Analysis
of 2012

As announced at the end of 2011, the macro-economic situation has been somewhat bleak. Even so, there has been some room for optimism, as financial stability appears to have increased in the eurozone and the tax consolidation efforts have improved the competitiveness of the more depressed economies. There have also been some signs of improvement in confidence, although this has not yet given rise to changes in economic activity.

Nevertheless, consumption remains sluggish in the eurozone and there is strong pressure on brands and prices. In the United States, despite the upturn in private consumption and the level of debt in household economies, prices still exert a strong influence on purchase decisions.

Full pdf