News and Reviews European Economic Zone

[mynameisandhy]

News and Economic Review Europe (France)

 

French Try to Gain Support China

Thursday, October 27, 2011

 

French President Nicolas Sarkozy have had talks with Chinese President Hu Jintao over Europe gather support to raise funds to finish bailoutnya-euro zone debt crisis. Chinese television report Hu Jintao expect European measures will help stabilize the market. Office of French President Sarkozy and Hu states agreed to cooperate for the sake make sure the G20 can contribute to maintaining growth and global stability. Chinese Premier Wen Jiabao has previously intimated a desire to help Europe after the financial market turmoil threatens China's export performance.

 

The discussion was conducted via telephone shortly after Europeans reached an agreement to increase the capacity of the bailout fund European Financial Stability Facility (EFSF). The interviewee told Bloomberg Japan also plans to support the improvement of the bailout funds while waiting for the European course details. Tomorrow, EFSF CEO Klaus Regling scheduled visit to China to give an explanation to investors. Regling also scheduled to visit Japan for the same, according to Bloomberg resource.

 

Meanwhile, the euro rose on the New York session. EUR / USD is now trading near 1.4118 daily high level of 1.4146.

[mynameisandhy]

News and Review of European Economic Zone

 

EURUSD likely to form the New Range 1.4095 - 1.4470

Friday, October 28, 2011

 

As we can see on the graph H1 soaring price of trendline support at 1.3800 range, these facts indicate a bullish scenario not only for the short-term test area of ​​1.4245 - 1.4300, but also added a medium-term bullish outlook drill 1.4420 area for the medium term.

 

Support the closest look at the 1.4095 area, fell below that area could trigger a downward correction but the correction is still normal at this phase, as long as prices hold above the 1.4035 area bullish scenario is still intact.

Edited October 29, 2011 by mynameisandhy
wrong

[mynameisandhy]

News and Economic Review Europe (UK)

 

Keep Up GBPUSD 1.6220 Bullish Channel?

Friday, October 28, 2011

 

Intraday bias remains bullish in the short term targeting 1.6220 area target, but still required penetration consistently above 1.6140 area so he could trigger further bullish momentum.

 

Nearest support at 1.6045 area, again fell below that area could bring the price into the neutral zone because of its direction becomes less clear in the short term but for the price move in a bullish channel on the H1 chart, the bullish scenario is still more dominant in this phase.

[mynameisandhy]

News and Review of European Economic

 

Debt Rescue Runs Smooth Europe would

Friday, October 28, 2011

 

Indonesian Finance Minister Agus Martowardojo believes that if the rescue of European leaders to get out of debt crisis will not run smoothly. Because, there are still many fiscal problems that must be addressed.

 

As is known, European leaders have found an agreement with banks and insurers to accept cuts of 50 percent of Greek bonds. The agreement is taken to reduce the debt burden of the Greek and European crisis that has lasted two years.

 

However, Agus remain optimistic when the assistance of the G20 group of countries can facilitate saving measures that avoid the potential for recession.

 

"While we know the challenges of the euro zone, they unite the country's 17 currencies, but they were not state who became one because of its fiscal fiscal-fiscal is also politically separate and have different constitutions," Agus said when met at the Parliament Building Indonesia, Senayan, Jakarta, Friday (28/10/2011) night.

 

Further Agus also welcomed the intention of this European leaders, he said some of these rescue program will increase the commitment of the rescue fund up to one trillion euros. That for later funding was channeled through the European Financial Stability Facility (EFSF).

 

EFSF is then to recapitalize the banking restructuring and also to build SPV can restructure institutions in Europe.

 

"The agreement on the value of bond at Yunandi and initiatives to keep the Greek crisis does not spread this good. We are delighted to welcome the leaders of European countries that the euro zone in particular has been agreed on a concrete program," he concluded

[mynameisandhy]

News and Economic Review Europe (Germany)

 

German retail sales move turned against unemployment

Monday, October 31, 2011

 

German retail sales for September rose with increasing job market after completion of the agreed European debt crisis.

