-Meeting Assessment Post-Meeting Assessment; further confirms us in our view that rates set to stay on hold until mid-2010.
	Report 917 08 Oct 09	EURO AREA - Politics - Lisbon Treaty Lisbon treaty approval by Ireland - signals more cohesion for EU - but legitimacy problem remains.
	Report 916 06 Oct 09	ECB Observer: 08 October Council Preview *ECB's 'REFI'* rate expected to remain on hold through to mid-2010, when gradual withdrawal of enhanced credit support is likely to begin
	Report 915 29 Sep 09	GERMANY - Politics - Election brings light breeze of change Germany - Political Outlook - timelines and policy implications - likely sectors to benefit.
	Report 914 28 Sep 09	GERMANY - Politics - election result briefing Vote for stability more than mandate for reform but pro-business coalition positive for capital markets.
	Report 913 17 Sep 09	EURO AREA / GERMANY - Economy German exports helping euro area growth - not sapping it.
	Report 912 07 Sep 09	ECB Observer - 3 September Council Post-Meeting Assessment Further confirms our long-held view that rates will stay on hold well into 2010 with next move up, rather than down but probably not before mid-year
	Report 911 01 Sep 09	GERMANY - Politics State elections - poor showing by CDU, symbolic gain by the left - on balance chances of centre right coalition increased.
	Report 910 01 Sep 09	ECB Observer: 03 September Council Preview Rates to be kept on hold for several more months, through to mid-2010 before a hike.
	Report 909 10 Aug 09	ECB Observer: 06 August Council Post-Meeting Assessment Confirms our view that rates on hold probably for several more months, with increased probability that eventual move will be up rather than down.
	Report 908 06 Aug 09	ITALY - Politics / Economy Economic policy - grim present, silver lining for structural reform.
	Report 907 03 Aug 09	ECB Observer: 06 August Council Preview Rates expected to be kept on hold Thursday, and probably for several more months, with eventual move more likely up than down.
	Report 906 20 Jul 09	EURO AREA - Economy France vs Euro Area / Germany: recession - last & less in, last & less out.
	Report 905 16 Jul 09	GERMANY - Politics 27Sep election outlook - no edge for centre-right coalition scenario.
	Report 904 05 Jul 09	ECB Observer: 02 July Council Post-Meeting Assessment Reinforces EZA view that rates will stay on hold throughout summer, perhaps even year end, increased liklihood that next move will be up rather than down
	Report 903 30 Jun 09	ECB Observer: 02 July Council Preview - Data Update Latest data shows slowing of money and credit growth, but interest rates still likely to be kept onhold over the summer
	Report 902 29 Jun 09	ECB Observer: 02 July Council Preview No cut seen Thursday or for several months, becoming more likey that eventual next move will be up rather than down
	Report 901 29 Jun 09	GERMANY - Sectoral Banking Sector - Landesbanks; banking consolidation model, where to next?
	Report 900 09 Jun 09	EURO AREA & GERMANY - Politics EU elections - likely shift to more market-oriented solutions, setback for German Social Democrats ahead of national elections
	Report 825 07 Jan 08	ECB - 10 January Council Preview No move expected; wait-and-see stance - with tightening bias - set to continue to March or June 2008.
	Report 824 11 Dec 07	ECB - 6 December Council post-meeting assessment Wait-and-see stance continues with, if anything, stronger tightening bias.
	Report 823 04 Dec 07	Euro strength / EMU Supply and demand side adjustments leave EMU better positioned to weather euro strength than in previous episodes.
	Report 822 02 Dec 06	ECB - 6 December Council Preview No move expected; wait-and-see stance with tightening bias set to continue through to summer 2008.
	Report 821 15 Nov 07	Germany - Politics Müntefering resignation implies more strains in coalition but negative impact should be contained.
	Report 820 13 Nov 07	Germany - Politics German train drivers strike - another sign of growing wage diversification.
	Report 819 12 Nov 07	ECB - 8 November Council post-meeting assessment ECB Governing Council remains in wait-and-see mode with a bias toward tightening, unless marked deterioration, likely "refi" rate raise mid 2008.
	Report 818 09 Nov 07	Germany - Tax Estimate Sobering tax estimate might help deflect spending pressure, but a surplus in 2008 seems unlikely. Mildly positive for German government bonds.
	Report 817 07 Nov 07	ECB - 8 November Council Preview No move expected; wait-and-see stance mode with tightening bias to continue, if markets normalise 4 1/4% "refi" likely mid 2008.
	Report 816 06 Nov 07	Germany - Politics SPD shift to the left designed to deflect current anti-reform mood rather than major political u turn.
	Report 815 23 Oct 07	Poland - Politics PO win positive for markets on economic reform, stable fiscal policy and joining euro by 2012.
	Report 814 23 Oct 07	Germany - Reform German labour market reforms unravelling? Pro-reform tactics and upcoming state elections to be decisive factors.
	Report 813 10 Oct 07	Euro Area Economy German vs Euro area: growth story has another year to run - downside risks from investment and exports
	Report 812 09 Oct 07	ECB 4 October Council post-meeting Assessment No fundamental change in economic and monetary picture and so Governing council remains in wait and see mode with tightening bias.
	Report 811 02 Oct 07	ECB 4 October Council Preview No rate move expected 4 Oct, wait and see set to continue but if market rates normalise 4 1/4% likely end-07.
	Report 810 18 Sep 07	Germany - US impact on German financial markets German bank stocks remain vulnerable near term to negative news flow but longer term consolidation beneficial.
	Report 809 12 Sep 07	ECB 6 September Council post-meeting Assessment If market turmoil is short-lived ECB likely to resume tightening turn of year, but if problems persist remain on hold or with crisis go into reverse.
	Report 808 04 Sep 07	ECB 6 September Council Preview 25bp rise remains possible though recent turmoil could bring postponement.
	Report 807 27 Aug 07	ECB - liquidity moves and policy stance Despite recent turmoil EZA sees ECB as still in tightening mode.
	Report 806 13 Aug 07	Poland - Politics Snap elections likely positive for markets given current lead by PO but constraints from president.
	Report 805 13 Aug 07	Germany - Reform Rail privatisation to set positive tone for transport liberalisation and competition.
	Report 804 06 Aug 07	ECB 2 August Council Post-Meeting Assessment *Trichet signals likely rate rise next month, saying strong vigilance is of the essence.*
	Report 803 19 Sep 06	Germany - Politics German state elections - protest vote deals blow to Merkel, expect more delays in structural reform projects and less incentive for fiscal rectitude.
	Report 804 19 Sep 06	Germany - Politics German state elections - protest vote deals blow to Merkel, expect more delays in structural reform projects and less incentive for fiscal rectitude.
	Report 803 04 Sep 06	ECB Observer - ECB Council Post-Meeting Assessment - September 2006 25bp likely Oct, further 25bp Dec, further tightening to 3.75%/4% "neutral" H107, possible 4.25%/4.5% H207 - regular four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate picture
	Report 802 04 Sep 06	Germany, France, Euro Area - Economy Mid-cycle slowdown or landing? Germany and euro area in synch but for how long? Inflation outlook in 2007 seems fairly priced into bond yields, but setbacks might spell risks in the near term. Stocks seem good value relative to prospects of sustained growth.
	Report 801 29 Aug 06	ECB Observer- ECB Council Meeting Preview - September2006 ECB 31 August Council Preview; no rise in rates expected Thursday but 25bp expected Oct or Nov with further 25bp around end of year
	Report 800 22 Aug 06	Germany - Politics / Reform Healthcare Wage Agreement; substantial rise in pay for hospital doctors signals a further loss of influence for Ver.di
	Report 799 10 Jul 06	ECB Observer - ECB Council Post-Meeting Assessment - July 2006 Trichet signals 25bp likely 3 Aug as policy stance shifts to "exercise strong vigilence" - regular four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate picture
	Report 798 04 Jul 06	Germany - Politics / Reform Constitutional reform - streamlining decisions and competition positive for markets
	Report 797 04 Jul 06	ECB Observer- ECB Council Meeting Preview - July 2006 No rate rise seen Thursday, 25bp likely Aug, further 25 bp by December, with 3.75% 'REFI' rate expected mid-2007
	Report 796 29 Jun 06	ECB Observer - Staff Changes Job changes in ECB and Bundesbank Exec Boards signal no change in policy - but slight tilt of balance of influence within the Governing Council from the Executive Board members towards the national central bank govenors.
