Flux Publicationshttps://economic-research.bnpparibas.com/html/en-US/Four-central-banks-just-many-shades-status-5/5/2026,53464helene.baudchon@bnpparibas.comGlobalMonetary policyEconomic growthInflationEconomic policyUnsurprisingly, the Bank of Japan (BoJ), the U.S. Federal Reserve (Fed), the European Central Bank (ECB), and the Bank of England (BoE) opted to keep their policy rates unchanged at their meetings in April. However, beneath this shared decision lie subtle differences that enable us to categorize each central bank based on how ready they are for a rate hike in the near future. The ECB ranks first, followed closely by the BoJ and the BoE, with the Fed remaining apart. Although the current energy shock is a global phenomenon and of a stagflationary nature (leading to lower growth and higher inflation), the dilemma varies for each central bank. The United States is experiencing higher inflation but it is benefiting from higher growth too, while economic activity is expected to be more adversely affected in other countries. Assuming a gradual normalization of the situation in the Middle East, the reaction function of each central bank suggests that we can expect a 25-basis-point (bp) rate hike in June from the ECB, the BoE, and the BoJ, while the Fed is likely to maintain its current stance (albeit with a low but growing risk of aligning with this trend).Tue, 05 May 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/EcoNews-4-2026-5/5/2026,53463GlobalMonetary policyEconomic growthInflationThe latest economic news.Tue, 05 May 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Focus-Impact-Eurozone-activity-inflation-Middle-East-April-2026-data-5/5/2026,53462helene.baudchon@bnpparibas.comEurozoneFiscal policyDeveloped economiesInflationThe energy-led rise in inflation remains contained. But pressures are building and consumer and services confidence is suffering.Tue, 05 May 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Markets-Overview-4-2026-5/5/2026,53461tarik.rharrab@bnpparibas.comGlobalFinancial markets and investmentsEconomic growthInflationEquity indices, currencies, commodities, bond markets.Tue, 05 May 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Energy-shock-four-keys-Central-Europe-resilience-4/27/2026,53444cynthia.kalasopatanantoine@bnpparibas.comEmerging CountriesEmerging EconomiesEconomic growthInflationEnergyThe economies of Central Europe have weathered several shocks since 2020, demonstrating remarkable resilience. In 2025, the US tariff shock had a limited impact on economic activity. In fact, regional growth even accelerated, driven by strong consumer spending. In 2026, the war in the Middle East is once again putting the region to the test, while its fiscal flexibility has been considerably reduced. Uncertainties over the duration of the war are casting a shadow over the economic outlook. In any case, Central Europe can count on four key strengths to weather this shock. Firstly, its direct exposure to risks associated with disruptions in energy and industrial material supplies remains limited. Secondly, and most importantly, the European ‘Recovery and Resilience’ funds, a significant portion of which will be deployed in 2026, offer significant support. Furthermore, monetary authorities still have some room for manoeuvre and, finally, external liquidity positions, alongside public accounts, are fairly robust. Romania appears to be the most exposed country in the region, yet it is demonstrating resilience. Mon, 27 Apr 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/EcoNews-27-April-2026-4/27/2026,53442GlobalEmerging EconomiesDeveloped economiesEconomic growthInflationConsumption and purchasing powerEnergyThe latest economic news.Mon, 27 Apr 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Markets-Overview-27-April-2026-4/27/2026,53443tarik.rharrab@bnpparibas.comGlobalFinancial markets and investmentsEconomic growthInflationEconomic policyEquity indices, Currencies & commodities, and Bond markets.Mon, 27 Apr 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/IMF-Spring-Meetings-Coming-terms-multiple-regime-changes-Realism-Resilience-Rewiring-4/20/2026,53379isabelle.mateosylago@bnpparibas.comUnited StatesFiscal policyFinancial markets and investmentsMonetary policyInternational TradeEconomic growthInflationEnergyEconomic policyArtificial intelligenceDespite the war and energy shocks unfolding in parallel to the Meetings, finance officials, central bankers and other delegates took the situation with a poise that contrasted with the sense of shock that followed Liberation Day. Unable to predict with any degree of confidence how the war would evolve, and hence how large the economic damage would be, delegates focused more than usual on what lies beyond the near-term outlook: regime changes in geopolitics, economics and markets; how to explain and preserve recent resilience; and the multiple ongoing re-wirings of the fabric of the global economy and financial markets. Here are some personal key takeaways.Mon, 20 Apr 