Macro Waves

Hosted by BNP Paribas Economic Research

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Jun 2026

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Stories about money and markets : Monthly talks from the Economic Research department of BNP Paribas. Hosted on Ausha. See ausha.co/privacy-policy for more information.

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June 11, 202611 min

Conflict in the Middle East: analysis of the consequences for advanced economie

Since the outbreak of the conflict in the Middle East on 28 February, energy markets have experienced increased volatility, with a marked rise in oil and gas prices. However, our analysis indicates that the impact on advanced economies is likely to be moderate, provided that the blockade of the Strait of Hormuz does not drag on. What mechanisms are at work and what risks have been identified?In this new episode, Lucie Barette and Marianne Mueller analyse the consequences of the current energy shock triggered by the conflict in the Middle East on advanced economiesBNP Paribas Economic Research websiteHosted on Ausha. See ausha.co/privacy-policy for more information.

April 30, 202613 min

How can Europe attain energy sovereignty?

Welcome to this new episode of MacroWaves, the podcast from BNP Paribas’s Economic Research department. In this episode, we’re joined by Pascal Devaux to discuss a crucial issue for Europe: its energy dependence. Reliance on imports highlights the European Union’s lack of energy sovereignty. This applies to both the primary energy mix and the infrastructure needed for its low-carbon transition.The EU is making progress, however, albeit very slowly.To what extent is the European Union dependent? What approaches could enable it to reverse the trend, or at least make progress? That is what we will explore in this episode.https://economic-research.bnpparibas.com/Home/en-USHosted on Ausha. See ausha.co/privacy-policy for more information.

April 3, 202612 min

AI, a new strategic driver for emerging economies

In this new episode of MacroWaves, we examine how artificial intelligence is reshaping growth in emerging economies. We hear from three economists at BNP Paribas Economic Research: Lucas Plé, Christine Peltier, and Hélène Drouot.While Asia dominates semiconductor production, other countries, such as those in Latin America and Africa, are either exploiting their mineral resources or falling behind.What challenges will they face? The answers lie in moving upmarket, securing energy supplies and avoiding increased geopolitical dependence in order to transform this opportunity into sustainable productivity gains.https://economic-research.bnpparibas.com/Home/en-USHosted on Ausha. See ausha.co/privacy-policy for more information.

February 23, 202610 min

Public finances in advanced economies: significant yet surmountable constraints?

Between rising interest rates, an ageing population and massive rearmament needs, the budgetary equation for advanced economies is becoming increasingly complex. Why is debt continuing to grow in the United States and France, while it is falling in Spain and Italy? How does Germany intend to finance its infrastructure and defence without jeopardising its budgetary stability?In this new episode of En Eco dans le texte, Stéphane Colliac, Marianne Mueller and Benjamin Puiseux explain the inner workings of public debt. They also explore reasons for optimism: from the impact of artificial intelligence on productivity to reforms in the employment rate of senior citizens.These are certainly significant constraints, but are they really insurmountable? Delve into the issues that will shape global economies between now and the end of the decade.https://economic-research.bnpparibas.com/Home/en-USHosted on Ausha. See ausha.co/privacy-policy for more information.

January 15, 202610 min

In 2026: Consumption to rebound in the Eurozone and to modaterate in the US?

Hello, everyone, and welcome to another episode of Macro Waves, the BNP Paribas Economic Research podcast. Today, we're looking at household consumption, which remains the main driver of growth in both the Eurozone and the United States. As we all know, household consumption suffered a major negative shock during the COVID-19 pandemic. Since then, growth has remained very moderate in the Eurozone, while it has accelerated sharply in the United States. After the pandemic, the inflationary crisis and contrasting economic policies of recent years, where do we stand on either side of the Atlantic?https://economic-research.bnpparibas.com/Home/en-USHosted on Ausha. See ausha.co/privacy-policy for more information.

December 4, 202510 min

Emerging economies — Solid growth, limited room for manoeuvre

In today’s discussion, we delve into the public finances of emerging economies in 2025, based on an exclusive analysis of our most recent EcoPerspectives issue focused on these economies. With robust but slowing growth, rising public debt and limited fiscal flexibility, what challenges and opportunities lie ahead for these countries?That's what we're going to explore with Hélène Drouot, an expert on Latin America and Lucas Plé, who specialises in sub-Saharan Africahttps://economic-research.bnpparibas.com/Home/en-USHosted on Ausha. See ausha.co/privacy-policy for more information.

November 4, 20259 min

International trade: after the US tariff offensive, an ever more multipolar world

https://economic-research.bnpparibas.com/Home/en-USSince Donald Trump's return to the White House in 2025, the United States has massively increased its tariffs. As a result, trade flows to the US have been disrupted, but has this affected the dynamics of global trade? And above all, are we heading towards a major restructuring of global trade?Fins out more here: EcoPerspectives — Advanced Economies | 3rd Quarter 2025– Economic Research – BNP ParibasHosted on Ausha. See ausha.co/privacy-policy for more information.

July 25, 202519 min

Global Economy: Issues to watch in the second half of 2025

As we enter the second half of the year, and after a first half marked in particular on the economic front by the tariff war initiated by the United States, we suggest that we pause and look back for a moment. This will allow us to understand the dynamics that have shaped our economies over the last six months. It will also help us to identify to what extent and in what way they will impact the economic outlook for the second half of the year. What scenario should we expect?Hosted on Ausha. See ausha.co/privacy-policy for more information.

July 9, 202517 min

What are the effects of US tariff policy on global trade and emerging economies?

To highlight the publication of the second quarter issue of EcoPerspectives Emerging Economies, three members of the Emerging Economies team speak in ‘MacroWaves’: Christine Peltier, Cynthia Kalasopatan Antoine and Lucas Plé. This is an opportunity to take stock of the specific challenges facing countries.In this podcast, our economists review the consequences of US tariff increases on global growth, the dynamics of international trade reconfiguration, and the reorganisation of value chains. We will analyse the effects of these upheavals on emerging countries.Hosted on Ausha. See ausha.co/privacy-policy for more information.

May 23, 202518 min

In 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 #ukReading advice :Équipe Économies Avancées | EcoPerspectives — Économies Avancées | 2ème trimestre 2025 – Etudes Economiques – BNP ParibasSound 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 - YouTubeExtract from Jérome Powell's speech at the May 7, 2025 FOMC press conference.# FOMC Press Conference May 7, 2025Extact 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 2025Hosted on Ausha. See ausha.co/privacy-policy for more information.