Sunday

25th Aug 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.

Exclusive

Brexit row delays financial products transparency review

A European financial regulatory body set up after the financial crisis is at loggerheads with the European Commission over whether to carry out a transparency review of certain financial products. The reason: Brexit.

Commission defends Mercosur trade deal

EU commissioners defended a far-reaching free trade agreement between the EU and four Latin American countries, against critics who fear it will damage European farmers' livelihoods and the global environment.

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.

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Opinion

Why von der Leyen must put rights at core of business

Ursula von der Leyen's in-tray must include those European executives on trial for systematic workplace harassment, the break-up of European slavery rings, and allegations of European companies' abuse in palm oil, including child labour, land grabs, and deforestation.

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