RaboResearch - Economic Research

Maartje Wijffelaars

Senior economist Eurozone

Maartje Wijffelaars covers political and economic developments in Italy, Spain and the broader Eurozone economy.

On top of that, she writes about cross-border topics such as the (trade) relationship between the EU and the US. Maartje has worked at the economic research department of Rabobank since 2013. She previously worked at the University of Antwerp. There she analysed the relationship between financial institutions and government debt in the Eurozone, at the time of the global financial and Eurozone debt crisis. Maartje has studied International Economics and Finance at Tilburg University.

Publications Maartje Wijffelaars


Ukraine war poses a threat to EU industry

The Ukraine war has sparked another supply chain crisis. EU industry will be impacted via higher prices of both energy and non-energy commodities, lengthened delivery times of inputs and possibly shortages. Germany and Italy are relatively vulnerable.



US and European natural gas prices have jumped to multi-year highs; to the extent that comparisons with the 1970’s oil crises are perhaps not as far-fetched as some would think.

Economic Update

Spain: Reopening of the economy boosts the recovery

The reopening of the economy has spurred economic activity in the services sector. In Q2 GDP grew with 2.8%. The recovery is set to continue with again strong albeit slowing growth rates in the coming quarters. GDP will reach its pre-crisis level end- 2022.


Three scenarios for EU-China Relations: But one direction of travel?

Tensions between the EU and China have increased considerably and some decoupling is likely. With a vulnerability heat map, we show that a sharp deterioration of EU-China relations would have negative implications for the entire EU, but mostly for Germany.

Economic Report

Eurozone economy resumes recovery in second quarter of 2021

The reopening of euro area economies has spurred economic activity. Eurozone GDP grew with 2% q/q in 2021Q2. The recovery should be sustained in the coming quarters. The Delta variant is mainly a risk for the outlook of tourism dependent economies.


The Carbon Border Adjustment Mechanism explained

The Carbon Border Adjustment Mechanism introduces a carbon levy on some EU imports. It should help create a carbon level playing field for EU producers. The EU seems to prefer international cooperation on climate, but will move forward if partners move too slow.

Economic Update

Italy: Economic outlook is improving as the economy is opening up

Italy started the year on a weak footing, but the outlook has been brightening over the past weeks. The economy is opening up and activity has been rapidly gaining speed. We forecast the economy to be back at its pre-COVID level in 2023Q1.

Economic Report

EU Recovery fund officially ready for take-off

The European Commission has received an official go to start borrowing money to finance the EU recovery fund. Funds can start to flow to Member States this Summer. We estimate that these funds will lift Eurozone GDP by 0.5% over this and next year.