	Report 795 29 Jun 06	Germany - Industry Outlook Consumption recovery not fully priced into retail stocks
	Report 794 12 Jun 06	ECB Observer - ECB Council Post-Meeting Assessment - June 06 Four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate pictur - further 25bp likely August 31
	Report 793 08 Jun 06	Germany - Labour Market Reform Political constraints reduce scope for job creation and consumption
	Report 792 06 Jun 06	ECB Observer- ECB Council Meeting Preview - June 06 ECB 8 June Council Preview; 25bp expected Thursday, with further 25bp later this summer, 3.75% by mid-2007 likely
	Report 791 16 May 06	Germany - Fiscal Policy Tax estimate & 2007 budget propose sounder fiscal policy, political environment positive but risks remain
	Report 790 15 May 06	Italy - Politics Napolitano nomination paves way for Prodi government; increased stability but likely offset by concessions on economic reform
	Report 789 12 May 06	Germany - Reform Health Care Reform - gradual steps towards competition but unlikely to reach key objectives
	Report 788 08 May 06	ECB Observer- ECB Council Post-Meeting Assessment - May 06 Four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate pictur - Trichet remarks reinforce EZA view: 25 bp increase in June with further increases to 3.75%-4.0% by mid 2007
	Report 787 02 May 06	ECB Observer- ECB Council Meeting Preview - May 06 Six page analysis of the key factors which will influence the ECB council including an assessment of the likely outcome
	Report 786 26 Apr 06	Germany - Wage Settlements Wage settlement sets precedent for company specific wage negotiations; boost for small & medium size firms
	Report 785 19 Apr 06	France - Politics CPE turmoil may leave France in less bad shape than consensus view
	Report 784 12 Apr 06	Italy - Politics Narrow victory for Prodi paves way for new coalitions, negative fallout should be contained
	Report 783 06 Mar 06	ECB Observer- ECB Council Post-Meeting Assessment - April 06 Four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate picture - strong signals for June rate rise as part of "process of normalisation"
	Report 782 04 Apr 06	ECB Observer- ECB Council Meeting Preview - April 06 Six page analysis of the key factors which will influence the ECB council including an assessment of the likely outcome - 25bp expected June and possibly 100bp more to 3.75% by mid 2007
	Report 781 29 Mar 06	Italy - Politics Key issues for upcoming elections
	Report 780 28 Mar 06	Germany - Politics State elections confirm status quo but endorse gradual reform
	Report 779 06 Mar 06	ECB Observer- Post Meeting Assessment Four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate picture
	Report 778 27 Feb 06	ECB Observer- March Meeting Preview Six page analysis of the key factors which will influence the ECB council including an assessment of the likely outcome
	Report 777 24 Feb 06	Poland - Economic and Political Outlook Favourable economy amidst political storms
	Report 776 21 Feb 06	Germany - Constitutional Reform Constitutional reform paves way for more efficient government, boost for reform process
	Report 775 08 Feb 06	Germany - Labour Market Reforms Labour market in transition (1) - according to an estimate of the ifo institute in line with the OECD, about 30% of Germany’s economic under performance relative to the rest of the euro area relates to the poor functioning of the job market. EZA will monitor and provide updates on the key themes influencing the German job market in a series of briefing papers over the coming months. This first report is designed to provide an overview of the current situation and highlight the key political and economic themes
	Report 774 06 Feb 06	ECB Observer- Post Meeting Assessment Four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate picture
	Report 773 30 Jan 06	ECB Observer- February Meeting Preview Six page analysis of the key factors which will influence the ECB council including an assessment of the likely outcome
	Report 772 30 Jan 06	Germany - Property Sector Funds' crisis - heralding a new dawn for German properties?
	Report 771 15 Jan 06	ECB Observer- Post Meeting Assessment Four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate picture
	Report 770 13 Jan 06	Germany - Banking Sector German banking sector on the road to recovery - influencing factors and asset conclusions
	Report 769 10 Jan 06	ECB Observer- January Meeting Preview Six page analysis of the key factors which will influence the ECB council including an assessment of the likely outcome
	Report 768 06 Jan 06	ECB Observer- Changing Faces at the Governing Council Dragi to bring pragmatic, rather than doctrinaire, approach to Governing Council's monetary policy deliberations policy. Stark equally has a pragmatic approach but not a foregone conclusion that, if appointed, he would be given Issing's Chief Economist role
	Report 767 04 Sep 06	ECB Observer - ECB Council Post-Meeting Assessment - September 2006 25bp likely Oct, further 25bp Dec, further tightening to 3.75%/4% "neutral" H107, possible 4.25%/4.5% H207 - regular four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate picture
	Report 766 04 Sep 06	Germany, France, Euro Area - Economy Mid-cycle slowdown or landing? Germany and euro area in synch but for how long? Inflation outlook in 2007 seems fairly priced into bond yields, but setbacks might spell risks in the near term. Stocks seem good value relative to prospects of sustained growth.
	Report 765 29 Aug 06	ECB Observer- ECB Council Meeting Preview - September2006 ECB 31 August Council Preview; no rise in rates expected Thursday but 25bp expected Oct or Nov with further 25bp around end of year
	Report 764 22 Aug 06	Germany - Politics / Reform Healthcare Wage Agreement; substantial rise in pay for hospital doctors signals a further loss of influence for Ver.di
	Report 763 10 Jul 06	ECB Observer - ECB Council Post-Meeting Assessment - August 2006 Trichet signals further rises in coming months - regular four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate picture
	Report 762 03 Aug 06	ECB Observer- ECB Council Meeting Preview - August 2006 25bp expected Thursday, possibly two more hikes by end 2006
	Report 761 12 Jul 06	Poland - Politics Kaczynski taking the reigns heightens the risk of a negative policy shift, but his awareness of capital markets, his weak political standing and his interest in economic prosperity should be disciplining forces. Any market sell-off should not be regarded as fundamentally justified
	Report 760 11 Jul 06	Germany - Politics / Reform Healthcare reform - route to open market remains long haul
	Report 759 10 Jul 06	ECB Observer - ECB Council Post-Meeting Assessment - July 2006 Trichet signals 25bp likely 3 Aug as policy stance shifts to "exercise strong vigilence" - regular four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate picture

	Report 758 19 Sep 06	Germany - Politics German state elections - protest vote deals blow to Merkel, expect more delays in structural reform projects and less incentive for fiscal rectitude.
	Report 757 04 Sep 06	ECB Observer - ECB Council Post-Meeting Assessment - September 2006 25bp likely Oct, further 25bp Dec, further tightening to 3.75%/4% "neutral" H107, possible 4.25%/4.5% H207 - regular four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate picture
	Report 756 04 Sep 06	Germany, France, Euro Area - Economy Mid-cycle slowdown or landing? Germany and euro area in synch but for how long? Inflation outlook in 2007 seems fairly priced into bond yields, but setbacks might spell risks in the near term. Stocks seem good value relative to prospects of sustained growth.
	Report 755 29 Aug 06	ECB Observer- ECB Council Meeting Preview - September2006 ECB 31 August Council Preview; no rise in rates expected Thursday but 25bp expected Oct or Nov with further 25bp around end of year
	Report 754 22 Aug 06	Germany - Politics / Reform Healthcare Wage Agreement; substantial rise in pay for hospital doctors signals a further loss of influence for Ver.di
	Report 753 10 Jul 06	ECB Observer - ECB Council Post-Meeting Assessment - August 2006 Trichet signals further rises in coming months - regular four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate picture
	Report 752 03 Aug 06	ECB Observer- ECB Council Meeting Preview - August 2006 25bp expected Thursday, possibly two more hikes by end 2006
	Report 751 12 Jul 06	Poland - Politics Kaczynski taking the reigns heightens the risk of a negative policy shift, but his awareness of capital markets, his weak political standing and his interest in economic prosperity should be disciplining forces. Any market sell-off should not be regarded as fundamentally justified
	Report 750 11 Jul 06	Germany - Politics / Reform Healthcare reform - route to open market remains long haul
	Report 749 10 Jul 06	ECB Observer - ECB Council Post-Meeting Assessment - July 2006 Trichet signals 25bp likely 3 Aug as policy stance shifts to "exercise strong vigilence" - regular four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate picture
	Report 748 04 Jul 06	Germany - Politics / Reform Constitutional reform - streamlining decisions and competition positive for markets
	Report 747 04 Jul 06	ECB Observer- ECB Council Meeting Preview - July 2006 No rate rise seen Thursday, 25bp likely Aug, further 25 bp by December, with 3.75% 'REFI' rate expected mid-2007
	Report 746 29 Jun 06	ECB Observer - Staff Changes Job changes in ECB and Bundesbank Exec Boards signal no change in policy - but slight tilt of balance of influence within the Governing Council from the Executive Board members towards the national central bank govenors.
