Daily Reports

	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 Brussel