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/EcoNews-20-April-2026-4/20/2026,53380GlobalMonetary policyEconomic growthInflationEnergyEconomic policyThe latest economic news.Mon, 20 Apr 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Markets-Overview-20-April-2026-4/20/2026,53381tarik.rharrab@bnpparibas.comGlobalFinancial markets and investmentsEconomic growthInflationEquity indices, Currencies & commodities, and Bond markets.Mon, 20 Apr 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/World-Economy-Take-Stock-Midst-Unfolding-Chaos-4/13/2026,53354isabelle.mateosylago@bnpparibas.comGlobalFiscal policyFinancial markets and investmentsMonetary policyInternational TradeEconomic growthInflationEnergyEconomic policyArtificial intelligenceThis week, Washington DC will host two gatherings that should be important in their own right, and yet are unlikely to be: one is the Spring Meetings of the International Monetary Fund (IMF) and World Bank (WB), which brings into town thousands of top finance and central banking officials as well as private sector delegates from the financial sector and civil society; the other is the peace negotiations between Israel and Lebanon. The former is traditionally an opportunity to take stock and send a combination of reassuring messages to markets and stern admonitions to policymakers. The latter could have been history-making just for taking place. Yet both are certain to be overshadowed by developments in the Persian Gulf and US-Iran talks. Unable to pin down the near-term outlook, delegates are likely to set their sight, more than usual, on longer-fused developments: inexorably rising public debt burdens, global economic governance in the post US-centric age, AI’s economic and geopolitical impacts,and the implications of the rise of private markets and digital finance. Here are five key questions I will seek to get greater clarity on.Mon, 13 Apr 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/EcoNews-13-April-2026-4/13/2026,53355GlobalMonetary policyEconomic growthInflationEnergyThe latest economic news.Mon, 13 Apr 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Markets-Overview-13-April-2026-4/13/2026,53356tarik.rharrab@bnpparibas.comGlobalFinancial markets and investmentsEconomic growthInflationEquity indices, Currencies & commodities, and Bond markets.Mon, 13 Apr 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Refined-petroleum-products-should-worried-about-shortages-Europe-4/7/2026,53342pascal.devaux@bnpparibas.comGlobalEconomic growthInflationConsumption and purchasing powerEnergyEconomic policyThe war in the Middle East has caused significant disruptions in the market for refined petroleum products, affecting not only Asia but also Europe. For the time being, the situation in Europe remains under control, largely thanks to stock levels that provide visibility for around one month. Nevertheless, Europe’s dual reliance on suppliers in the Gulf and Asia calls for caution. Supply status in the European market will be influenced by geopolitical developments in the Gulf and whether Asian producers choose to prioritise supplying their domestic markets. Tue, 07 Apr 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/EcoNews-7-April-2026-4/7/2026,53345GlobalMonetary policyEconomic growthInflationThe latest economic news.Tue, 07 Apr 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Focus-Eurozone-4/7/2026,53343helene.baudchon@bnpparibas.comEurozoneEconomic growthInflationEnergyEconomic policyTwo measures of inflation (including and excluding energy) and six survey data points to track the impact of the latest energy shock—caused by the war in the Middle East—on economic activity and prices in the euro area. This Focus also highlights how closely the current situation mirrors that of 2022, when the conflict in Ukraine began.Tue, 07 Apr 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Markets-Overview-7-April-2026-4/7/2026,53341tarik.rharrab@bnpparibas.comGlobalFinancial markets and investmentsEconomic growthInflationEquity indices, Currencies & commodities, and Bond markets.Tue, 07 Apr 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Gulf-Financial-Markets-Sleepwalking-3/30/2026,53330isabelle.mateosylago@bnpparibas.comUnited StatesGlobalDeveloped economiesFinancial markets and investmentsEconomic growthEnergyAsset prices have been moving in unusual ways since the onset of the Gulf War (no safe havens, limited dollar rally and de-risking). Do financial markets know something we don’t, has something fundamentally changed in the way asset prices reflect economic expectations, or are they simply malfunctioning and about to swing wildly as things normalise? Unfortunately, it is impossible to know for sure, and what’s more, these hypotheses are not mutually exclusive. So far, markets appear to expect an inflation spike, met with a firm central response, with limited damage to growth, and a relatively swift return of inflation to target range. That may turn out to be correct. But far worse outcomes are also very plausible. Not seeing them priced in to a greater degree helps