	Report 745 29 Jun 06	Germany - Industry Outlook Consumption recovery not fully priced into retail stocks
	Report 744 12 Jun 06	ECB Observer - ECB Council Post-Meeting Assessment - June 06 Four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate pictur - further 25bp likely August 31
	Report 743 08 Jun 06	Germany - Labour Market Reform Political constraints reduce scope for job creation and consumption
	Report 742 06 Jun 06	ECB Observer- ECB Council Meeting Preview - June 06 ECB 8 June Council Preview; 25bp expected Thursday, with further 25bp later this summer, 3.75% by mid-2007 likely
	Report 741 16 May 06	Germany - Fiscal Policy Tax estimate & 2007 budget propose sounder fiscal policy, political environment positive but risks remain
	Report 740 15 May 06	Italy - Politics Napolitano nomination paves way for Prodi government; increased stability but likely offset by concessions on economic reform
	Report 739 12 May 06	Germany - Reform Health Care Reform - gradual steps towards competition but unlikely to reach key objectives
	Report 738 08 May 06	ECB Observer- ECB Council Post-Meeting Assessment - May 06 Four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate pictur - Trichet remarks reinforce EZA view: 25 bp increase in June with further increases to 3.75%-4.0% by mid 2007
	Report 737 02 May 06	ECB Observer- ECB Council Meeting Preview - May 06 Six page analysis of the key factors which will influence the ECB council including an assessment of the likely outcome
	Report 736 26 Apr 06	Germany - Wage Settlements Wage settlement sets precedent for company specific wage negotiations; boost for small & medium size firms
	Report 735 19 Apr 06	France - Politics CPE turmoil may leave France in less bad shape than consensus view
	Report 734 12 Apr 06	Italy - Politics Narrow victory for Prodi paves way for new coalitions, negative fallout should be contained
	Report 733 06 Mar 06	ECB Observer- ECB Council Post-Meeting Assessment - April 06 Four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate picture - strong signals for June rate rise as part of "process of normalisation"
	Report 732 04 Apr 06	ECB Observer- ECB Council Meeting Preview - April 06 Six page analysis of the key factors which will influence the ECB council including an assessment of the likely outcome - 25bp expected June and possibly 100bp more to 3.75% by mid 2007
	Report 731 29 Mar 06	Italy - Politics Key issues for upcoming elections
	Report 730 28 Mar 06	Germany - Politics State elections confirm status quo but endorse gradual reform
	Report 729 06 Mar 06	ECB Observer- Post Meeting Assessment Four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate picture
	Report 728 27 Feb 06	ECB Observer- March Meeting Preview Six page analysis of the key factors which will influence the ECB council including an assessment of the likely outcome
	Report 727 24 Feb 06	Poland - Economic and Political Outlook Favourable economy amidst political storms
	Report 726 21 Feb 06	Germany - Constitutional Reform Constitutional reform paves way for more efficient government, boost for reform process
	Report 725 08 Feb 06	Germany - Labour Market Reforms Labour market in transition (1) - according to an estimate of the ifo institute in line with the OECD, about 30% of Germany’s economic under performance relative to the rest of the euro area relates to the poor functioning of the job market. EZA will monitor and provide updates on the key themes influencing the German job market in a series of briefing papers over the coming months. This first report is designed to provide an overview of the current situation and highlight the key political and economic themes
	Report 724 06 Feb 06	ECB Observer- Post Meeting Assessment Four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate picture
	Report 723 30 Jan 06	ECB Observer- February Meeting Preview Six page analysis of the key factors which will influence the ECB council including an assessment of the likely outcome
	Report 722 30 Jan 06	Germany - Property Sector Funds' crisis - heralding a new dawn for German properties?
	Report 721 15 Jan 06	ECB Observer- Post Meeting Assessment Four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate picture
	Report 720 13 Jan 06	Germany - Banking Sector German banking sector on the road to recovery - influencing factors and asset conclusions
	Report 719 10 Jan 06	ECB Observer- January Meeting Preview Six page analysis of the key factors which will influence the ECB council including an assessment of the likely outcome
	Report 718 06 Jan 06	ECB Observer- Changing Faces at the Governing Council Dragi to bring pragmatic, rather than doctrinaire, approach to Governing Council's monetary policy deliberations policy. Stark equally has a pragmatic approach but not a foregone conclusion that, if appointed, he would be given Issing's Chief Economist role
	Report 717 13 Dec 05	Germany - Wage Alert Four IG Metall - claim at high end of expectation; negative for consumer related stocks
	Report 716 04 Dec 05	ECB Observer- Post Meeting Assessment Four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate picture
	Report 715 30 Nov 05	ECB Observer- December Meeting Preview - Data Update Key data released and the potential implications for the ECB council
	Report 714 29 Nov 05	Germany & France vs Euro Area - Economic Outlook Converging growth trajectories within the Euro area; Germany as the risk factor, France the stabiliser
	Report 713 28 Nov 05	ECB Observer- December Meeting Preview Six page analysis of the key factors which will influence the ECB council including an assessment of the likely outcome
	Report 712 24 Nov 05	ECB Observer- Inter-meeting up-date Change of view
	Report 711 15 Nov 05	Germany - Politics Coalition agreement; sounder public finances, bad news for jobs
	Report 710 10 Nov 05	France - Politics After the riots; economic & political consequences
	Report 709 06 Nov 05	ECB Observer- Post Meeting Assessment Four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate picture
	Report 708 04 Nov 05	Germany - Sector / Industry Outlook Investment & construction related stocks should outperform, pulling consumer and financial stocks along
	Report 707 31 Oct 05	ECB Observer- November Meeting Preview Six page analysis of the key factors which will influence the ECB council including an assessment of the likely outcome
	Report 706 19 Oct 05	Germany - Politics Emerging Grand Coalition - fiscal consolidation and slow reform
	Report 705 10 Oct 05	ECB Observer- Post Meeting Assessment Four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate picture
	Report 704 03 Oct 05	ECB Observer- October Meeting Preview Six page analysis of the key factors which will influence the ECB council including an assessment of the likely outcome
	Report 703 28 Sep 05	Poland - Politics Election update - central scenario remains the same after Kaczynski PM withdrawal The withdrawal by Jaroslaw Kaczynski from consideration for the position of prime minister and his replacement with the PiS economic expert, Kazimierz Marcinkiewicz does not alter our central scenario (EZA702). Kaczynski’s withdrawal may bolster his party’s position in the negotiation with the PO on a new government and speed up the government formation process. The move may also support his brother’s position, Lech Kaczynski, in the presidential race. Equally clients should not rule out the possibility that the withdrawal is only temporary. EZA
	Report 702 27 Sep 05	Poland - Politics Election update - centre right coalition overall reform positive but less positive for fiscal tightening & structural reforms
	Report 701 26 Sep 05	Germany - Politics Election update - grand coalition with chancellor Merkel and modest reform - political drag on German assets
	Report 700 20 Sep 05	Germany - Politics Election update - "Jamaica" coalition more positive for reform than grand coalition
	Report 699 12 Sep 05	Germany - Politics Election update -increased chance of grand coalition - negative implications for reform / political stability
	Report 698 06 Sep 05	ECB Observer- Post Meeting Assessment Four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate picture
	Report 697 29 Aug 05	ECB Observer- SeptemberMeeting Preview Six page analysis of the key factors which will influence the ECB council including an assessment of the likely outcome
	Report 696 17 Aug 05	ECB Observer- Post Meeting Assessment Four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate picture
	Report 695 10 Aug 05	Germany - Politics Election update - CDU campaign loses momentum, but narrow victory still likely
	Report 694 03 Aug 05	Poland - Economy & Politics Outlook - elections likely to yield market friendly out come but risks from fiscal policy
	Report 693 01 Aug 05	ECB Observer- August Meeting Preview Six page analysis of the key factors which will influence the ECB council including an assessment of the likely outcome
	Report 692 14 Jul 05	Germany - Politics Election preview - CDU manifesto leans toward market reforms
	Report 691 10 Jul 05	ECB Observer- Post Meeting Assessment Four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate picture
	Report 690 05 Jul 05	ECB Observer- July Meeting Preview Six page analysis of the key factors which will influence the ECB council including an assessment of the likely outcome
	Report 689 05 Jul 05	Euro Economy Germany vs Euro Area - economic outlook
	Report 688 23 Jun 05	Euro - Politics Constitution/budget setbacks not catastrophe for EU / EMU but risks remain
	Report 687 22 Jun 05	Germany - Sectoral Analysis Industry outlook - investment and exports taking a breather, consumer services gradually recovering
	Report 686 20 Jun 05	ECB Observer- Briefing Press speculation of early ECB rate cut should be discounted
	Report 685 15 Jun 05	Italy - Politics Serious undermining of SGP credability likely, further pressure on euro, widening bond spreads
	Report 684 07 Jun 05	ECB Observer- Post Meeting Assessment Four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate picture
	Report 683 30 May 05	ECB Observer- June Meeting Preview Six page analysis of the key factors which will influence the ECB council including an assessment of the likely outcome
	Report 682 24 May 05	Germany - Politics Snap elections in Sep likely pave way for change in govt ending political paralysis
	Report 681 11 May 05	Germany - Sectoral Analysis Banking sector; undergoing profound change - update
	Report 680 10 May 05	France - Politics / referendum "yes" comes back from (almost) nowhere but likely outcome remains "no"
	Report 679 09 May 05	France - Sectoral Analysis Sectoral outlook -services to companies and construction sector to outperform
	Report 678 05 May 05	ECB Observer- Post Meeting Assessment Four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate picture
	Report 677 03 May 05	ECB Observer- May Meeting Preview Six page analysis of the key factors which will influence the ECB council including an assessment of the likely outcome
