20 April 2026 Eurozone Monitor Energy shock tests Italy's fiscal rectitude more than Spain's

• Italy risks breaching the EU’s 3% deficit-to-GDP rule in the event of a prolonged energy shock.
• Spain’s budget stalemate since late 2022 gives it the fiscal firepower to mitigate the hit to its economy.
• Borrowing costs could climb higher still, but policy backstops will keep EZ bond markets relatively calm.

EZ Datanote: Final Inflation, Eurozone, March 2026

In one line: Inflation is headed for 3%, and it will stay close to this level for a while. 

EZ Datanote: Industrial Production, Eurozone, February 2026

In one line: EZ industry was probably a drag on Q1 growth. 

EZ Datanote: Final Inflation, France, March 2026

In one line: On track for around 2.5% in May. 

EZ Datanote: Industrial Production, Italy, February 2026

In one line: Industrial production likely fell over Q1.

EZ Datanote: Final Inflation, Germany, March 2026

In one line: Lifted by soaring energy inflation, but the core and food will rise too in due course. 

13 April 2026 Eurozone Monitor Spain's growth streak was faltering even before the energy shock

• Data out to February show that Spain’s growth streak was faltering even before the energy shock.
• Industrial production, retail sales and construction all likely declined over Q1.
• But record-high employment and fiscal support likely kept growth from grinding to a halt last quarter.

EZ Datanote: Industrial Production, Spain, February 2026

In one line: Spanish industry was performing poorly even before the energy shock. 

EZ Datanote: Industrial Production & Trade Balance, Germany, February 2026

In one line: Industrial production fell in Q1, but net trade in goods rose sharply. 

EZ Datanote: Retail Sales, Eurozone, February 2026

In one line: Decline will be exacerbated over the coming months.

EZ Datanote: Construction PMI, Eurozone, March 2026

In one line: New orders stung by surge in input prices. 

EZ Datanote: Factory Orders, Germany, February 2026

In one line: Strong gain in core orders. 

EZ Datanote: Sentix, Eurozone, April 2026

In one line: Downside risks are widening for Q2. 

7 April 2026 Eurozone Monitor Further rise in price pressures will keep the SNB on the sidelines

• Higher energy prices in March more than offset the disinflationary impact of the strong Swiss franc.
• But a decline in domestic inflation kept the headline rate from rising as much as the consensus expected.
• Headline inflation will rise further this year, as domestic price pressures are building.

EZ Datanote: Unemployment, Germany, March 2026

In one line: Stable, but renewed risks now loom. 

EZ Datanote: Advance Inflation & Consumers' Spending, France, March/February 2026

In one line: Risks tilted to upside for EZ inflation; spending stung by weakness in both core and energy. 

EZ Datanote: Retail Sales, Germany, February 2026

In one line: Slowing before the energy shock. 

EZ Datanote: Advance Inflation, Germany, March 2026

In one line: Up and away, and more gains are coming.