limit damage to growth in the near term, but could cause trouble if this changes abruptly.Mon, 30 Mar 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/EcoNews-30-March-2026-3/30/2026,53332GlobalMonetary policyEconomic growthInflationThe latest economic news.Mon, 30 Mar 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Markets-Overview-30-March-2026-3/30/2026,53331tarik.rharrab@bnpparibas.comGlobalFinancial markets and investmentsEconomic growthInflationEquity indices, Currencies & commodities, and Bond markets.Mon, 30 Mar 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/16-21-near-universal-central-banks-status-today-about-tomorrow-3/23/2026,53317helene.baudchon@bnpparibas.comGlobalMonetary policyEconomic growthInflationEconomic policyThe week of 16–20 March was particularly busy on the monetary policy front. No fewer than 21 central banks met against the backdrop of a common exogenous factor: the conflict in the Middle East that broke out in late February 2026. Prior to the onset of the conflict, 12 to 15 of these banks were either in an easing cycle or preparing to implement rate cuts. Ultimately, regarding policy rates, sixteen banks maintained the status quo, two opted for an increase and three for a cut. We present an overview of the context and the terms of the debate around several questions: 1/ What impact has the war in the Middle East had on these monetary policy decisions (how has the outcome shifted from what was expected before the offensive began to the current situation)?; 2/ How concerned are central banks about current developments and the risk of stagflation (are they prepared to change course, and in what direction)?Mon, 23 Mar 2026 00:00:00 +0100© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/EcoNews-23-March-2026-3/23/2026,53315GlobalMonetary policyEconomic growthInflationThe latest economic news.Mon, 23 Mar 2026 00:00:00 +0100© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Markets-Overview-23-March-2026-3/23/2026,53316tarik.rharrab@bnpparibas.comGlobalFinancial markets and investmentsEconomic growthInflationEquity indices, Currencies & commodities, and Bond markets.Mon, 23 Mar 2026 00:00:00 +0100© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Emerging-developing-countries-will-weather-energy-shock-3/16/2026,53303francois.faure@bnpparibas.comEmerging CountriesEmerging EconomiesFinancial markets and investmentsFinancial regulationsMonetary policyBanking economicsEconomic growthInflationEnergyEconomic policyAs in 2022, the energy shock will affect emerging and developing economies. Today, as in the past, this shock is a negative-sum game between importing and exporting countries. Furthermore, although this is basically a supply shock, central banks in emerging economies may tighten their policies if they need to counter downward pressure on exchange rates, in order to prevent inflation from rising too sharply. However, compared to 2022, there are mitigating factors: 1/ the absence of a shock to agricultural commodity prices so far; 2/ AI, which is an external growth driver for Asian countries in particular; and 3/ the Fed is expected to adopt a more accommodative stance than in 2022 in response to the anticipated rise in inflation. In terms of the solvency and liquidity of public finances and external accounts, emerging economies are no more vulnerable than in 2022. However, some developing countries still face vulnerabilities. The impact on energy balances is putting pressure on interest rates and exchange rates, although this pressure remains limited for now. Mon, 16 Mar 2026 00:00:00 +0100© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/EcoNews-16-March-2026-3/16/2026,53305GlobalMonetary policyEconomic growthInflationThe latest economic news.Mon, 16 Mar 2026 00:00:00 +0100© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Markets-Overview-16-March-2026-3/16/2026,53304tarik.rharrab@bnpparibas.comGlobalFinancial markets and investmentsEconomic growthInflationEquity indices, Currencies & commodities, and Bond markets.Mon, 16 Mar 2026 00:00:00 +0100© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Deployment-AI-initial-feedback-3/9/2026,53293jean-luc.proutat@bnpparibas.comUnited StatesGlobalEmployment and labour market Artificial intelligenceAlthough artificial intelligence (AI) has been around for a long time, its widespread use in the world of work, particularly in the service sector, is a new phenomenon that raises many questions. Which sectors or professions will be affected? Which others will benefit? Will the expected productivity gains materialise? Observing trends in the United States, where it all began, already provides some answers.Mon, 09 Mar 2026 00:00:00 +0100© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/EcoNews-9-March-2026-3/9/2026,53296GlobalMonetary policyEconomic growthInflationThe latest economic news Mon, 09 Mar 2026 00:00:00 +0100© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Markets-Overview-9-March-2026-3/9/2026,53294tarik.rharrab@bnpparibas.comGlobalFinancial markets and investmentsEconomic