Business insolvencies started to increase again in Western Europe during 2022. In the United Kingdom and Sweden, where growth has deteriorated since the start of 2022, these insolvencies were even higher than their pre-Covid level, with a more significant increase in retail and wholesale trade. In the Eurozone, insolvencies are still below pre-Covid levels, but the current tightening of credit conditions raises the risk that they will reach those levels during 2023. This also applies to France, where there is a risk of wider negative consequences, in particular because these insolvencies take the form of liquidations to a greater extent than before Covid.
