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Keyword: eurozone

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  • Soaring Energy Costs Push Eurozone Inflation to Highest Level in 13 Years

    10/01/2021 11:31:58 AM PDT · by MNJohnnie · 5 replies
    The Epoch Times ^ | 10-01-21 | Tom Ozimek
    Inflation in the 19 European countries that share the euro hit a 13-year high, challenging the European Central Bank’s (ECB) view that price pressures are largely benign and will soon fade. Consumer price inflation in the eurozone accelerated to 3.4 percent over the year in September, up from 3 percent a month earlier and 2.2 percent the month before that, according to Oct. 1 data (pdf) from Eurostat, the European Union’s statisics agency. That’s the highest reading since September 2008 and slightly ahead of analyst forecasts of 3.3 percent. A surge in energy costs was behind the bulk of the...
  • Eurozone: Worst GDP Contraction In History

    07/31/2020 7:35:57 AM PDT · by SeekAndFind · 10 replies
    Score Priority Club ^ | 07/30/2020 | Erik-Jan van Harn, economist at Rabobank
    By Erik-Jan van Harn, economist at Rabobank Summary The Eurozone economy contracted by 12.1% in the second quarter. The German, French, Spanish and Italian economy contracted by 10.1%, 13.8%, 18.5% and 12.4% respectively Sentiment indicators point towards a pickup in economic activity, but do not towards a Vshaped recovery As long as there is no vaccine the probability of a second wave is real. Moreover, a vaccine does not necessarily mean that the economy can return to its pre-COVID mode of operation Permanent changes to the economy requires a different skillset from employees. The government should actively guide people...
  • EU faces deeper recession than expected: European Commission

    07/07/2020 9:18:41 AM PDT · by Olog-hai · 3 replies
    Deutsche Welle ^ | 07.07.2020 | kp/rc (AFP, dpa, Reuters)
    The Eurozone economy will fall into a deeper recession this year than initially thought, and the recovery in 2021 will be less robust, according to an updated economic forecast released by the European Commission on Tuesday. The revised forecast predicts the economy of the 19 nations that use the euro will shrink 8.7% in 2020 before recovering by 6.1% next year. For the 27 countries that comprise the EU, a downturn of 8.3% is expected in 2020, before growing 5.8% in 2021. This means that in 2021 Europe will still be worse off than before the global outbreak of COVID-19...
  • Cracks in Europe’s shared currency reappear in virus crisis

    04/06/2020 8:04:54 PM PDT · by Olog-hai · 5 replies
    Associated Press ^ | April 6, 2020 | David McHugh
    The virus outbreak is exposing cracks in the foundation of Europe’s 21-year-old shared currency and festering animosities among its members, even as governments struggle to come up with a unified response where success or failure could mark the continent’s politics for years to come. Divisions between north and south, unhealed wounds from the 2010-2015 debt crisis and enforced budget austerity, as well as the lack of a powerful central treasury are haunting governments as they try to find a way to keep the economy afloat without blowing up national coffers. Finance ministers from the 19 countries that use the euro...
  • Recession in Germany unavoidable due to coronavirus outbreak - economic advisors

    03/30/2020 10:41:36 AM PDT · by Olog-hai · 9 replies
    Reuters ^ | March 30, 2020 5:00 AM | Michelle Martin
    The coronavirus outbreak has made a recession in Europe’s largest economy inevitable in the first half of this year, Germany’s council of economic advisers said on Monday, predicting that output could shrink by up to 5.4% this year. The panel, which advises the government on economic policy, said its baseline scenario — in which the economic situation would normalize over the summer — was for the economy to contract by 2.8% this year before potentially growing by 3.7% next year. But a more marked “V-shaped” recession curve with widespread halts to production or longer-lasting public health measures, could lead to...
  • The eurozone's economy suffers its worst quarterly performance since 2013 - as experts warn it faces 'gloomy prospects for the year ahead'

    12/16/2019 4:58:06 PM PST · by 867V309 · 22 replies ^ | 16 December 2019 | James Mills and Afp
    The eurozone's stagnating economy has suffered its worst performance for six years with uncertainty over Brexit partly to blame, economists said today. The forecast mirrors the gloom also predicted by the European Central Bank, which downgraded growth in the eurozone for next year to a feeble 1.1 per cent.
  • Germany to boost company research & development with tax money

