News and Reviews European Economic Zone

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News and Review of European Economic Zone

 

ECB Nowotny: Greek Problems Not Economics

Monday, May 11, 2015

 

The European Central Bank on Monday said that the problem in Greece is more to politics than economics.

 

Discuss with left-wing political parties in Greece like Syiriza and left wing in Spain as PODEMOS may be more frequently bring us with new ideas, but at the end of the day, they must give a decision, "said ECB member Ewald Nowotny, he added that the discussion "instead of being on a game."

 

Central bankers refused to speculate on how to solve Greece's financial problems by saying that "the problem is more political than economic issues dominate.

 

Nowotny also do not see the ECB's role in creating a federal government finances in the euro zone.

 

He said that we can not replace the political field.

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News and Review of European Economic Zone (UK)

 

Slow economic growth, BoE Keep Policy

Monday, May 11, 2015

 

The Bank of England on Monday decided to keep the benchmark interest rate unchanged, amid signs of economic slowdown in the UK earlier this year.

 

In the first policy announcement after the title of the British election last week, the Monetary Policy Committee kept interest rates steady at 0.5% and the total amount of bond purchases at £ 375 billion ($ 579 billion). The decision was according to economists' estimates.

 

BoE usually announces its monetary policy decision on Thursday. However, it should be delayed this month, due to the British elections that took place on the same day last week. Since March 30 last BoE policy makers are also bound by the rules of the election in the UK, where public officials are forbidden to speak in public as the start of the election campaign.

 

While on Wednesday tomorrow BoE is scheduled to publish the latest projections of the UK economy through its quarterly inflation report. UK economic growth is reported to grow at a weaker pace than expectations in the first quarter, with only up 0.3% from the previous quarter. Meanwhile, annual inflation has also slowed to zero following the fall in world oil prices.

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News and Review of European Economic Zone (UK)

 

UK Industrial Output Up Into High Level 6 Month in March

Tuesday, May 12, 2015

 

UK industrial production rose to its highest level since September as oil and gas extraction jumped and manufacturing rose for a second month.

 

Production output rose by 0.5% in March from the previous month, reported by the Office fo National Statistics in London on Tuesday. Based on the Bloomberg survey, economists had predicted for no change. In the first quarter, industrial output was revised to an increase of 0.1% from a decline of 0.1%, although the ONS said that the impact on GDP would be "minimal."

 

The data came a day before the Bank of England Governor Mark Carney will publish its latest forecasts for growth and inflation. The current UK economic growth slowed to 0.3% in the first quarter, Markit Economics said that their industry survey showed an increase since then, led by the services sector.

 

Pound erase losses against the dollar after the data, and rose by 0.2% from yesterday at $ 1.5635 at 15:43 pm.

 

Meanwhile, in a separate report showed manufacturing rose by 0.4% in March from February, the ONS said, exceeded its estimate for growth of 0.3% in a Bloomberg survey

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News and Review of European Economic Zone (France)

 

Bank of France survey Seeing French GDP Up 0.3% in Q2

Tuesday, May 12, 2015

 

French economy is expected to grow by 0.3% in the second quarter, shown in the monthly business confidence survey from the Bank of France on Tuesday.

 

A survey conducted by the central bank predicted that the country with the second largest economy in the euro zone will grow by 0.3% in the second quarter compared with the first quarter as business sentiment rose in manufacturing, services and construction.

 

In April, the Bank of France slightly raising their estimates for economic growth in the first quarter, the French economy is expected to grow by 0.4% in the first quarter from the previous estimate of 0.3% growth.

 

Survey in April showed that business sentiment in the manufacturing sector rose to 98 from 97 in March, where a level of 100 is the average rate for the long term. In the services sector, sentiment rose to 95 from 94 and in the construction sector to 92 from 91 in the previous month.

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News and Review of European Economic Zone

 

IMF Urges Some Europe To Hit Rate Debt

Tuesday, May 12, 2015

 

International Monetary Fund has urged a number of central European countries, east and southeast to adopt policies that boost domestic demand and reduce excessive private sector debt. Which is expected to be able to help them recover from the impact of the financial crisis in 2008.

 

"It will open the door to a better level of investment and a strong recovery. Macroeconomic policies that support is needed by the countries where the debt has weighed on demand," the IMF said in its latest report on the region.

