Blog entry | May 20, 2012 - 10:29pm
Fortunately Greece is the only Eurozone member that faces existential problems to stay or leave the euro area. Ireland and Portugal got last week the seal of 'good direction' by both the Ecofin and the Eurogroup. The two are meeting the programme targets to cut down deficits.
Fortunately Greece is the only Eurozone member that faces existential problems to stay or leave the euro area. Ireland and Portugal got last week the seal of 'good direction' by both the Ecofin and the Eurogroup. The two are meeting the programme targets to cut down deficits. As for Madrid, the Rajoy government got the approval of Brussels for its bank recapitalisation plan. Last but not least Holland even without a government manage to put together a parliamentary agreement to cut down fiscal deficits. But lets take one thing at a time.
Article | May 17, 2012 - 3:48pm
There are converging estimates that a potential Greece's exit from the Eurozone may cost up to one trillion. A large part of it will be born by this country itself. It will income losses over a number of years, due to an unprecedented recession and uncontrollable inflation.
There are converging estimates that a potential Greece's exit from the Eurozone may cost up to one trillion. A large part of it will be born by this country itself. It will income losses over a number of years, due to an unprecedented recession and uncontrollable inflation. The largest part of it however will be born by the other weak Eurozone countries. There will be also huge losses for central countries like France, Germany and Holland due to the exposure of their lenders to the Greek banking system.
Article | May 15, 2012 - 4:29pm
The Eurogroup meetings of 14 and 15 May confirm that the Eurozone is ready to discuss with Greece some changes in the Memorandum of Understanding (MoU) the country has signed with its 16 partners in the single currency.
Article | May 13, 2012 - 11:06pm
The latest meeting of the policy makers at the Czech central bank (Ceska Narodni Banka) voted to maintain the benchmark two-week repurchase rate at a record-low 0.75% but two board members called for a 0.5% cut, local media reports revealed.
The latest meeting of the policy makers at the Czech central bank (Ceska Narodni Banka) voted to maintain the benchmark two-week repurchase rate at a record-low 0.75% but two board members called for a 0.5% cut, local media reports revealed. The rate has been kept unchanged since May 2010 – the last instance when the rate was cut. At the latest meeting, four rate setters voted for no change, two sought a decrease to 0.5% and one wanted an increase to 1%, Governor Miroslav Singer announced.
Article | May 11, 2012 - 4:39pm
Chancellor Angela Merkel speaking at the German Bundestag has appeared uncompromising in her position that whatever plan is to be discussed over enhancing Eurozone's growth potential, cannot be financed with borrowed money and more government budget deficits.
Chancellor Angela Merkel speaking at the German Bundestag has appeared uncompromising in her position that whatever plan is to be discussed over enhancing Eurozone's growth potential, cannot be financed with borrowed money and more government budget deficits.
Blog entry | May 9, 2012 - 10:09am
NEW YORK – This year’s annual meeting of the International Monetary Fund made clear that Europe and the international community remain rudderless when it comes to economic policy.
NEW YORK – This year’s annual meeting of the International Monetary Fund made clear that Europe and the international community remain rudderless when it comes to economic policy. Financial leaders, from finance ministers to leaders of private financial institutions, reiterated the current mantra: the crisis countries have to get their houses in order, reduce their deficits, bring down their national debts, undertake structural reforms, and promote growth. Confidence, it was repeatedly said, needs to be restored.
Article | May 6, 2012 - 10:48pm
To put their public finances back in order and to restore public finances to health, after the strong budgetary deterioration following the eruption of the credit crisis, the European countries need to reinforce their economic growth potential and, in many cases, budget deficits need to be forcefully curbed to below 3% of GDP.
To put their public finances back in order and to restore public finances to health, after the strong budgetary deterioration following the eruption of the credit crisis, the European countries need to reinforce their economic growth potential and, in many cases, budget deficits need to be forcefully curbed to below 3% of GDP. Doing so often requires a combination of spending cuts and tax increases. In addition, countries need to reinforce their economic growth potential, said Dutch Central Bank ‘De Nederlandsche Bank (DNB) in its analysis published on May 1, 2012.
Article | May 6, 2012 - 10:28pm
Unlike Latvia, Lithuania has no immediate euro aspiration, a senior member of the government confirmed last week.
Article | May 6, 2012 - 10:56pm
The Portuguese government is expecting to see growth in the economy next year and achieve about 2.5% growth by 2016. However this year the economy is expected to show contraction of about 3.3%.
The Portuguese government is expecting to see growth in the economy next year and achieve about 2.5% growth by 2016. However this year the economy is expected to show contraction of about 3.3%.
Article | April 29, 2012 - 9:58pm
Data from the Portuguese central bank last week showed the country’s current account deficit decreased significantly in the first two months of this year.
Data from the Portuguese central bank last week showed the country’s current account deficit decreased significantly in the first two months of this year. The breakdowns showed, Portugal’s current account deficit decreased to €907 million in the two months ended February from €1.93 billion in the same period last year.
Article | April 24, 2012 - 10:29am
Hungarian Prime Minister Viktor Orbán was in Brussels on 23 April laying down a blueprint for the renewal of Hungary and European recovery.
Hungarian Prime Minister Viktor Orbán was in Brussels on 23 April and spoke at a press conference hosted by the European Policy Centre. His focus was on the renewal of Hungary and European economic recovery.
Blog entry | April 15, 2012 - 8:49pm
The Spanish government under pressures from capital markets and Brussels decided on Monday 9 April to introduce a new package of spending cuts of up to €10 billion. It was the least Madrid could do in view of increasing pressures from capital markets and Eurozone leading politicians.
Article | April 10, 2012 - 3:25pm
The Spanish government, under pressure from capital markets, and Brussels decided on Monday 9 April to introduce a new package of spending cuts of up to €10 billion.
The Spanish government, under pressure from capital markets, and Brussels decided on Monday 9 April to introduce a new package of spending cuts of up to €10 billion.
Article | April 8, 2012 - 9:19pm
According to figures released by Statistics Netherlands on March 30, Dutch government deficit amounted to 4.7% of gross domestic product (GDP) in 2011. In 2010 the deficit was 5.1% of GDP. Government debt rose further to 65.2% of GDP. These figures mean that the Netherlands has now exceeded the European norms for deficit and debt for the third year in a row. Government revenues rose by only very little, 0.8%, while spending was 0.2% higher than in 2010. As a result, the deficit fell slightly and came to €28 billion in 2011.
Article | April 8, 2012 - 9:38pm
Though observers argue it may not be possible for Spain to achieve the targeted level of trimming its deficit figure, the Spain premier maintains their stand.
Though observers argue it may not be possible for Spain to achieve the targeted level of trimming its deficit figure, the Spain premier maintains their stand.
Prime Minister Mariano Rajoy reiterated last week that his government would continue working to achieve its 2012 public deficit target of 5.3% of GDP nad hitherto there were no reason for the government to abandon the target.
Blog entry | March 25, 2012 - 9:03pm
Reality seems to be better than predictions as far as growth is concerned in the Eurozone's economy during the first months of 2012 – the International Monetary Fund (IMF) and OECD are now predicting that the 17-member money zone is less likely to suffer a negative change in GDP this year.