 

Sales, adjusted for inflation and seasonal movements, up 0.4% from August when sales fell 2.78%, as stated by the Federal Statistics Office in Wiesbaden today.

 

German unemployment fell ahead of the 27th month in September, making dilevel 6.9% unemployment rate, the lowest since reunification two decades ago.

 

Expected consumer confidence rose for the first time in 8 months in November with rising wages and increasing employment prospects, as predicted by GfK.

 

One of the leading German economic institutions of German economic growth estimates for 2012 will grow by more than half They also said that Europe's biggest economy will avoid recession. Growth is expected to weaken 0.8% next year from 2.9% in 2011.

[mynameisandhy]

News and Economic Review Europe (UK)

 

Sterling Pressure Slows At End of Month

Monday, October 31, 2011

 

British pound in trading GBP / USD today (31-10) was observed to weaken against the Euro.

 

After long months of this tends to strengthen sharply against the Euro, Pound Sterling eased a little pressure at the end of this month.

 

The development is also responding to the possibility of lending slowdown in the UK.

 

Bank of England today is scheduled to release an indicator Net Lending to Individuals m / m, which is expected to fall to the dar 0.9B 1.0B in the previous period.

 

Analyst Research Vibiz of Vibiz Consulting suggests that the British pound moved lower tracked approximately -0.21% against the Euro currency on foreign exchange trading today.

 

Meanwhile, the pound sterling selling rates of Bank Indonesia rate in the range of Rp. 14233.92 / USD and the buying rate of about Rp. 14089.34 / USD.

[mynameisandhy]

News and Review of European Economic

 

Understand the Problem Not Europe Greece

Monday, October 31, 2011

 

Too many EU leaders do not understand the Greek debt problem though Athens has passed the borrowing over the years, according to the President of the ECB. "From the beginning, I said how important it is to understand the debt situation. We are not concerned to please certain parties including the government that has been uttered debt problem is not so important," said Jean-Claude Trichet told CNBC.

 

Post-European agreement last week to fight the debt crisis, Trichet uttered European debt problems could have been avoided if the government listened to the warning the ECB. Having pointed out the idea of ​​the necessity of the euro-zone finance ministers, Trichet believes now is the time to do actions based on an agreement last week. Having helped struggling to help the European Union since 2007 through the financial crisis, Trichet defended the decision to use non-conventional policies to shore up confidence after the collapse of Lehman Brothers and the worsening of the euro-zone debt crisis.

 

Meanwhile, the euro weakened in the London session. EUR / USD is now trading 1.4000, 1.3975 daily lows near

[mynameisandhy]

News & Economic Review European zone

 

Trichet Job Evaluation

Tuesday, November 1, 2011

 

International and European Public Services Organisation (ipso) conducted a survey to find out the opinions of colleagues about the performance of Jean-Claude Trichet. A total of 34.9% of respondents gave ratings 'good', while the rest are evenly split in the category of assessment 'perfect', 'enough', 'bad' and 'very bad'. However, Trichet really appreciate the existence of the less famous ECB staff. He once said that, "employees are the most valuable assets of the ECB,". But nearly 60% of respondents coming from the environment the central bank does not agree with the comments.

 

Regardless of the ECB's peer review, one of the most inappropriate thing highlighted is how the performance of this French guy in to fix the performance of the monetary area. Together with the International Monetary Fund (IMF), the ECB accused of failing to manage the debt crisis of European countries. However, when judging from the aspect of inflation, Trichet managed to maintain the stability of consumer prices as charged at the time He first served. Here are some important points that should be used as a parameter of success Trichet. Monexnews give an assessment of what has been done 69 years this man for eight years:

 

1. Debt Crisis

 

ECB is one of those responsible in the European debt crisis. The central bank should understand completely the risk of shocks in the bond market. Further, the authorities also failed to enforce regulations related to the deficit threshold euro member countries. No wonder if the emerging countries with a deficit to GDP ratio is very wide. Talking about the financial burden, then the object would lead to the Greek state. The ratio of debt-to-GDP of this country will not even move from the level of 120% in 2020. ECB negligent in performing their duties in overseeing the flow of state revenue and expenditure. Greek crisis is the omission of authority to the complex problems in the region.