 

Regions that are still faced with several challenges, such as investment and credit growth weak, fragile external environment, and the private sector balance sheet repair is not exhaustive, according to the IMF's deputy director for Europe, Jorg Decressin. Although significant efforts have been made to reduce the debt the private sector, only a small fraction of the region's countries that have managed to cut its debt to pre-crisis levels when measured against GDP and bring it in line with their economic fundamentals, he added.

 

Based on data recorded debt in 2013, Turkey, Russia and Ukraine at the top as the country with the level of private sector debt that is significantly higher than the strength of their economies. Serbia also assessed stand out for liquidity risk in the corporate sector. While debt-related risks in the corporate sector also remains high in Bulgaria, Croatia, Ukraine, Latvia and Slovenia, referring to the IMF report

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News and Review of European Economic Zone (Germany)

 

Various German Economic Data Released

Wednesday, May 13, 2015

 

Gross domestic product (GDP) in the first quarter Germany grew only 0.3% compared to the final quarter of 2014 or worse than the growth of the previous quarter, 0.7% and Wall Street Journal poll results by 0.5%. When compared with the same period last year, the economy grew 1.1%

 

But at the same time, growth in German inflation actually increased for the period of April. German consumer prices was down 0.1% compared to March 2015, but on an annual basis inflation rose 0.3%. Food prices rose 1.1% while energy products fell 5.9% compared to 2014.

 

The increase in inflation in April could be a good sign after the launch of the stimulus by the European Central Bank. The good news, the decrease rate of the German economy is able to be offset by a recovery in other major economies, France. Gross domestic product (GDP) in the country's second largest economy Euro zone increased by 0.6% compared to the last quarter of last year marked the strongest growth since the second quarter of 2013.

 

In addition to its stimulus policy of the European Central Bank (ECB), the sector of the French economy slowly improves due to the decrease in world oil prices and the strengthening dollar. Euro exchange rates are low making exports perpetrators can reap greater profits than usual and state revenues go up

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News and Review of European Economic Zone (Italy)

 

In addition to French, Italian Economy also Gradually Restored

Wednesday, May 13, 2015

 

Just like the French, the Italian economy also grew in the first quarter of 2015. The figure is gross domestic product (GDP) increased 0.3% or above estimates of financial analysts in the market.

 

Italian economy was stagnant in the last 3 months in 2014 before turning positive in the first quarter. This good news could mark the success of the stimulus program of the European Central Bank (ECB) because some time ago French economic reports also released positive. Economists forecast economic growth of 0.5% Euro zone, or higher than the record of the previous quarter, 0.3%. Unfortunately, the decline in the economic performance of Germany the possibility of making the data real GDP will only able to reach 0.4%.

 

Overall, this is the first time since the beginning of the 2000s era big countries in the Euro zone economic growth simultaneously. For information, French economy also grew in the first quarter of 2015 with a percentage of 0.6% compared to the last quarter of last year, In addition to its stimulus policy of the European Central Bank (ECB), the economy slowly improves due to the decrease in world oil prices and the strengthening dollar. Euro exchange rates are low making exports perpetrators can reap greater profits than usual and state revenues go up

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News and Review of European Economic Zone (France)

 

Thin French Consumer Price Rise in April

Wednesday, May 13, 2015

 

French consumer prices rose in April from March, due to the seasonal increase in the level of prices in some sectors of services and manufactured goods, reported by the statistics bureau Insee on Wednesday.

 

French consumer price index rose by 0.1% in April from March, and rose 0.1% from a year ago.

 

HICP France, a harmonized measure of annual price used by the European Central Bank, also rose by 0.1 this year in April, compared with a flat reading in March. ECB's inflation target close to the level of 2%.

 

The French government has warned that inflation will run below expectations. Low inflation will hurt tax revenues, particularly sales taxes, for the government at a time when the French began to try to reduce the budget deficit.

 

French finance minister Michel Sapin on Wednesday said that he expected a budget deficit of 3.8% in 2015, largely helped by the French growth faster than forecasts made in the period of the first three months of this year.

 

Sapin praised the ECB program "very good" in the government bond purchases massively to help lift the euro zone economy.

