Monday

22nd Jul 2019

Economic outlook worse than expected

The European Commission has had to revise its economic forecast for this year in light of the difficulties that Member States, such as Germany, are still facing. Policymakers now say that the euro zone will only grow by about 0.5 percent, rather than the 1 percent they had originally envisaged.

On Tuesday, the Commission said that the economy shrank in the second quarter, only the second time this has happened since the introduction of the single currency in 1999.

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In its analysis of the economic climate in the euro zone, the International Herald Tribune suggest that Europe's economic cycle often lags behind the US, which is showing signs of a recovery.

"The economic recovery which is already underway in several parts of the world should lead to an increase in euro area export demand", ECB chief Wim Duisenberg told MEPs in the European Parliament on Wednesday.

Duisenberg bids farewell

The European Central Bank President, Wim Duisenberg criticised countries like France and Germany for being unable to keep their deficit lower than the 3% of GDP as required by the Stability and Growth Pact. His likely successor, Jean-Claude Trichet, will face questions from MEPs today before they approve - or not - his appointment.

EU hesitates to back France over US tariff threat

France has passed a new tax on tech companies that will affect US global giants like Facebook. Donald Trump has threatened retaliatory tariffs over it. The EU commission says it will "coordinate closely with French" on the next steps.

EU banks more vulnerable to shocks than feared

Eurozone banks, such as Deutsche Bank, might be much more vulnerable to a repeat of the 2008 financial crisis than EU "stress-tests" have said, according to a new audit.

News in Brief

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Feature

Romania enlists priests to promote euro switchover plan

Romania is due to join the single currency in 2024 - despite currently only meeting one of the four criteria. Now the government in Bucharest is enlisting an unlikely ally to promote the euro to the public: the clergy.

Trump and Kurz: not best friends, after all

The visit of Austrian chancellor Sebastian Kurz to the White House on Wednesday showed that the current rift in transatlantic relations is deepening by the day.

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