	Report 676 02 May 05	France - Politics / Referendum Update: French referendum - yes campaign picks up but likeliest outcome remains "no"
	Report 675 21 Apr 05	France - Politics / Referendum Alert; further increased risk of referendum "no"
	Report 674 18 Apr 05	Germany - Politics / Reform Political agreement on small scale reforms a positive signal for continuation of reform process before elections
	Report 673 11 Apr 05	ECB Observer- Post Meeting Assessment Four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate picture
	Report 672 05 Apr 05	ECB Observer- April Meeting Preview Six page analysis of the key factors which will influence the ECB council including an assessment of the likely outcome
	Report 671 31 Mar 05	Poland - Economy / Politics Poland update - NBP starts rate cut cycle amidst political uncertainty
	Report 670 28 Mar 05	France - Politics / Referendum Alert; further increased risk of referendum "no"
	Report 669 24 Mar 05	France - Politics / Referendum Risk of referendum "no" increases to 60%
	Report 668 21 Mar 05	Germany - Politics / Reform Political agreement on small scale reforms a positive signal for continuation of reform process before elections
	Report 667 21 Mar 05	ECB Observer-Executive Board Bini Smaghi recommendation: no shift in emphasis of monetary policy due to changeover, reinforces expectation of German successor to Issing
	Report 666 07 Mar 05	ECB Observer- Post Meeting Assessment Four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate picture
	Report 665 03 Mar 05	ECB Observer- March Meeting Preview - DATA UPDATE Latest data maintains view that rates on hold even into 2006
	Report 664 01 Mar 05	Strategy - Demography - Special Report Demographic trends and the conclusions for economy, capital markets and asset allocation - 14 pages
	Report 663 28 Feb 05	ECB Observer- March Meeting Preview Six page analysis of the key factors which will influence the ECB council including an assessment of the likely outcome
	Report 662 22 Feb 05	Euro - Politics Economic performance key driver in all three polls; Spain, Portugal, Germany
	Report 661 18 Feb 05	Germany - Reform Public sector modernisation long term positive for German bonds
	Report 660 15 Feb 05	Germany - Economy GDP data likely marks trough within broader picture of economic recovery
	Report 659 07 Feb 05	ECB Observer- Post Meeting Assessment Four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate picture
	Report 658 02 Feb 05	ECB Observer- February Meeting Preview Six page analysis of the key factors which will influence the ECB council including an assessment of the likely outcome
	Report 657 01 Feb 05	Germany - Politics - Education Reform University fees mark turning point in education policy, positive for Germanys competitive position
	Report 656 28 Jan 05	Germany - Labour Market Record-level German unemployment should mark turning point for the better in German labour market
	Report 655 19 Jan 05	Germany - Economic Outlook vs the Eurozone German catch-up with euro area growth stalls as export engine hit by weaker target markets - part of a regular series of reports in cluding asset conclusions
	Report 654 17 Jan 05	ECB Observer- Post Meeting Assessment Four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate picture
	Report 653 12 Jan 05	ECB Observer- Data Update -January Meeting Preview GDP Data and Growth forecasts do not tip the balance towards early rise
	Report 652 11 Jan 05	ECB Observer- Data Update -January Meeting Preview Data reinforces EZA view: balance has tilted away from inflation concerns, rates likely on hold into 2006
	Report 651 04 Jan 05	ECB Observer- January Meeting Preview Six page analysis of the key factors which will influence the ECB council including an assessment of the likely outcome
	Report 650 14 Dec 04	Germany - Politics / Reform CDU congress - assessment for reform process
	Report 649 10 Dec 04	Germany - Banking Sector German Banks; lending, Basle II, and the shake-up of the public banking sector
	Report 648 06 Dec 04	ECB Observer- Post Meeting Assessment Four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate picture
	Report 647 01 Dec 04	ECB Observer- Data Update - December Meeting Preview Latest data confirms EZA view - rates likely on hold to late 2005
	Report 646 30 Nov 04	ECB Observer- December Meeting Preview Six page analysis of the key factors which will influence the ECB council including an assessment of the likely outcome
	Report 645 28 Nov 04	France - Equities - Sectoral Outlook Mini-spending boom over, consumption slackens, GDP returns to long term trend of (<2%)
	Report 644 23 Nov 04	Germany - Equities - Sectoral Outlook Orders and DIHK bi-annual reports show shift from exports towards investment
	Report 643 12 Nov 04	Germany - Economy Tax estimate and 2005 budget - little respite for Eichel
	Report 642 08 Nov 04	ECB Observer- Post Meeting Assessment Four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate picture
	Report 641 02 Nov 04	ECB Observer- November Meeting Preview Six page analysis of the key factors which will influence the ECB council including an assessment of the likely outcome
	Report 640 27 Oct 04	Germany - Politics / Reform Opposition parties - reformers in retreat
	Report 639 14 Oct 04	Poland - Economy & Politics Six months after EU accession - economic and political assessment; short term interest rates close to cyclical peak, securing positive outlook for inflation and bonds. Upgrade by rating agencies depends on next years elections to produce a stable government
	Report 638 11 Oct 04	ECB Observer- Post Meeting Assessment Four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate picture
	Report 637 05 Oct 04	ECB Observer- October Meeting Preview Six page analysis of the key factors which will influence the ECB council including an assessment of the likely outcome
	Alert 636 01Oct 04	France - Politics "Yes" chances improved by prospective referendum on Turkish EU entry
	Report 635 28 Sep 04	France - Politics Referendum "No" much closer call than polls suggest
	Report 634 23 Sep 04	Germany - Economy Germany vs Eurozone, catching up on growth, trailing on inflation
	Report 633 20 Sep 04	Germany - Politics/reform Germany, elections setback for reform but medium term "grand coalition" less reform-negative
	Report 632 13 Sep 04	Germany - Economy/reform Labour market reform - work in progress - little near term impact on ECB policy
	Report 631 05 Sep 04	ECB Observer- Post Meeting Assessment Four page analysis of the key themes brought out in the press conference, the data, and what this means for short and longer term interest rate picture
	Report 630 31Aug 04	ECB Observer- September Meeting Preview Six page analysis of the key factors which will influence the ECB council including an assessment of the likely outcome
	Report 629 09 Aug 04	Germany - Economy/reform Labour market reform - work in progress - little near term impact on ECB policy
	Report 628 04 Aug 04	ECB Observer - Data update Köhler election positive for German reform process
	Report 627 03 Aug 04	UK - MPC Preview Expect 25bp tightening, but 2005 rate outlook more favourable
	Report 626 02 Aug 04	ECB Observer- August Meeting Preview Rate move highly unlikely, balance of inflation risk tilts slightly toward upside
	Report 625 26 Jul 04	Germany - Economy The German euro area dilemma: powerhouse for exports but economy continues to struggle
	Report 624 16 Jul 04	ECB Observer ECB "Watchers" Conference, Frankfurt - analysis & commentary
	Report 623 07 Jul 04	Germany - Equities Sectoral Outlook - investment and export related sectors dominate modest recovery
	Report 622 05 Jul 04	UK - MPC Preview Expect no change in policy at July MPC - data suggests shallow interest rate cycle with rates likely to fall in 2005
	Report 621 05 Jul 04	ECB Observer- Post Meeting Assessment Slight bias (unstated) towards distant tightening
	Report 620 30 Jun 04	ECB Observer - July Meeting Preview Rate move highly unlikely, prospects mixed but slight bias towards distant tightening
	Report 619 25 Jun 04	Germany - Economy Draft Budget - fiscal expansion disguised by privatisation proceeds
	Report 618 16 Jun 04	Germany - Politics EU, Thuringia elections; blow for Schroder, reform momentum stalled
	Report 617 11 Jun 04	Poland - Convergence Process remains complicated by political uncertainty, NBP to protect inflation target by tightening at least 100bp by end 04, dilemma of achieving both fiscal and inflation criteria for 2008
	Report 616 08 Jun 04	UK - MPC Preview 25bp move likely but different rate profile to market expectation
	Report 615 06 Jun 04	ECB Observer- Post Meeting Assessment ECB next move likely upwards but some way off
	Report 614 02 Jun 04	ECB Observer - June Meeting Preview ECB rate move most unlikely: economic outlook still mixed
	Report 613 26 May 04	Euro - Economy Oil price and euro exchange rate impact on; inflation, activity, ECB
	Report 612 24 May 04	Germany - Politics Köhler election positive for German reform process
	Report 611 24 May 04	Germany - Economy German banking sector; restructuring to accelerate 2004/5
	Report 610 17 May 04	European Central Bank GDP data reinforces "wait & see" expectation 3 June
	Report 609 17 May 04	Germany - Economy German tax shortfall; SGP breach forecast 2004, but lower growth f/c provides scope for better outlook
	Report 608 11 May 04	European Central Bank Post meeting assessment - ECB now more firmly on hold
	Report 607 05 May 04	European Central Bank ECB interest rate outlook - likely to continue "wait & See"
	Report 606 04 May 04	UK Interest Rates UK - 25bp likely but modest tightening cycle remains in prospect
	Report 605 03 May 04	European Central Bank ECB - inflation estimate - more difficult to justify early interest rate cut
	Report 604 27 Apr 04	UK: Euro - Sterling EU constitutional referendum, different to 1975, puts Euro membership further back
	Report 603 21 Apr 04	Germany - Politics Bundesbank - Weber appointment as President could be significant in medium term
	Report 602 20 Apr 04	Germany - Politics Bundesbank - appointment process & politics, compromise candidate most likely
	Report 601 16 Apr 04	Germany - Politics Bundesbank - assessment of presidential candidates
	Report 600 14 Apr 04	Germany - Reform Change signalled in policy towards east, potential for higher growth trajectory
	Report 599 08 Apr 04	European Central Bank ECB - door still open for easing
	Report 598 07 Apr 04	Germany - Economy Working hours debate, market forces driving reforms
	Report 597 02 Apr 04	France - Politics Govt reshuffle disappointing for reform process but Sarkozy move to Finance Ministry encouraging
	Report 596 31 Mar 04	European Central Bank Increased potential for easing
	Report 595 31 Mar 04	Germany - Economy Sectoral Outlook: Recovery at crossroads
	Report 594 30 Mar 04	France - Politics French elections - Raffarin possible casualty, reformist course to continue
	Report 593 29 Mar 04	UK Economy - Interest Rates No crash for house prices, cautious interest rate tightening 2004/5