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News and Review of European Economic Zone (Greece)

 

Greek Finance Minister calls for the ECB to Delay Debt Payment Schedule

Thursday, May 14, 2015

 

Greece's debt payments to the European Central Bank should be encouraged back to the "longer time", said the Greek finance minister, reported by Reuters on Thursday. Speaking at a press conference in Athens on Thursday, Yanis Varoufakis reportedly said that Greece's debt repayment schedule is not feasible, it was noted that during the months of July and August they will be forced to borrow 6.7 billion euros to repay bonds purchased by the ECB under the Securities Market program , On Tuesday, Athens completed the payment of a loan of 750 million euros ($ 836.7 million) to the International Monetary Fund, but also forced to pay for emergency funds provided by the central banks of various nations.

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News and Review of European Economic Zone (UK)

 

Bank of England Cuts UK Growth Estimates

Thursday, May 14, 2015

 

The Bank of England cut its growth forecast for the UK economy on Wednesday, but sinyalkan that they are still on track to raise interest rates from a record low in the middle of next year.

 

BOE said in its quarterly inflation report that they expect the UK economy will expand by 2.5% in 2015 and 2.6% in 2016, compared with their forecast in February for growth of 2.9% this year and next year.

 

The central bank said that the weakening outlook reflects several factors, including the strengthening of the pound lately, merosotnyanya housing market and low productivity.

 

They also add that the risk of ending chaos in Greece's efforts to achieve the latest agreement with international creditors on a pay billions of euros in financial aid was also given further negative sentiment on the British economy.

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News and Review of European Economic Zone

 

Thanks to France and Italy, Euro Zone GDP accelerates

Thursday, May 14, 2015

 

Back French and Italian economic expansion has helped push the euro zone GDP in the first three months of 2015, which recorded the fastest growth rate in nearly two years. For the first time since the first half of 2010, all four major economies in the Euro zone together recorded growth. And for the first time since the first quarter of 2011, the currency bloc's economy managed to grow faster than the US and UK

 

The combination of faster growth and more even potential to make 2015 a decisive year for the euro zone continues to recover from the debt crisis. It was also supported by several factors such as the new stimulus from the European central Bank, the depreciation of the Euro, the fall in world oil prices and signs of an upswing in bank credit after years of decline.

 

Eurostat report Wednesday showed GDP of 19 countries using the euro currency increased by 0.4% in the first quarter of this year, compared to 0.3% in the last 3 months of 2014. This figure is slightly lower than the estimated 0.5% increase. For an annual basis, the Euro zone economy grew by 1.6% higher.

 

But policymakers are still concerned about the possibility of recovery open would not be sustainable, given the level of unemployment is still high, the burden of government debt and large companies, the problem of the banking system and weak investment spending

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News and Review of European Economic Zone

 

Draghi: ECB Will Maintain Stimulus "During Required"

Friday, May 15, 2015

 

European Central Bank President Mario Draghi on Thursday said that the large stimulus effort will still be in place "as long as necessary" until officials are confident that they will achieve their inflation objective targets sustainably, and reduce anxiety that bank policy would widen the gap between the rich and the poor.

 

Speech Draghi, delivered at the International Monetary Fund, oppose some concerns in financial markets that a series of economic data, the results are optimistic lately in Europe will encourage the ECB to withdraw support to the bond-buying program by 60 billion euros ($ 67.63 billion) per month before the targeted end September 2016.

 

Draghi said that at the moment we are already seeing the effects of our measures on asset prices and confidence in the economy, which in turn is important is that we see a similar effect on investment, consumption and inflation. The ECB targets an annual inflation close to 2%. Consumer prices are flat in the Euro zone in the last month on an annual basis, and has been in the negative area for several months before that.

 

Draghi said that we would apply our purchase full program as announced and in any case, until we see the ongoing adjustment in the path of inflation

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News and Review of European Economic Zone (Greece)

 

Tried to Persuade Germany, Greece Offer Privatization

Friday, May 15, 2015

 

Greece on Thursday to offer concessions on the part of international lenders and brought the sale of its largest port, Piraeus. Greece has asked three companies to bid for a majority stake in the port, according to one of the officials told Reuters privatization, opening the sale of one of the great public asset as the EU and the IMF called on the Athens to undertake economic reforms. Despite succumbing step, the Bundesbank does not show the signal will soften stance against Greece.

