Macro Waves

By BNP Paribas Economic ResearchNews News Commentary Business News

Macro Waves episodes

May 23, 2025In the turmoil of US tariffs: what effects on developed economies?
In this new Podcast, we take a look at the short- to medium-term economic outlook for the major advanced economies, analysing the impact of trade tensions, the room for manoeuvre available and the expected economic dynamics.
#growth #inflation #monetarypolicy #us #eurozone #uk

Reading advice :
Équipe Économies Avancées | EcoPerspectives — Économies Avancées | 2ème trimestre 2025 – Etudes Economiques – BNP Paribas

Sound credit :
Extact from the speech of Pierre-Olivier Gourinchas, chief economist at the IMF, during the IMF World Economic Outlook' press briefing, April 2025.
# Press Briefing: World Economic Outlook, April 2025 - YouTube
Extract from Jérome Powell's speech at the May 7, 2025 FOMC press conference.
# FOMC Press Conference May 7, 2025
Extact from the speech by Christine Lagarde, Président of the ECB, at the announcement of the ECB's latest monetary policy decisions, April 17, 2025.
# President Lagarde presents the latest monetary policy decisions – 17 April 2025

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19 min
June 26, 2024 Audiobrief | Self-employment back to the future
In this Audiobrief, Stéphane Colliac discusses selfemployment in France. It has been growing again for almost 20 years, particularly in household services, but also in business services. In France, which has created nearly 420000 jobs a year over the last 5 years, self-employment has represented almost one job creation out of 5.

Economic Research Website

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7 min
May 28, 2024 Audiobrief | The European Union's trade balance: back in surplus
In this Audiobrief, Guillaume Derrien discusses recent evolution of the European Union's trade balance. The latter moved back to a surplus in 2023. Despite China’s ramping up to higher value-added sectors, the EU trade surplus in traditionally buoyant industries (pharmaceuticals, automotive) remains at historically-high levels.

Economic Research Website
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6 min
March 13, 2024 Audiobrief | French trade deficit: France is relatively deindustrialised but investing
In this audiobrief, Stéphane Colliac describes France’s trade deficit for 2023 main drivers. In addition to a deficit linked to imports of hydrocarbons and a structural deficit reflecting the country’s de-industrialisation, it is also driven by France’s investment in the needs arising from the ecological and digital transition and the electrification of the car industry.

Economic Research Website
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6 min
December 21, 2023 #2 - Geopolitical uncertainty: economic consequences
In the second podcast on geopolitical uncertainty and its economic consequences, Daniel Morris and William De Vijlder look more closely at the impact of geopolitical uncertainty on firms, households and financial markets.

Economic Research Website
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22 min
December 19, 2023 #1 - Geopolitical uncertainty: economic consequences
In two podcasts Daniel Morris, Chief Market Strategist of BNP Paribas Asset Management discusses with William De Vijlder, Group Chief Economist of BNP Paribas the impact of geopolitical uncertainty on the economy. In this first podcast, they look at economic and geopolitical uncertainty, why it matters and how it can be measured.

Clic here to consult the graphic

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18 min
October 19, 2023 #2 - Looking beyond the peak
In the second and last episode of the series on central banks and their fight against inflation, Andrew Craig and William de Vijlder are looking beyond the peak and discuss what will come next. Among the questions are: how long will central banks hold rates at these levels? How long will they plateau at these current levels? what come after that?

Economic Research Website
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14 min
October 12, 2023 #1 - Central banks and their fight against inflation. Job done?
In this series of two podcasts Andrew Craig, co-head of the Investments Insight Center at BNP Paribas Asset Management, interviewed William de Vijlder, group chief economist of the Economic Research of BNP Paribas regarding the central banks policies to fight inflation. Among the questions answered in the first episode are:Are we at the peak or can we expect further rates hikes? Is the inflation going to declines? at which pace?

Economic Research Website
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25 min
May 31, 2023 #3 - National recovery plan Espana 2050: Towards a productivity recovery?
In this third and final episode of the series dedicated to labour productivity in Spain, signs of encouragement for a recovery in Spanish productivity are presented, in particular thanks to a national recovery plan (2021-2026) that is in line with the España 2050 strategy, which consists of raising R&D investment.

Economic Research Website
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9 min
May 24, 2023 #2 - Why Is Productivity Growth So Low?
In this second episode of the series on labour productivity in Spain, Hélène Baudchon and Guillaume Derrien discuss the three main factors that explain Spain's low productivity.

Economic Research Website
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8 min