	Report 592 15 Mar 04	European Central Bank Early ECB easing unlikely as reaction to Spanish terror attack
	Report 591 15 Mar 04	Spain -Politics PSOE election win negative for Spanish assets
	Report 590 12 Mar 04	Greece -Politics Economic reform prospects boosted by new govt
	Report 589 09 Mar 04	European Central Bank ECB policy firmly on hold in H1 unless external shock changes inflation outlook
	Report 588 09 Mar 04	Germany -Politics CDU/CSU proposals signal commitment to strategic reform agenda
	Report 587 02 Mar 04	Germany -Politics CDU Hamburg win; positive for reform agenda
	Report 586 29 Feb 04	European Central Bank ECB policy to remain unchanged 04Mar, market speculation premature
	Report 585 27 Feb 04	Germany -Politics: Client Alert Hamburg election, Sunday - Important test for Schröder reform agenda
	Report 584 23 Feb 04	Italy - Politics Parmalat - Tremonti secures position, but potential negative impact on economy
	Report 583 20 Feb 04	EU - Regulatory EU gender neutral life insurance proposal to sustain trend for longer dated bonds
	Report 581 11 Feb 04	Germany - Politics Schröder resignation confirms stall in reform process
	Report 580 10 Feb 04	Spain - Politics Rajoy set to win third term for PP, policy to continue in Aznar's footsteps
	Report 579 09 Feb 04	Foreign Exchange G7 meeting - euro and sterling appreciation likely
	Report 578 02 Feb 04	UK - Interest Rates UK tightening cycle likely to be more modest than consensus
	Report 577 02 Feb 04	Germany - Economy; Equities - Sectoral Outlook Impact of global recovery feeding through to Germany but domestic demand low, euro strength oppresses
	Briefing 204 27 Jan 04	European Central Bank ECB shift in focus & potential for intervention to defend $1.30
	Briefing 104 22 Jan 04	Euro - Exchange Rates Eurozone exchange rate policy - markets will exploit confusion until intervention or an ECB interest rate easing materialises
	Report 576 19 Jan 04	Euro - Economy Implications of a weaker dollar for the euro area and ECB - why this is different from 1987/1988
	Report 575 23 Dec 03	Euro - Politics Brussels IGC failure suggests multi-speed EU as likely outcome, EU setback rather than disaster
	Report 574 19 Dec 03	European Central Bank Euro rise puts intervention, policy easing back on ECB agenda
	Report 573 10 Dec 03	Germany - Economy German Agenda 2010 may offer E16bn GDP boost
	Report 572 03 Dec 03	Euro - Economy Ecofin fudge on Stability & Growth Pact paves way for further difficulties for future euro area entrants
	Report 571 03 Dec 03	European Central Bank ECB early upside rate error possible despite euro rise
	Report 570 28 Nov 03	Germany - Economy Moderate German 2004 wage round to dampen ECB concerns, implications for equities, bonds
	Report 569 21 Nov 03	European Central Bank ECB concerned over euro area boost to global liquidity
	Report 568 13 Nov 03	Euro-Economy Unworkable Stability Pact to survive despite French vote
	Report 567 12 Nov 03	France-Politics French government reshuffle likely soon; Raffarin, reforms to stay
	Report 566 11 Nov 03	Germany-Economy CDU/Merz German tax plans may bring Laffer growth-boost
	Report 565 30 Oct 03	European Central Bank ECB concerns over M3 inflation risks undercut
	Report 564 28 Oct 03	Germany-Politics German reform momentum grows with alternative to social market
	Report 563 23 Oct 03	European Central Bank Quiet ECB presidency handover; further 2003 rate moves unlikely
	Report 562 21 Oct 03	Italy-Politics Ruptures within Italian coalition: public spending to run out of control
	Report 561 15 Oct 03	Germany-Economy German economy; evidence of firming recovery but risk of 2004 GDP growth fall toward 1%y
	Report 560 13 Oct 03	France - Banque de France Two main Trichet succession candidates offer different monetary outlooks
	Report 559 10 Sep 03	Euro-Politics US/UK political disarray may boost euro, sparking ECB intervention
	Report 558 03 Oct 03	European Central Bank Trichet to boost ECB pragmatism; Issing M3 concerns overplayed
	Report 557 24 Sep 03	Germany-Politics Bavarian election win for Stoiber/CSU holds plus points for Schröder and SPD reform program
	Report 556 19 Sep 03	Euro-enlargement Volatile capital flows to threaten accession nations' approach to euro
	Report 555 16 Sep 03	Germany-Economy German banking turns the corner but further restructuring to hinder sector's development
	Report 554 09 Sep 03	European Central Bank Wider assessment of liquidity to take in credit analysis shows an expansion likely to prevent further easing in this cycle
	Report 553 05 Sep 03	Euro-Economy Probable Swedish 'no' to euro should boost krona, bonds
	Report 552 01 Sep 03	Germany-Economy Euro, investment, credit to hamper German recovery
	Report 551 27 Aug 03	European Central Bank Expectations that the European Central Bank will make a further easing in its key minimum bid rate should be carefully reviewed after the summer. Euro area monetary conditions around US Labor Day are near to completely neutral
	Report 550 26 Aug 03	Euro-Sterling UK on course toward euro despite probable Sweden rejection
	Report 549 24 Jul 03	European Central Bank ECB confirms potential for further easing remains
	Report 548 22 Jul 03	Spain-Politics Planning for Spain's 2004 general election starts time line for campaign, Aznar successor emerges
	Report 547 15 Jul 03	Germany-Economy Eichel attempts to balance German federal budget to be unsuccessful
	Report 546 08 Jul 03	European Central Bank ECB conferences to illuminate new strategy, deflation stress
	Report 545 02 Jul 03	Germany-Politics Turning point for union power in Germany reached - asset implications for German stocks vs bonds
	Report 544 30 Jun 03	Euro-Politics EU Summit sets 'final' Europe size at 34 nations
	Report 543 25 Jun 03	European Central Bank Pragmatic Trichet to bring more ECB integration - two part assessment of the potential impact of the Trichet appointment (2)
	Report 542 24 Jun 03	European Central Bank Trichet to be surer hand at ECB helm - two part assessment of the potential impact of the Trichet appointment (1)
	Report 541 18 Jun 03	Italy-Politics Berlusconi considers early national elections, political instability re-appears, potential threat to leadership role during Italian 2H03 EU presidency
	Report 540 17 Jun 03	Germany-Economy German tax reform plans advanced, budget deficit to rise towards 4% of GDP
	Report 539 13 Jun 03	Euro-Politics EU Convention draft constitution signals new will for'deepening', underpinning euro, area dynamics
	Report 538 11 Jun 03	Euro-Sterling UK euro-entry review to spark GBP fall toward 80p, increasing pressure on ECB
	Report 537 06 Jun 03	European Central Bank ECB cut shows new stress on economy, deflation concerns (2)
	Report 536 05 Jun 03	European Central Bank ECB obliged to cut by euro rise, deepening credit crunch (1)
	Report 535 29 May 03	Euro-Economy Euro area GDP growth correlation with Germany holds firmas latter heads into technical recession
	Report 534 28 May 03	Germany-Politics German SPD to back reforms but govt, crisis likely by autumn 2004
	Report 533 27 May 03	Spain-Politics Strong showing in regional/municipal ballot boost chances of PP win in Spain 2004 general election
	Report 532 23 May 03	Euro-Economy Euro inflation set to fall more than ECB thinks as further strengthening of euro/dollar cuts import prices , boosts bonds
	Report 531 22 May 03	Euro-Economy Euro/dollar to overshoot 1.20, stop before 1.30 (1) implications for ECB and Schroeder
	Report 530 19 May 03	Euro-Economy German, French budget problems to bring Pact suspension, implications for longterm growth and related stocks
	Report 529 14 May 03	France-Economy France excessive deficit procedure conflicts with budget priorities; likely to backfire on Brussels, SGP
	Report 528 13 May 03	Germany-Economy Germany admits inability to cut deficit below 3% by 2004, increases urgency for reform process
	Report 527 11 May 03	European Central Bank ECB strategy change implies more accommodative stance debate over low inflation as sole mandate of ECB as euro / dollar soars
	Report 526 07 May 03	European Central Bank Risks of deflation start debate over low inflation as sole mandate of ECB as euro / dollar soars
	Report 525 30 Apr 03	Germany-Economy German goods inflation to move negative this year, keeping downward pressure on ECB rates
	Report 524 29 Apr 03	Germany-Economy German economy, Italian budget problems shown by credit moves
	Report 523 24 Apr 03	Euro-Economy Upward pressure for bond yields as excessive deficits highlight fiscal pressures in euro area
	Report 522 21 Apr 03	Euro-Enlargement Athens Declaration: near term economic impact of accession countries on EU to be minimal
	Report 521 17 Apr 03	Germany-Economy German bank balance sheets to hinder economic recovery
	Report 520 16 Apr 03	Euro-Sterling CHANGE OF VIEW : UK to delay euro referendum but still possible during current parliament
	Report 519 09 Apr 03	Spain -Politics Aznar popularity dives over stance on Iraq war, PP prospects in regional/municipal elections fade
	Report 518 09 Apr 03	France - Economy GDP growth stalls as consumption stalls, French authorities ambiguous over SGP commitments
	Report 517 07 Apr 03	Germany - Politics Agenda 2010 reform plan moves through legislative process, passage to be fraught
	Report 516 03 Apr 03	European Central Bank ECB faced in Rome with further confusion as M3 soars again, equities markets now influential
	Report 515 01 Apr 03	Euro-Politics Brussels summit highlights EU divides, lack of progress in advancing Lisbon reform process, implications for assets
	Report 514 28 Mar 03	European Central Bank ECB focus on headline inflation diverts from core risk: Duisenberg ECB successor may not be French
	Report 513 26 Mar 03	Germany - Economy German business climate deteriorates, Schröder's proposals for welfare reform unlikely to improve potential growth
	Report 512 21Mar 03	Euro-Economy Euro cyclical downturn may turn into systemic crisis - even when post-Iraq recovery comes (2)
	Report 510 17 Mar 03	Germany-Politics Schröder speech signals willingness to address structural reforms, greater market liberalisation
	Report 509 11 Mar 03	Euro-Economy Weak growth leads to monetary, fiscal loosening and further erosions of Stability & Growth Pact
	Report 508 10 Mar 03	European Central Bank Duisenberg analysis shows further easing probable
	Report 507 07 Mar 03	Germany-Politics Schröder reform move may founder on SPD Left, Unions
	Report 506 05 Mar 03	France-Economy French GDP figures growth show growth decelerating,breach of 3% Maastricht pact admitted for 2002
	Report 505 28 Feb 03	European Central Bank ECB to downweight M3 due to mixed signals
	Report 504 26 Feb 03	Italy-Politics Court to rule on Berlusconi corruption charges in 3mths, local elections hinder reform process
	Report 503 24 Feb 03	Euro - Economy Downward revision in growth expectations likely to lead to fiscal, monetary stimulus.