 

Bundesbank Governor Jens Weidmann criticized the weekly addition of emergency loans to Greek banks, said in an interview with a newspaper in Germany that it is against to break the taboo of the government financing system by the European Central BAKN. Banks in Greece have received funding emergency liquidity assistance from the Greek central bank, funding received by the guarantee.

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News and Review of European Economic Zone

 

Draghi: QE Will Continue

Friday, May 15, 2015

 

European Central Bank will complete the program pencetakkan money to buy his own government bonds in full, according to its President on Thursday, adding that he saw little indication of the financial sector imbalances. Mario Draghi said that, while there has been a substantial impact on the ECB's policy on asset prices and optimism the economy, the most important thing today is to see the impact on the level of investment, consumption, and inflation.

 

According to him, to get the impact, the ECB will apply in full accordance purchase program was announced and up to the constant changes on the path of inflation. Responding to critics who say that the program pencetakkan money or quantitative easing (QE) can trigger a property price bubble, Draghi said that currently there is little indication that the imbalance of the financial sector in general.

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News and Review of European Economic Zone (Greece)

 

Greece: We Can Pay Wages And Retirement, Keep Agreement By End of May

Monday, May 18, 2015

 

The Greek government will pay wages and pensions in the public sector in the month of May but still require an agreement with creditors at the end of this month, said a spokesman for Greece on Monday, amid rising fears that the country is on the verge of bankruptcy.

 

Without the aid or access to debt markets, Athens is getting close to running out of money, they have emptied the amount of money Monetary Fund reserve for debt payment to the IMF last week. Investors dumped Greek stocks and bonds on Monday on fears that Athens could not pay the next month.

 

When asked about the IMF payments that will be due on June 5, spokesman Gabriel Sakellaridis pemerintahanya reaffirmed the position that they aim to meet all obligations. When asked whether the government would pay wages and pensions this month, he replied "yes."

 

But he said that the government is expected to make a deal with the EU and IMF lenders this month, with kesepaktan at technical level on the 19th of May. Talks at the EU summit meeting in Riga this week will follow, then the possibility of an emergency meeting of euro zone ministers will expire before in May.

 

Sakellaridis say that we can say that the schedule where you have is in May or late May to conclude the deal. There must be a solution in the month of May so that we can resolve our liquidity problems.

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News and Review of European Economic Zone (Greece)

 

Tsipras Survived Reject wage cuts and Retirement

Monday, May 18, 2015

 

Perdama Minister of Greece, Alexis Tsipras, promised his government would not retreat from its international loan negotiations with creditors. But Tsipras insists the decision must be achieved after months of talks.

 

Tsipras said the two parties generally agree with the fiscal targets and the rate of Value Added Tax (VAT) but do not agree in terms of labor and pension reforms. Furthermore, Tsipras said the agreement must include the primary budget surplus target is low for the year 2015-2016 and debt restructuring.

 

Greece will discuss the deadlock of negotiations on the sidelines of the EU leaders' meeting to be held 21-22 May in Riga, Latvia. Negotiations Greece has lasted more than 110 days and still not meet the agreement to launch further funds from the bailout of 240 billion euros in order to avoid bankruptcy. This impasse has been draining liquidity, return to recession conditions, and re-raises concerns Greece's future in the euro area

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News and Review of European Economic Zone (UK)

 

UK Inflation Rate Below Zero For The First Time Since 1960

Tuesday, May 19, 2015

 

UK inflation rate fell below zero for the first time in more than half a century, as the decline in food and energy prices reduce the cost of living.

 

Consumer prices fell by 0.1% from a year ago, reported by the national statistics bureau in London on Tuesday. Economists expect the inflation rate will remain at zero level, according to the median estimate of 35 analysts in a Bloomberg survey. Core inflation rate fell to 0.8%, its lowest level since 2001.

 

With inflation well below the 2% target of the Bank of England, the policy makers currently slightly under pressure to Raise interest rates from a record low of 0.5%. BOE Governor Mark Carney said last week that any period of falling prices will only be temporary and it is estimated there will be a rise in inflation at the end of this year mean is the next step in the cost of borrowing is likely to be increased.