growthInflationEquity indices, Currencies & commodities, and Bond markets.Mon, 09 Mar 2026 00:00:00 +0100© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Readiness-2030-year-announcement-European-rearmament-plan-track-3/2/2026,53248stephane.colliac@bnpparibas.comEuropean unionFiscal policyEconomic growthEconomic policyFollowing the announcement on 4 March 2025 of a joint plan to invest EUR 800 billion in defence within the European Union (EU) by 2030, Member States have been gearing up for action. One year on, the initial assessment is fairly positive. Promises are being kept and, according to our estimates, EU countries spent nearly EUR 400 billion in 2025, slightly more than expected. Germany, the countries of Northern Europe and those that spent the least (including Spain) have agreed to a significant increase in spending. They are therefore aligning with the countries of Central and Eastern Europe that had already implemented this effort (in particular Poland and the Baltic states). Investment represents a growing share of expenditure and R&D is increasing rapidly. Spillover effects are emerging in European industry, contributing to the rebound in its production. Member States and the European Union have adopted instruments, which were virtually non-existent before, to facilitate the additional increase in investment in 2026. Military spending is projected to reach 2.5% of European GDP (+0.6 pp more in two years) and exceed the 2% of GDP threshold in over three-quarters of Member States.Mon, 02 Mar 2026 00:00:00 +0100© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/EcoNews-2-March-2026-3/2/2026,53250GlobalMonetary policyEconomic growthInflationThe latest economic news.Mon, 02 Mar 2026 00:00:00 +0100© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Markets-Overview-2-March-2026-3/2/2026,53251tarik.rharrab@bnpparibas.comGlobalFinancial markets and investmentsEconomic growthInflationEquity indices, Currencies & commodities, and Bond markets.Mon, 02 Mar 2026 00:00:00 +0100© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/From-mines-microchips-emerging-countries-capitalise-demand-AI-2/24/2026,53236christine.peltier@bnpparibas.comEmerging CountriesEmerging EconomiesFinancial markets and investmentsInternational TradeEconomic growthInflationEconomic policyArtificial intelligenceWith the rise of artificial intelligence (AI), emerging countries with strategic resources—such as critical metals and semiconductor production capacities—are becoming key players. Countries that are well positioned within AI supply chains benefit from both an economic growth engine and an asset to leverage in their international relations. Industrialised countries in Asia, which account for over 85% of the global export of electronic chips, are best placed to capitalise on the increasing demand for AI. However, this advantage comes with greater exposure to the risk of a technology market correction. Countries that extract minerals that are vital to AI also have an advantage; forming partnerships that help attract foreign investment will be the key to positioning themselves more centrally in AI supply chains. Finally, whether they are producers of minerals or chips, these countries are all exposed to the risks associated with the high concentration of major AI players in a context of heightened geopolitical tensions.Tue, 24 Feb 2026 00:00:00 +0100© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/EcoNews-23-February-2026-2/24/2026,53237GlobalEmerging EconomiesDeveloped economiesMonetary policyEconomic growthInflationThe latest economic news.Tue, 24 Feb 2026 00:00:00 +0100© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Markets-Overview-23-February-2026-2/24/2026,53238tarik.rharrab@bnpparibas.comGlobalFinancial markets and investmentsEconomic growthInflationEquity indices, Currencies & commodities, and Bond markets.Tue, 24 Feb 2026 00:00:00 +0100© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Global-trade-didn-just-survive-Liberation-came-stronger-2/17/2026,53224isabelle.mateosylago@bnpparibas.comUnited StatesFinancial markets and investmentsInternational TradeEmployment and labour market Economic growthInflationEnergyEconomic policyArtificial intelligenceWhen Donald Trump ran and won in 2024 on a campaign to “make America Great Again” by building a tariff wall around the US, very few voices rose to defend free trade, outside of international organisations whose creed it is to defend it. After “Liberation Day”, economic forecasters braced themselves for a global trade war. But nothing of the sort happened. Instead, 2025 ended up being an all-time record year for trade liberalisation measures. 