    04/25/2019 8:54:49 AM PDT · by Olog-hai · 7 replies
    Deutsche Welle ^ | 04.17.2019 | dj/jm (Reuters, dpa)
    Amid a slowing economy, and to counter the slowdown, Finance Minister Olaf Scholz plans to support corporate research and development with incentives worth €1.27 billion ($1.43 billion) annually from 2020, according to a draft of the plan seen by Reuters on Wednesday. Companies doing basic research or industrial development would be able to claim up to €500,000 in bonuses each year, according to the draft law. Previous versions of the bill limited the funds to small and mid-sized companies, but the latest version has no such restrictions. Only a week ago, the chancellor’s spokesman Steffen Seibert denied the need for...
  • Germany under increasing pressure to boost spending

    04/14/2019 7:04:07 PM PDT · by Olog-hai · 39 replies ^ | 13 April 2019 09:06 CEST+02:00 | AFP
    European economic power Germany is coming under increasing pressure to boost spending to accelerate economic growth, as its massive surpluses create growing friction with other countries. The dispute has simmered since the 2008 global financial crisis, but French Finance Minister Bruno Le Maire warned Friday that widening differences over economic policy among eurozone countries could undermine the currency union itself. “Growing economic divisions among member states are unsustainable in the long term and could result in the disappearance of the common currency project,” Le Maire told reporters on the sidelines of the International Monetary Fund and World Bank Spring meetings....
  • Europe hurt by US trade threats, central bank says

    04/10/2019 8:26:56 AM PDT · by Olog-hai · 12 replies
    Associated Press ^ | April 10, 2019 | David McHugh
    The head of the European Central Bank warned that global friction over trade — such as U.S. threats to impose more tariffs — is holding back the economy as he underlined the bank’s readiness to deploy more stimulus if needed. Mario Draghi said Wednesday that an improving jobs market and rising wages were helping the economy in the 19 countries that use the euro but uncertainties like trade disputes and Brexit are hurting it. “Global headwinds continue to weigh on euro area growth,” he told a news conference after the central bank kept its key interest rates and policy promises...
  • Europe must fight illiberal forces, Draghi warns

    12/15/2018 10:37:59 AM PST · by Olog-hai · 21 replies
    Reuters ^ | December 15, 2018 7:33 AM | Silvia Ognibene, Balazs Koranyi
    The spread of illiberal ideology is threatening the euro, but it is an illusion that leaving it would offer an easier path, European Central Bank President Mario Draghi said on Saturday. Warning that a half-finished monetary union could be at risk in the next crisis, Draghi made the case for sweeping changes in how the currency bloc operates and spreads around financial risk. “The fascination with illiberal prescriptions and regimes is spreading; we are seeing little steps back in history,” Draghi said in Pisa, Italy. “Only by continuing to make progress, freeing up individual energies but also fostering social equity,...
  • Germany's Weber: Creating European Monetary Fund should be a priority

    11/19/2018 6:37:47 AM PST · by Olog-hai · 12 replies
    Reuters ^ | November 19, 2018 8:29 AM | Michelle Martin
    German conservative Manfred Weber, who is running to take over the European Union’s top job next year, said on Monday that turning the European bailout fund (ESM) into a European Monetary Fund (EMF) should be a priority. […] “The political picture behind that is that in the last eurozone crisis, we asked for the IMF’s (International Monetary Fund) help. Barack Obama was the president then, so partnership was possible. In future crises, which we can’t exclude happening, I as a European don’t want to be dependent on the White House.” …
  • France calls for more German ambition on the euro zone

    06/09/2018 10:19:50 AM PDT · by Olog-hai · 18 replies
    Reuters ^ | June 8, 2018 3:46 AM | Noah Barkin
    France called on Friday for more ambition from Germany in reforming the eurozone, saying Europe faced a “now or never” moment with rising external threats from the United States and China. French Finance Minister Bruno Le Maire, speaking in German to a business conference in Berlin, offered the first official response from Paris to European reform proposals sketched out by Chancellor Angela Merkel in a weekend newspaper interview. He welcomed her support for the idea of a eurozone investment budget, one of French President Emmanuel Macron’s key demands, but said France and Germany had “a way to go” to reach...
  • The EU is About to Destroy The Internet [Link taxes, end of “fair use” and the end of news forums]

    05/30/2018 9:03:40 AM PDT · by Fitzy_888 · 21 replies
    Computing Forever via YouTube ^ | May 30, 2018 | Computing Forever
    Video at link.
  • Why the Eurozone and the Euro Are Both Doomed

