Past the peak on growth and rates

Michala Marcussen, Group Chief Economist, explains the latest economic trends.

Man on a japanese trading floor

What if the Japan is the good scenario?

The impressive expansion, that saw Japan become one of world’s richest nations, came to an abrupt end almost three decades ago with bursting of the bubble. Subsequent domestic policy errors combined with negative external shocks, and not least the 1997 Asia Crisis, sent the Japanese economy into the icy grip of deflation. Exiting this state was not made any easier by a rapidly ageing population and the 2007/08 Great Financial Crisis.


Michala Marcussen on Bloomberg TV

U.S. economy heading towards a more substantial slowdown

Michala Marcussen, Group Chief Economist at Societe Generale, talks about European, U.S., China's economies and policies. She speaks on "Bloomberg Daybreak: Asia."

Watch the interview on Bloomberg TV

Manus Cranny and Yousef Gamal El-Din and Michala Marcussen

How would a 'Hard Brexit' affect the U.K. economy?

Michala Marcussen, group chief economist at Societe Generale, talks about the Brexit negotiations and the implications for the British economy. She speaks with Manus Cranny and Yousef Gamal El-Din on "Bloomberg Daybreak: Middle East."

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Bitcoins, cash and tulips

Bitcoins generated much excitement in 2017, starting off the year valued at just over $1 000 per bitcoin and closing the year at around $10 000, having peaked at close to $19 000 in mid-December 2017. While the extreme volatility of Bitcoin generates both spectacular gains and devastating losses, it significantly reduces the ability of the crypto-currency to serve as a means of payment; the purpose for which it was originally designed. Michala Marcussen, Group Chief Economist, explains the latest trends around the bitcoin.

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Magnifier over a map of France

Leveraging the French paradoxes

Two years into his Presidency, Emmanuel Macron has delivered a flurry of reforms that aim to leverage the strength in the paradoxes of the French economy: high productivity yet improvable education, enviable demographics yet low labour utilisation, relatively low poverty rates yet surprisingly low social mobility…


European Parliament

What is the role of the European Parliament?

Between 23-26 May 2019 (26 May in France) European citizens will vote to elect the next European Parliament (EP), the European Union's (EU) only democratic structure. While, in the course of reforming treaties, Parliament's powers have been considerably strengthened, the European elections have been characterised by significant and growing abstentions.

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Road blocks

Past the peak on growth and rates

The global expansion has lost steam after reaching a peak in 2017. International trade and manufacturing output have slowed amidst weaker demand from China. Political uncertainty (Brexit, US-China trade talks, pace of economic reform in the euro area) mark an additional headwind. The forward guidance from the Fed and the ECB has shifted to a more dovish tone and stock market have rebounded so far in 2019. Yet, fixed-income markets price now weak growth and low inflation for long. Rising unit labour costs in Europe and tighter labour markets in the US could still lead to inflationary surprises and a near-term correction on bond yields could prove a source of financial volatility.

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