2026 is not even two-month-old and has already seen several giga-trade deals signed, two of which by India, one of the countries with the highest tariffs in the world, and there are more signs that the tide is turning. Yet, looking more closely, this is more than a pendulum shift: unlike in the earlier waves of trade liberalisation, the goal is not just “more trade” but “smarter trade”, preserving the gains and reducing the losses from earlier waves. This is good news for the global economy.Tue, 17 Feb 2026 00:00:00 +0100© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/EcoNews-16-February-2026-2/17/2026,53226GlobalMonetary policyEconomic growthInflationThe latest economic news.Tue, 17 Feb 2026 00:00:00 +0100© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Markets-Overview-16-February-2026-2/17/2026,53227tarik.rharrab@bnpparibas.comGlobalFinancial markets and investmentsEconomic growthInflationEquity indices, Currencies & commodities, and Bond markets.Tue, 17 Feb 2026 00:00:00 +0100© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Electricity-prices-significant-economic-electoral-concern-midterms-2/10/2026,53216Anis BENSAIDANIanis.bensaidani@bnpparibas.comPascal DEVAUXpascal.devaux@bnpparibas.comUnited StatesEmployment and labour market Economic growthInflationEnergyArtificial intelligenceOptimism surrounding the deployment of artificial intelligence (AI) has become a key driver of economic growth in the United States. But this is not without its drawbacks: the energy-intensive nature of AI is putting pressure on the electricity markets and pushing prices higher – a trend that is set to continue in 2026. This poses a challenge not only for the competitiveness of American businesses but also, due to the resulting inflationary pressures, for households. It also creates a political problem for the Trump administration as the midterm elections draw near, where the issue of affordability will take centre stage. The underlying causes of tensions in the electricity markets are also structural (ageing infrastructure, limited production capacity), while President Trump's ability to respond quickly will be limited by technological constraints and time.Tue, 10 Feb 2026 00:00:00 +0100© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/EcoNews-9-February-2026-2/10/2026,53217GlobalMonetary policyEconomic growthInflationThe latest economic news.Tue, 10 Feb 2026 00:00:00 +0100© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Markets-Overview-9-February-2026-2/10/2026,53218tarik.rharrab@bnpparibas.comGlobalFinancial markets and investmentsEconomic growthInflationEquity indices, Currencies & commodities, and Bond markets.Tue, 10 Feb 2026 00:00:00 +0100© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Five-good-reasons-positive-about-Europe-2026-beyond-2/3/2026,53195stephane.colliac@bnpparibas.comEuropean unionEurozoneFiscal policyInternational TradeEmployment and labour market Economic growthInflationEconomic policyEurope is getting better and better. It has not been spared shocks, notably the war in Ukraine – its impact on energy prices is largely responsible for German stagnation – and political uncertainty in France, which affected French GDP growth in 2025. But Europe is overcoming these difficulties. GDP Growth in the Eurozone proved robust, at 1.5%, and 2026 should be a positive year, even more than in 2025. Industry has emerged from recession, buoyed by defence, aeronautics and AI, while households are showing purchasing intentions not seen since February 2022. All these factors will help Europe to continue building its strategic autonomy. The context is favourable and Europe is becoming increasingly credible in the eyes of investors.Tue, 03 Feb 2026 00:00:00 +0100© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/EcoNews-3-February-2026-2/3/2026,53196GlobalMonetary policyEconomic growthInflationThe latest economic news.Tue, 03 Feb 2026 00:00:00 +0100© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Markets-Overview-3-February-2026-2/3/2026,53193tarik.rharrab@bnpparibas.comGlobalFinancial markets and investmentsEconomic growthInflationEquity indices, Currencies & commodities, and Bond markets.Tue, 03 Feb 2026 00:00:00 +0100© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/2026-year-European-sovereignty-payments-1/26/2026,53179Sébastien Marinotsebastien.marinot@bnpparibas.comLaurent QUIGNONlaurent.quignon@bnpparibas.comEuropean unionEurozoneDeveloped economiesFinancial markets and investmentsFinancial regulationsMonetary policyBanking economicsThe issue of European sovereignty has been on everyone's mind recently. Among its many dimensions, sovereignty in retail digital payments is often cited as an urgent gap to be filled. In fact, two-thirds of digital payments in the Eurozone rely on non-European providers, mainly American. However, this situation is not inevitable, and 2026 could well be the year when a European alternative takes off and reaches critical mass. Mon, 26 Jan 2026 00:00:00 +0100© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/EcoNews-26-January-2026-1/26/2026,53180GlobalMonetary policyEconomic growthInflationThe latest economic newsMon, 26 Jan 2026 00:00:00 +0100© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Markets-Overview-26-January-2026-1/26/2026,53177tarik.rharrab@bnpparibas.comGlobalFinancial markets and investmentsEconomic growthInflationEquity indices, Currencies & commodities, and Bond markets.Mon, 26 Jan 2026 00:00:00 +0100© BNP Paribas - 2016