	Report 502 21 Feb 03	Euro - Sterling British euro vote delay will not improve prospects (2)
	Report 501 18 Feb 03	European Central Bank Duisenberg stresses rates at lows, ignores demand conditions
	Report 500 14 Feb 03	European Central Bank ECB strategy review unlikely to yield substantive results; expansion voting plan under fire next week
	Report 499 12 Feb 03	Germany - Economy Germany drifting back into recession, fiscal deficit to be +3%, implications for ECB , bunds
	Report 498 11 Feb 03	France - Economy French GDP growth to come in at 1.5% over 2003. With fiscal flexibility limited by the stability pact France faces unrest over pension reform but should outperform Germany.
	Report 497 06 Feb 03	European Central Bank ECB faces growing out-of-area euro use, impact on exchange rates, M3.
	Report 496 05 Feb 03	Euro - Economy Euro area economy weak, consumer sentiment hits 5-1/2-year low. Strong rapid rise in euro real effective value to throw focus on euro area policy mix; ECB under pressure to to ease policy further
	Report 495 03 Feb 03	Germany - Politics German SPD state election losses may halt tax increases
	Report 494 30 Jan 03	European Central Bank ECB easing bias in place; cash now surging (1)
	Report 493 27 Jan 03	Spain - Politics Spain's Popular Party drifts in polls as pressure rises on Aznar to reveal successor candidate
	Report 492 24 Jan 03	Euro - Economy German-French accord heralds fiscal slippage
	Report 491 22 Jan 03	Euro - Sterling Debate on UK entry to EMU difficult to win (1)
	Report 490 15 Jan 03	Spain - Politics Spain's Popular Party drifts as Aznar hesitates
	Report 489 13 Jan 03	European Central Bank Duisenberg signals ECB keeps easing bias; slow credit underplayed but "disorderly" worries now
	Report 488 10 Jan 03	Euro-Sterling British referendum on sterlings euro entry still likely this year despite apparent UK government shift
	Report 487 08 Jan 03	European Central Bank Softening euro credit conditions to add to ECB check of 1Q03 easing, outweighing M3 concerns
	Report 486 19 Dec 02	European Central Bank ECB easier bias reflects view that dollar fall will continue; further 25bp cut possible in Feb03 (2)
	Report 485 17 Dec 02	Euro Economy EU wider view in Copenhagen opens way for increased convergence but boosts euro risk
	Diary 16 Dec 02	Euro Asset Diary & EZA Trading Summary Includes the weekly trading summary and key events calender for the Euro area
	Report 484 12 Dec 02	Euro Politics Swedish constitutional hurdle, weak dollar may impact krona ERM2 entry rate after Sep03 poll (2)
	Report 483 10 Dec 02	European Central Bank ECB may abolish 'two-pillar', hindering Trichet (1)
	Diary 09 Dec 02	Euro Asset Diary & EZA Trading Summary Includes the weekly trading summary and key events calender for the Euro area
	Report 482 06 Dec 02	Investment Strategy - December 2002 Strategy - short term / long term, ECB/Euro rates, Political Risk/Reward
	Report 481 04 Dec 02	Euro-Politics Sweden Euro entry call ends easy political Krona rise (part 1)
	Diary 02 Dec 02	Euro Asset Diary & EZA Trading Summary Includes the weekly trading summary and key events calender for the Euro area
	Report 480 29 Nov 02	European Central Bank ECB M3/credit changes little on likely 50bp cut on Thursday, implications for euro yield curve
	Report 479 28 Nov 02	Germany - Politics Germany to raise VAT to 17% after Feb 2003, implications for economic activity, consumption, equities and Euro/Dollar
	Diary 25 Nov 02	Euro Asset Diary & EZA Trading Summary Includes the weekly trading summary and key events calender for the Euro area
	Report 478 22 Nov 02	European Central Bank ECB pressures rising for fundamental monetary strategy change
	Diary 18 Nov 02	Euro Asset Diary & EZA Trading Summary Includes the weekly trading summary and key events calender for the Euro area
	Report 477 15 Nov 02	European Central Bank ECB to come under political pressure over easing delay despite clear slowdown in loan growth
	Report 476 13 Nov 02	Euro Politics - Italy Italian government under pressure for tremonti resignation or snap election over shaky budget - implications EU fiscal requirement and ECB policy
	Diary 11 Nov 02	Euro Asset Diary & EZA Trading Summary Includes the weekly trading summary and key events calender for the Euro area
	Report 475 08 Nov 02	Euro Politics - Enlargement Turkey edges closer to EU membership talks after the election, but opposition and suspicion remain - implications for investors
	Report 474 07 Nov 02	European Central Bank Fed rate cut makes ECB move more probable - EZA view on most likely date and the consideration process within the ECB
	Diary 04 Nov 02	Euro Asset Diary & EZA Trading Summary Includes the weekly trading summary and key events calender for the Euro area
	Report 473 30 Oct 02	Germany - Politics Schroeder German political system impervious to change; nation headed for UK-style pre-Thatcher gridlock - implications for German assets, Euro investors. Final in a series of three reports by EZA chief political analyst Erwin Grandinger
	Report 472 29 Oct 02	European Central Bank Surge in euro M3 to strengthen ECB resistance to easing, but credit conditions show weakness
	Diary 28 Oct 02	Euro Asset Diary & EZA Trading Summary Includes the weekly trading summary and key events calender for the Euro area
	Report 471 25 Oct 02	Germany - Politics Schroeder government mandate now opposite of 1998; no reforms but internal, external protection - implications for German assets, Euro investors. Second in a series of three reports by EZA chief political analyst Erwin Grandinger
	Report 470 24 Oct 02	Germany - Politics Germany headed into worst political, economic crisis since WWII; structural traps block reform - implications for German assets, Euro investors. First in a series of three reports by EZA chief political analyst Erwin Grandinger
	Diary 21 Oct 02	Euro Asset Diary & EZA Trading Summary Includes the weekly trading summary and key events calender for the Euro area
	Report 469 18 Oct 02	Euro - Fiscal EU move to cyclical adjustment in budget assessments - implications for UK chances of Euro involvement
	Report 468 15 Oct 02	Investment Strategy - October 2002 Monthly investment stratey; short-term strategy, euro/ECB interest rates, long-term strategy, political risk/reward
	Report 467 14 Oct 02	European Central Bank ECB closely monitoring equities erosion of bank capital but declines to adequately weight
	Diary 14 Oct 02	Euro Asset Diary & EZA Trading Summary Includes the weekly trading summary and key events calender for the Euro area
	Report 466 09 Oct 02	Euro - Politics Swedish krona/euro convergenge at risk from possible enlargement "shock"; Stability Pact dilution
	Diary 07 Oct 02	Euro Asset Diary & EZA Trading Summary Includes the weekly trading summary and key events calender for the Euro area
	Report 465 04 Oct 02	Euro - Fiscal Euro area budget volatility to raise medium term sovereign supply, longer term risk over euro
	Report 464 01 Oct 02	Euro - Politics Irish opposition turns Nice referendum into Ahern confidence vote; ratification at risk once more
	Diary 31 Sep 02	Euro Asset Diary & EZA Trading Summary Includes the weekly trading summary and key events calender for the Euro area
	Report 463 26 Sep 02	Euro - Economy IMF downgrades highlight euro area growth risks greater than deflation; all policy levers hindered
	Report 462 24 Sep 02	Germany - Politics Germany reform sclerosis to continue after the election, trade unions , Greens to dictate policies - implications for Euro investors
	Diary 23 Sep 02	Euro Asset Diary & Trading Summary Includes the weekly trading summary and key events calender for the Euro area
	Report 461 20 Sep 02	European Central Bank Full analysis of the September 02 ECB report; implies easing will resume
	Report 460 18 Sep 02	Germany - Politics Germany likely to reject reform in Sundays election, new government to have no clear mandate
	Diary 16 Sep 02	Euro Asset Diary & Trading Summary Includes the weekly trading summary and key events calender for the Euro area
	Report 459 12 Sep 02	Euro - Politics Italian public finances threaten to run out of control, spilling into political disarray - implications for euro/dollar
	Diary 09 Sep 02	Euro Asset Diary & Trading Summary Includes the weekly trading summary and key events calender for the Euro area
	Report 458 06 Sep 02	Euro - Politics 2nd Irish Nice Treaty referendum - implications of rejection on convergence trades, enlargement, Euro, and Euro assets
	Report 457 04 Sep 02	European Central Bank Euro credit growth likely giving more policy sign than fast M3 growth, wider gap; implications for ECB policy
	Diary 02 Sep 02	Euro Asset Diary & Trading Summary Includes the weekly trading summary and key events calender for the Euro area
	Report 456 28 Aug 02	Euro - Politics Swedish Krona convergence play remains on track; report on the implications of the Swedish election
