Monday

25th Sep 2017

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 takes time to ponder tech giant tax

The EU commission published a paper that outlined several options on how to increase tax income from internet companies' activities, but fell short of proposing legislation.

EU commission changes gear on trade

The EU executive seeks new deals with Australia and New Zealand, while aiming to overhaul the global investment protection system. It also wants to screen foreign investments.

EU preparing to screen Chinese investments

The EU is to screen foreign investments to avoid takeovers in sensitive sectors. But the plan, mainly aimed at China, will raise political and technical difficulties.

Investigation

EU bank accused of muzzling watchdog

An ongoing review of the the European Investment Bank's "complaints mechanism" could make the oversight branch less independent and less effective.

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