 

One economist at the brokerage firm in the UK, said that inflation is likely to remain near zero level in the short term before gradually entering an upward trend from the third quarter. However, inflation is likely to only reach the level of 1% at the end of 2015.

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News and Review of European Economic Zone (Germany)

 

German Investor Confidence levels down in the month of May

Tuesday, May 19, 2015

 

German investor confidence fell more than economists forecast after growth in countries with high rates in Europe's largest economy is slowing down at the beginning of this year.

 

The ZEW Center for European Economic Research in Mannheim said that its index of investor and analyst expectations, which aims to predict economic developments six months ahead, fell to 41.9 in May from 53.3 in April. It was the lowest level since December. Economists had expected to decline to 49, according to the median estimate of 31 economists in a Bloomberg survey.

 

Growth in Germany is slower than economists forecast in the first quarter, even from the Euro zone, which is their largest trading partner, which expanded at the fastest pace in almost two years. The Bundesbank predicts growth momentum while German manufacturing will decline in the coming months, they see consumer spending will support economic recovery.

 

Senior economist at one of the banks in Amsterdam said that this decline may be linked to fears about Greece and the rise in bond yields over the past few weeks. Strong domestic economic fundamentals, the number of workers increases, real wage growth has soared higher and corporate profits have also been improved.

 

German GDP rose by 0.3% in the first quarter, below neighboring countries such as France or Spain and 19 other euro area countries, which expanded 04% in the same period.

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News and Review of European Economic Zone

 

ECB Noyer: ECB Will Act If Inflation Not Achieve Target

Tuesday, May 19, 2015

 

The European Central Bank is ready to take more action to boost inflation if the quantitative easing program now could not give further evidence, said the head of the French central bank Christian Noyer on Tuesday.

 

Noyer, the speech at Euromoney conference in France said that the Eurosystem is prepared to act further if needed to fulfill its mandate to keep inflation close to but still below 2%.

 

Noyer, who sits on the ECB's governing council, said that the central bank's program to buy assets worth 60 billion euros ($ 67.05 billion) per month had a positive impact on inflation expectations. However, to achieve this target we need some more time.

 

Purchase program will continue until the end of September 2016 and so if we do not see any ongoing adjustment in the inflation path, said Noyer.

 

Noyer also said that external factors, especially from the decline in oil prices of late, has been confirmed for the fall in inflation. However, weakness in the economy also motivate the ECB to start quantitative purchase program.

 

Overall assessment of the current situation of the Euro area currently is lethargy still playing.

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News and Review of European Economic Zone (Germany)

 

German Producer Price Stronger Thin in April

Wednesday, May 20, 2015

 

Prices of goods coming out of the factory in Germany rose for the third consecutive month in April, though only up slightly, due to rising prices for motor fuel and heating oil. However, producer prices are still down sharply to an annual rate.

 

Federal statistics bureau, Destatis, on Wednesday said that producer prices in April rose 0.1% from March, but down 1.5% from April 2014. The economists surveyed by the Wall Street Journal previously expected to rise 0.2% at the monthly level and dropped 1.4% at an annual rate.

 

Factory price does not translate directly into a price that would be paid by the consumer.

 

Energy prices continue to push producer prices in April, Destatis said. Outside of energy prices, which can be volatile, producer prices rose 0.2% on a monthly level, but down 0.3% at an annual rate.

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News and Review of European Economic Zone

 

ECB Nowotny: Low Interest Rate Likely Long Lasting

Wednesday, May 20, 2015

 

European central bank policies that provide liquidity has shown its first signs of success, but they are not enough to begin to reverse the current monetary policy, ECB Governing Council member said on Tuesday night.

 

Ewald Nowotny, at the time at the annual awards ceremony of the Vienna Stock Exchange said that we would have to estimate a longer phase of low interest rates.

 

At the time the US economy has been growing quite well, the Euro zone economy has lagged significantly, said Nowotny. He added that the European economic bloc EBC is not yet ready to return to a more normal monetary policy.

 

Low interest rates will not last forever and must be seen as an extraordinary situasu, said Nowotny. However, the danger would be if the Eurozone kept in a state of deflation.

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News and Review of European Economic Zone (UK)

 

BOE officials Agreed Weakening Economy Seen Fading In the year

Wednesday, May 20, 2015

 

The Bank of England policy makers said that the relaxation in the economy may be eroded completely within one year, sinyalkan that the great potential inflationary pressures in the future that will require policy tightening.

