Les économies mondiale et européenne demeurent résilientes, même en tenant compte du ralentissement mondial modéré de 2025. Mais les risques pesant sur la reprise augmentent, soulignant des perspectives négatives à moyen terme.

The global and European economies have been resilient in recent years even accounting for the modest global slowdown of 2025. But risks for the recovery are rising, underscoring a negative medium-run global macro and credit outlook.

Elevated geopolitical tensions, deeper political polarisation and persistent fiscal challenges outweigh the potential for stronger growth and instances of fiscal resilience, driving our overall negative sovereign credit outlook.

France’s intrinsic resilience underpins our four-notch rating differential with Italy, as similar funding conditions contrast with different budgetary dynamics and governance challenges, although rating convergence is now more likely in the years ahead.

Tuesday, November 25th 2025 - 3:00 PM (CET)

Scope has published the annual update of its General Project Finance Rating Methodology. The changes are mainly editorial and aimed at providing further clarity and ensuring consistency with Scope’s other rating methodologies and rating definitions.

Scope seeks market participants’ feedback on analytical developments

Europe is seeing rapid growth in data centres – facilities notorious for high resource consumption – often in regions already facing water stress. The trend adds a significant sustainability challenge on top of the data centres’ heavy energy consumption.

Webinar: Wednesday, November 5th 2025 - 3:00 PM (CET)

The claim that Europe’s gradual economic and geopolitical decline is irreversible is overstated. But it will require a strategic political shift to change the current trajectory.