	Diary 26 Aug 02	Euro Asset Diary & Trading Summary Includes the weekly trading summary and key events calender for the Euro area
	Report 455 21 Aug 02	Germany - Politics German elections; liklihood of Stoiber win, effects on investors and Euro
	Diary 19 Aug 02	Euro Asset Diary & Trading Summary Includes the weekly trading summary and key events calender for the Euro area
	Report 454 08 July 02	Investment Strategy; July 02 Monthly investment stratey; short-term strategy, euro/ECB interest rates, long-term strategy, political risk/reward
	Diary 08 July 02	Euro Asset Diary & Trading Summary Euro markets winding down for summer; 10 year bunds to stay above 5% with equities recovery, ECB on hold. Includes the weekly trading summary and key events calender for the Euro area
	Report 453 04 July 02	Euro - Politics Sterling-euro entry process to impact European yields, exchange rates, from now until the end of 2003. Second of a two part report.
	Report 452 02 July 02	Euro - Economy Euro rise, inflation fall should hold as a medium term trend, questionable money signals to keep ECB on hold for now. Implications for yield curves.
	Report 451 01 July 02	Euro - Sterling Updated view - Convention, economic tests, Stability Growth Pact, to delay sterling-euro entry vote to October 03. Implications for assets including prospective referendum and entry dates. First of a two part report.
	Diary 01 July 02	Euro Asset Diary & Trading Summary Week of profit-taking on stronger real economy data; low chance of ECB rate move on US Independence Day. Includes the weekly trading summary and key events calender for the Euro area
	Report 450 28 June 02	Germany - Politics Stoiber to reform capital tax, labour laws, budgets but poll risk rises from new rightist party. Second of a two part report.
	Report 449 27 June 02	European Central Bank Assessment of May02 euro money and credit data from the ECB - risk of near-term rate rise from M3 jump offset by slow credit and a the climb in euro value.
	Report 448 25 June 02	Euro - Economy Seville, Madrid highlight new focus on growth - potential new watershed in European policy mix. Implications for sovereign supply and yield curve.
	Diary 24 June 02	Euro Asset Diary & Trading Summary Inflation data to suppress short end as Seville signals time for change in policy mix. ECB outlook and implications of the Euro climb. Key events calender for the Euro area
	Report 447 20 June 02	Euro - Economy Germany in mini credit crunch as euro loan conditions impact ECB recovery hopes - implications for Euro rates. First of a two part report.
	Report 446 18 June 02	Germany - Politics CDU/CSU reform agenda - more extensive than is currently public. Dax/Euro implications of likely Stoiber election victory. First of a two part report.
	Diary 17 June 02	Euro Asset Diary & Trading Summary Dramatic yield falls to extend but clear risk of near term setbacks; ECB tightening outlook diminishishing; focus on Halifax G7, Madrid Ecofin, EU Seville summit. Key events calender for the Euro area
	Report 445 14 June 02	European Central Bank ECB Jun02 report continues to show excessive money stress; but demand conditions now key
	Report 444 13 June 02	Investment Strategy; June 02 Monthly investment stratey; short-term strategy, euro/ECB interest rates, long-term strategy, political risk/reward
	Report 443 12 June 02	Euro-Politics Shift towards right in France/EU to impact Seville Summit institutions discussion, stability pact - implications for EU and euro/dollar.
	Diary 10 June 02	Euro Asset Diary & Trading Summary Shifting euro changes yield outlook to steepening; focus on Halifax G7, French poll, ECB forecasts. Key events calender for the Euro area
	Report 442 07 June 02	European Central Bank Euro/dollar rise heads off ECB money growth concerns, placing question mark over any move on July 4 - Euro increase now central focus of near term decisions.
	Report 441 05 June 02	EU Enlargement Czech EU accession at risk from coming Stoiber-led Berlin, Vienna over bitter historical controversy.
	Report 440 04 June 02	European Central Bank Apr 02 reversal or euro M3 slowdown, particularly M1 strength, point to ECB tightening soon.
	Diary 03 June 02	Euro Investment Diary & Trading Executive Summary Eurobond curve at risk. Full monetary policy week; 30% risk of delay to ECB June 6 rate rise alongside Canada, Sweden - yields up. Key events calender for the Euro area
	Report 439 31 May 02	Euro - Politics EU enlargement at risk from new Irish rejection of the Nice Treaty - implications for Eastern European convergenge trades
	Report 438 30 May 02	Euro - Economy Euro capital/current account upturn boosts Euro; political shift to right likely to extend this further - implications for currencies and euro fixed income vs dollar
	Report 437 28 May 02	France - Politics French political risks shift as right gains, throwing focus on fiscal balance delay and reform plans - implications for sovereign bond issuance, potential for OAT-Bund gap widening
	Diary 27 May 02	Euro Investment Diary & Trading Executive Summary Yields risk further downside amid weak data but care needed since ECB still on track for June 6 increase although under pressure from US and Berlin
	Report 436 24 May 02	France - Economy Domestic-led growth, plus political changes improve the outlook for French equities, but tax cuts means government bond supply wil rise
	Report 435 23 May 02	Germany - Economy German GDP supported by 1Q02 net exports surge; household / business slump set to extend into 2Q02 - effect on Bund yields
	Diary 20 May 02	Euro Investment Diary & Trading Executive Summary More Euro/dollar upside during Bush visit as yields head sideways to pause uptrend in slow week
	Report 434 17 May 02	European Central Bank Duisenberg speech sends clearest signs yet of ECB rate rise - four page analysis of key points of the speech and our assessment of liklihood of a June 6 rise
	Report 433 15 May 02	Germany - Politics Stoiber sharpens economic profile but risks rise
	Diary 13 May 02	Euro Investment Diary & Trading Executive Summary More upside on short yields but tempered by euro strength vs dollar; ECB concern/weak data trade-off
	Report 432 10 May 02	European Central Bank ECB analysis points towards June 6 rate rise: assessment of the latest ECB Bulletin
	Report 431 09 May 02	Monthly Investment Strategy; May 2002 *Short term trading strategy ECB/euro interest rates * long term view * political risk/ reward**
	Report 430 08 May 02	Italy - Politics Berlusconi eyes Italian presidency in 2005, Government consults central bank over fiscal budget as Berlusconi reform enthusiasm dims - consequences for Italian assets
	Diary 06 May 02	Euro Investment Diary & Trading Executive Summary Crucial juncture for trading/allocation performance; ECB policy, fundamentals mean high yield volatility
	Report 429 30 Apr 02	European Central Bank TURNING POINT - ECB unlikely to react to strong underlying inflation; revised view on likely timing of ECB rate movement
	Report 428 29 Apr 02	Euro Politics Europe moves to political right despite coming French exception; German poll may be decisive - implications for reform and assets
	Diary 29 Apr 02	Euro Investment Diary & Trading Executive Summary No ECB move, focus on IG Metal, French politics
	Report 427 26 Apr 02	ECB French presidentials presage Chirac, socialist landslide - implications for French assets
	Report 426 25 Apr 02	Germany - Economy German upswing to remain on track despite Ifo - implications for bonds and equities strategy
	Report 425 22 Apr 02	France - Politics French presidentials presage Chirac, socialist landslide - implications for French assets
	Report 424 22 Apr 02	Germany - Politics Saxony-Anhalt vote positive for reforms - euro asset implications
	Diary 22 Apr 02	Euro Investment Diary & Trading Executive Summary ECB, Fed policy views diverging
	Report 423 18 Apr 02	Germany - Politics Saxony-Anhalt election holds high risk for Schröder - implications for German assets
	Report 422 16 Apr 02	ECB - Monetary Policy Euro inflation pressures mount on ECB
	Report 421 17 Apr 02	ECB - Monetary Policy Papademos - implications for ECB monetary timing cycle
	Diary 15 Apr 02	Euro Investment Diary & Trading Executive Summary Nervous week for currencies, yields on mid-East,euro reserves,upcoming G7; euro, equities risk on upside
	Report 420 12 Apr 02	ECB - Monetary Policy Bundesbank action likely to spark medium-term rethink of Eurosystem reserves strategy - implications for dollar, gold prices, and euro
	Report 419 10 Apr 02	France - Politics France drifts further left as presidential elections near; risk of radicalism, more isolation in Europe. Implications for French assets
	Diary 08 Apr 02	Euro Investment Diary & Trading Executive Summary Political risks rise, IG Metall wage round, French presidentials. Bond markets re-focus on global upswing, bunds to outperform US Treasuries.