    05/30/2018 9:12:41 AM PDT · by SeekAndFind · 7 replies
    Of Two Minds ^ | 05/30/2018 | Charles Hugh Smith
    Papering over the structural imbalances in the Eurozone with endless bailouts will not resolve the fundamental asymmetries. Beneath the permanent whatever it takes "rescue" by the European Central Bank (ECB) lie fundamental asymmetries that doom the euro, the joint currency that has been the centerpiece of European unity since its introduction in 1999. The key imbalance is between export powerhouse Germany, which generates huge trade surpluses, and its trading partners, which run large trade and budget deficits, particularly Portugal, Italy, Ireland, Greece and Spain. Those outside of Europe may be surprised to learn that Germany's exports are roughly equal to...
  • Ego Trip in Brussels: Juncker Seeks Greater Commission Control over Eurozone

    12/10/2017 11:21:12 PM PST · by Olog-hai · 4 replies
    Der Spiegel ^ | December 05, 2017 02:26 PM | Peter Müller and Christian Reiermann
    Jean-Claude Juncker never lets others outshine him if he spots an opportunity to give the European project a boost. And that goes for friends and enemies alike. Indeed, the European Commission president has now come up with a project that not only transgressions the mandate given him by the leaders of the European Union member states, but also pits him against all the Eurozone finance ministers as well. Juncker was supposed to reach an agreement with finance ministers from the common currency area on proposals for deepening European integration he will present at the forthcoming EU summit later this month....
  • France, Ireland ready to discuss tax on Internet giants

    10/24/2017 7:21:33 AM PDT · by Olog-hai · 4 replies
    Associated Press ^ | Oct 24, 2017 9:41 AM EDT
    French President Emmanuel Macron and Irish Prime Minister Leo Varadkar say they are ready to discuss the contentious issue of taxing internet giants after a meeting in Paris. Macron is leading the tax charge in Europe, saying it’s not fair that internet companies don’t pay taxes where they make most of their money. Countries that serve as tax shelters for companies like Apple, including Ireland, have resisted the proposed measure. …
  • Eurozone to become 'a great country' like US, says French minister

    10/13/2017 6:56:22 AM PDT · by Olog-hai · 14 replies ^ | 13 October 2017 09:01 CEST+02:00 | AFP
    French finance minister Bruno Le Maire called Thursday for the European Union to become a cohesive whole, as unified and ambitious as the United States, adding that it was time for Britain to face the consequences of Brexit. The remarks come as the EU emerges from a rocky period of rising nationalism and challenges to its unity. Talks between the EU and Britain, which voted last year to secede, deadlocked in Brussels on Thursday, leaving future trade relations in doubt. “I think what we need within the Eurozone is more unity and more ambition,” Le Maire said during an event...
  • This is what Germans really think about capitalism

    08/15/2017 1:15:14 PM PDT · by Olog-hai · 28 replies ^ | 15 August 2017 15:26 CEST+02:00 | Jörg Luyken
    Despite the turbulence of the Weimar years, Germany has followed a steady capitalist economic model since the end of the Second World War. But that doesn’t mean people like the idea, a new study shows. Contrary to the US, where belief in capitalism is as entrenched as hot dogs and baseball, Germany has always had a more complicated relationship to the philosophy of competitive markets. This is, after all, the country that gave us the founding communist thinkers Karl Marx and Friedrich Engels. And a study published by Statista and YouGov on Tuesday shows that only 16 percent of Germans...
  • New German state firm to give startups €2 billion funding boost: report

    06/12/2017 6:20:53 AM PDT · by Olog-hai · 2 replies ^ | 12 June 2017 12:38 CEST+02:00
    The German government will set up a new state-owned company which will provide startups with the money they need to transform a great idea into a successful business, Spiegel reports. As of 2018, startups will be able to apply to a new state-owned fund for the venture capital needed to accelerate the growth of their businesses, according to a government report seen by Spiegel. The company will be a subsidiary of the Kreditanstalt für Wiederaufbau (KfW), the state-owned development bank, and is set to fill part of an estimated annual hole of €500 million to €600 million in venture capital...
  • Merkel Warns US, Britain No Longer Reliable Partners

    05/28/2017 10:42:21 AM PDT · by Helicondelta · 76 replies ^ | 28 May 2017
    Europe “must take its fate into its own hands” faced with a western alliance divided by Brexit and Donald Trump’s presidency, German Chancellor Angela Merkel said Sunday. “The times in which we could completely depend on others are on the way out. I’ve experienced that in the last few days,” Merkel told a crowd at an election rally in Munich, southern Germany. “We Europeans truly have to take our fate into our own hands,” she added. While Germany and Europe would strive to remain on good terms with America and Britain, “we have to fight for our own destiny,” Merkel...