 

In the minutes of the policy meeting in May, the Monetary Policy Committee said that while there is no uncertainty about the estimate of spare capacity, the collective view of the best panel is sagging rate of about 0.5% of GDP and "likely to be completely absorbed in this year."

 

The comments echoed the view of the MPC inflation report last week that the possibility of the next policy will Raise the benchmark interest rate, which has been at a record low of 0.5% for more than six years. With inflation below zero, there is no direct pressure to the BOE to start tightening policy at this time, and the market did not assess for an increase until mid 2016. Voting MPC produces sound 9-0 to keep interest rates unchanged, even though for two members give the decision that "this time is quite balanced to Raise interest rates."

 

BOE in the minutes released on Wednesday said that at the moment there are various views on the possibility of higher interest rates in the future, all members agreed that it was more likely than not that interest rates will rise over the forecast period of three years.

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News and Review of European Economic Zone (UK)

 

UK Retail Sales Rise 1.2% in April

Thursday, May 21, 2015

 

UK retail sales rose more than economists forecast in April as the warm weather helped boost demand for clothing to its highest level in four years.

 

The volume of sales including fuel rose 1.2% from March, it was reported by the national statistics bureau in London on Thursday. Economists had predicted to rise 0.4%, according to a Bloomberg survey. Sales of clothing and footwear rose by 5.2%, this is the largest increase since April 2011, as the weather was warmer than average encourage consumers to shop in the summer.

 

At the quarterly level until April, retail sales rose 0.7% from the previous three-month period. They are now up to 26 consecutive quarters, this is the longest period of sustained growth since records began starting in 1996.

 

In a report from the UK statistics bureau show that, from a year ago, retail sales rose 4.7% in April, excluding fuel vehicles, sales rose 1.2% at the monthly level, topping forecasts for a 0.2% rise.

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News and Review of European Economic Zone (Germany)

 

German Economy Losing Momentum, Manufacturing And Services Sector Weakens

Thursday, May 21, 2015

 

The German economy returned faltered this month, with the output index fell a larger-than-expected economy to the lowest level this year.

 

Markit Economics said the composite index of manufacturing and service sectors fell to 52.8 from 54.1 in April. At the moment it is still above the 50 level that marks the expansion of contraction, this is the second consecutive decline and were lower than the reading level at 53.8 forecast by economists in a Bloomberg survey.

 

Germany's economic growth eased to 0.3% in the first quarter, returned restrained by a decrease of the trade, and the Markit report showed that manufacturing for export bookings rise recorded only "marginal" this month. At the same time, the rebound in oil prices and the weakening of the euro has helped to raise the price of the input to the highest level in more than 2 1/2 years.

 

Kolodseike Oliver, senior economist at Markit said that it seems the level of German expansion will remain sluggish in the coming months. The companies reported weaker expansion in the weak demand, economic uncertainty and rising price pressures.

 

German manufacturing index fell to its lowest level in three months at 51.4 this month from 52.1 in April. The services index slipped to 52.9 from 54.

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News and Review of European Economic Zone

 

Euro zone recovery Suspended Over Germany Losing Momentum

Thursday, May 21, 2015

 

Economic growth in the Euro area fell for a second month in May as growth in Germany, the country with the largest economy in the region, is losing momentum.

 

Markit Economics on Thursday said that the composite index of the service sector and manufacturing in the eurozone slipped to 53.4 from 53.9 in April and 54 in March. While levels above 50 marks the difference in expansion from contraction, the results of the data is below the expected reading of 53.9 economists in a Bloomberg survey. German index fell to 52.8 from 54.1.

 

Growth in the Euro area rose to 0.4% in the first quarter, and Markit said that their survey indicate the same rate that would be achieved in the current three-month period. However, with global demand showed signs of faltering as China's manufacturing is still sluggish, recovery in Europe is not yet fully guaranteed although the benefit of central bank stimulus and the weakening euro.

 

Chris Williamson, chief economist at Markit said that the recovery in the euro zone lost some strength in May. At this time the slowdown is not the main concern, but no doubt because it can cause nail biting as ECB policy makers are still waiting for signs that quantitative easing is a panacea needs in this area.