	Report 418 04 Apr 02	Euro - Politics Swedish election win for Persson to ensure euro referendum, euro convergenge play stay on track - implications for krona, Swedish interest rates
	Report 417 03 Apr 02	Germany - Politics Election win by CDSU/CSU Stoiber would modernize Germany but fail to de-scale social policy, cut taxes
	Report 416 03 Apr 02	Monthly Investment Strategy; April 2002 *Short term trading strategy ECB/euro interest rates * long term view * political risk/ reward**
	Diary 01 Apr 02	Euro Investment Diary & Trading Executive Summary European Forecasting Network underestimates ECB policy reponse but Apr 4 too early for rate move. Near term view on HICP, 10yr bunds & euribor strip.
	Report 415 28 Mar 02	Euro - Economy Signs of synchronised global rebound emerge; slower Feb02 M3 cuts 2Q02 ECB tightening risk - implications for euro bonds, treasuries vs bunds
	Report 414 27 Mar 02	ECB- Monetary Euro capital outflows restart modestly in Jan02 risk pressuring euro downward, ECB rates higher
	Report 413 26 Mar 02	Italy - Politics Italian official's murder & union strikes unlikely to halt Berlusconi reforms or destabilise the coalition - implication for BTP/Bund spread
	Diary 25 Mar 02	Euro Investment Diary & Trading Executive Summary Euro M3, German Ifo, Issing/Greenspan US speeches may boost euro yields before profit-taking, Easter.
	Report 412 22 Mar 02	ECB- Monetary Issing sees US causes behind inflated euro M3
	Diary 18 Mar 02	Euro Investment Diary & Executive Trading Summary Focus on Fed, Riksbank: liklihood of bond selloff, with risk of yield downside if no tightening occurs
	Report 411 15 Mar 02	Germany - Politics Schröder re-election risk from immigration, funding, Saxony-Anhalt
	Report 410 14 Mar 02	Euro - Economy US rebound means euro GDP may hit 3%y/y by end-02
	Report 409 11 Mar 02	ECB- Monetary Papademos would have ECB policy impact
	Diary 11 Mar 02	Euro Investment Diary & Executive Trading Summary Potential profit-taking after fast yield/rate rise; focus on reform will, ECB v-p succession before EU Summit
	Report 408 07 Mar 02	Euro - Politics Triple Euro referenda in Sweden, UK, Denmark (2)
	Report 407 06 Mar 02	ECB - Monetary EU Summit to impact euro/dollar; no ECB change now
	Report 406 05 Mar 02	Euro Investment Strategy - Monthly - March 2002 ECB Interest rates, Political risk/reward, short/long term strategy
	Diary 04 Mar 02	Euro Investment Diary Macro, monetary data to flatten curve
	Trading Summary 04 Mar 02	Trading Executive Summary Brief, focused trading view from EZA research team
	Report 405 01 Mar 02	Euro - Politics UK's unprecedented EU engagement signals euro entry
	Report 404 28 Feb 02	ECB - Update Further ECB M3 slowdown needed to offset cycle risks
	Report 403 27 Feb 02	Germany - Economy German output hits base, set to turn higher
	Report 402 26 Feb 02	Germany - Politics German government likely to be CDU/CSU/FDP - German equity assets and Euro/Dollar
	Diary 25 Feb 02	Euro Investment Diary Macro, monetary data to flatten curve
	Trading Summary 25 Feb 02	Trading Executive Summary Brief, focused trading view from EZA research team
	Report 401 22 Feb 02	Germany - Politics German fiscal problems too great to hit 2002-04 deficit goals
	Report 400 21 Feb 02	Euro - Economy Euro area heading for dtrong cyclical upswing
	Report 399 20 Feb 02	Italy -Politics Berlusconi alliances aim at blocking France-Germany
	Diary 18 Feb 02	Euro Investment Diary Euro yield risk remains on upside
	Trading Summary 18 Feb 02	Trading Executive Summary Brief, focused trading view from EZA research team
	Report 398 15 Feb 02	ECB - Monetary Sterling entry progress may flatten euro yield curve soon (2)
	Report 397 14 Feb 02	ECB - Monetary ECB Feb02 bulletin issues two inflation warnings
	Report 396 13 Feb 02	Euro - Fixed Income Euro sovereign debt issuance policies changing fast
	Diary 11 Feb 02	Euro Investment Diary High yield volatility to continue, ECB bulletin Thursday may signal harder tone
	Trading Summary 11 Feb 02	Trading Executive Summary Brief, focused trading view from EZA research team
	Report 395 07 Feb 02	ECB - Monetary Duisenberg announcement means Noyer succession talks started
	Report 394 07 Feb 02	Euro - Politics EU enlargement on track, progress made on agriculture chapter
	Report 393 06 Feb 02	France - Politics French Socialist Party report points to upcoming ECB changes
	Report 392 05 Feb 02	Monthly Investment Conclusions - February 2002 ECB Interest rates, Political risk/reward, short/long term strategy
	Diary 04 Feb 02	Euro Investment Diary Argentina unrest to unsettle world markets this week
	Trading Summary 04 Feb 02	Trading Executive Summary Brief, focused trading view from EZA research team
	Report 391 01 Feb 02	Germany - Economy German annual economic report over-optimistic
	Report 390 31 Jan 02	Germany - Politics Germany's FDP key to coalition of next government
	Report 389 30 Jan 02	ECB - Monetary Change of view - higher than expected risk of ECB tightening
	Report 388 28 Jan 02	ECB - Monetary ECB puts M3 on watch but unlikely to act soon
	Diary 28 Jan 02	Euro Investment Diary Weaker fixed income/stronger equities play for week ahead
	Trading Summary 28 Jan 02	Trading Executive Summary Brief, focused trading view from EZA research team
	Report 387 24 Jan 02	Euro - Politics Swedish krona to strengthen on rising chance of Mar03 euro referendum
	Report 386 23 Jan 02	ECB - Monetary Euro states expect windfall profits on legacy currencies
	Report 385 21 Jan 02	France - Politics Jospin takes French presidential campaign further to the left
	Diary 21 Jan 02	Euro Investment Diary Risk on euro short end from industrial output Monday and Italy inflation Friday
	Trading Summary 21 Jan 02	Trading Executive Summary Brief, focused trading view from EZA research team
	Report 384 17 Jan 02	Germany - Economy German economic performance worst since 1993 recession
	Report 383 17 Jan 02	Germany - Politics German federal election: CDU/CSU's Stoiber best candidate
	Report 382 15 Jan 02	ECB - Monetary Trading opportunity - Euro changeover to bring strong Jan02 inflation spike
	Trading Summary 14 Jan 02	Trading Executive Summary Brief, focused trading view from EZA research team
	Diary 14 Jan 02	Euro Investment Diary Strong week ahead for fixed income
	Report 381 11 Jan 02	Germany - Politics German election race wide open
	Report 380 11 Jan 02	ECB - Monetary Issing stresses ECB focus on M3, wages
	Report 379 10 Jan 02	Euro - Economy Euro/dollar near-term risk is down, up in 2H02
	Report 378 09 Jan 02	Euro - Economy Euro area recovery in sight but mixed interest rate outlook
	Report 377 08 Jan 02	Italy - Politics Italy's confrontational policy to weaken euro/dollar
	Report 376 07 Jan 02	Monthly Investment Conclusions - January 2002 M3 1H02 picture emerges - ECB Interest rates, Political risk/reward, short/long term strategy
	Trading Summary 07 Jan 02	Trading Executive Summary Brief, focused trading view from EZA research team
	Diary 07 Jan 02	Euro Investment Diary Focus turns to search for value on rate curve
	Report 375 04 Jan 02	ECB - Monetary M3 now adding to ECB concerns over IG Metall claims

Euro strength / EMU Supply and demand side adjustments leave EMU better positioned to weather euro strength than in previous episodes.

Euro strength / EMU
Supply and demand side adjustments leave EMU better positioned to weather euro strength than in previous episodes.