International economy: an improving outlook at the end of the year
Despite the context of uncertainty, which is likely to continue, there are some reasons for optimism at this year-end in the international economic scenario: positive developments in the bottlenecks in global value chains since the summer (stocks have recovered) and the good performance of energy prices (gas and oil) have granted the first break in a long time to the supply constraints that have been weighing on the international economy for the last two years. With a robust labour market and monetary policy normalisation happening without any major financial crashes, let's hope this is the tone for the whole of 2023.