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22/10/2025 Research EN
Hungary: fiscal outlook hinges on economic recovery and spending discipline
With only slowly recovering economic growth and structurally high interest costs, Hungary needs sustained fiscal discipline to ensure budget deficits narrow gradually and debt-to-GDP stabilises before and after parliamentary elections due next spring.

21/10/2025 Research EN
Europe’s digital finance transformation: implications for financial autonomy and market resilience
Aligning the tracks of Europe’s digital finance landscape will reinforce the euro’s global role, increase resilience against economic fragmentation and enhance European autonomy. Slow movers among European banks could face revenue and funding pressures.

21/10/2025 Research EN
EU’s complex plan to unlock frozen Russian assets is vital for financing Ukraine
The European Commission (EC) has prepared an innovative if complex plan to mobilise seized Russian assets to fund Ukraine. This initiative is critical given the absence of any credible alternative for providing sustained financial support.

16/10/2025 Research EN
Norwegian savings banks: equity capital structure proposals will have limited credit implications
Less dilution of equity capital certificates issued at a discount to book value would support savings banks’ credit profiles, but maintaining the cap on ECC holder representation on supervisory boards could have negative implications.

15/10/2025 Research EN
Spain’s renewable energy push risks running into reliability, pricing, investment obstacles
Spain needs to encourage more investment in its electricity grid and storage capacity by allowing utilities to earn higher returns while ensuring growing volumes of renewable energy do not distort market pricing.

8/10/2025 Research EN
Slovakia: increasing consolidation fatigue challenges medium-term fiscal sustainability
Slovakia’s government is continuing efforts to reduce the budget deficit despite sluggish growth but the risk of missing targets amid worsening fiscal fatigue is rising. Use of temporary measures raises doubts over the durability of the adjustments.

7/10/2025 Research EN
European electricity: Germany, Netherlands, Belgium grapple with EUR 200bn-plus grid capex challenge
Germany, the Netherlands and Belgium need far more investment to modernise their electricity transmission grids through 2034 than southern European countries, hence the importance of having secured most of the EUR 200bn-plus in required funding.

2/10/2025 Research EN
Poland: fiscal slippage contained by EU financing; political divides impede budget consolidation
Poland’s structurally embedded spending increases and wider budget deficits highlight its fiscal vulnerabilities as institutional gridlock hampers any durable adjustment. Yet resilient growth and EU financial support are containing debt-servicing costs.

2/10/2025 Research EN
European CRE/CMBS: retail leads the way in loan repayments, signalling improved fundamentals
Almost EUR 1.9bn has been repaid from 13 securitised CRE loans in 2025. This is below EUR 7.1bn of issuance, but the decrease in delinquent loans from 37% in 2024 to 21% offers some comfort around the performance and fundamentals of underlying properties.