 

Trichet argued that it had long ago warned European leaders about the dangers of failing to pay Greece. "Europe does not ignore the opinion I have," he admitted one day after the surrender position on the Italian successor, Mario Draghi. Statement disappointment was understandable because it's no secret that the space for the ECB is limited by the interests of large economies such as France and Germany. Ex-president of the ECB has even admitted that France had exceeded the threshold of the national debt during his reign. But the firmness of the law does not apply when the big country involved in a violation. State intervention is too large so it is difficult to expect a lot of capacity in the independence rules of the ECB Trichet. When referring to the debt crisis of European settlement, the report card is Trichet: 'Bad'.

 

2. Control of Inflation

 

Like the central bank, the ECB has a major role in controlling inflation in the European region. Authority responsible for maintaining the inflation rate remained at 2% level. For business, the ECB and Trichet is doing very well. The debt crisis had not been able to shake the stability of inflation that have been planted by 'the Frenchman'. Recent inflation data (October) did show an annual level of 3% or above analysts' expectations of the market (2.9%). While core inflation fell by 1%. But the level was within the category of stable, especially when referring to a series of systemic problems that plagued the continent blue. Trichet's inflation-control report card is: 'Good'.

 

3. Unemployment Figures

 

Unfortunately, the stability of inflation does not affect the absorption of labor in some major economies. One of the most valid sample is Spanish. This kingdom has a number of unemployment reached 21% of the total population! Followed by Irish residents filled 14.6% produkif without a job. In this case, Trichet is seen not to have the ability and initiative increases the per capita income of the member countries. Whereas the stability of inflation is the initial capital to optimize the absorption of labor. Therefore, he got value: 'Bad'.

 

4. Housing Prices

 

If only Trichet and his allies want to open my eyes, then they will see house prices in Spain jumped more than doubled in 8 years (1998-2006). Almost the same thing also happened in Ireland. Rising house prices in some countries is part of the euphoric properties. Many buildings and residential stands, as well as the growing number of enthusiasts. The correlation was in the end affect the country's trade deficit gap. The stability of house prices occurs only in Germany. And though not as Ireland and Spain, the majority of European countries also experienced a bubble in property prices. Similarly in Britain and the United States (U.S.), one of the factors that trigger the bubble is the leniency applied by banks. Over-leveraged banking into a gap of price fluctuations is not healthy. Trichet report card based on the level of housing prices is: 'Bad'.

 

5. Banking Health

 

Maybe a bit tiresome to discuss the decline of banking performance. Given the already so many issues and data that could show how the banks are very vulnerable to shocks. Unlike the previous points, the European banking heavily influenced by the financial sector in the economies of other countries and regions. Decline in the quality of the bond makes the bank's asset value to fall out. Stress test is made by the European Banking Authority (EBA) is deemed not relevant to measure the durability of the bank facing a crisis. Capital adequacy to be one problem that is being translated by the articles of the European Financial Stability Facility (EFSF). Broadly speaking, the performance of banks most affected by the performance of a portfolio of government bonds. So this sector is only a victim of damage monetary and fiscal systems in countries such as Greece. In this case, the report spelled Trichet: 'Enough'.

[mynameisandhy]

News and Economic Review Europe (UK)

 

Attempting to 1.5900 pounds

Tuesday, November 1, 2011

 

European trading session on Tuesday re-filled with the negative sentiment that suppress risky assets, including the pound sterling. The good GDP numbers to England in the quarter-3 is also not much help Pound, amid market concerns on the handling of the outbreak of the debt crisis in the European region.

 

GBPUSD is currently offered in the range of 1.5910 or more than 1% below today's opening price, after being unable to stay above the psychological level of 1.6000.

 

As these movements, the nearest support level for this currency pair may be found at 1.5900 area (low October 24 / psychological level), then 1.5850 (high 14/17 Oct) and 1.5790 (21-day MA). In contrast, the nearest support level at 1.6090 area (daily high), followed by 1.6140 (200-day MA) and 1.6210 (high 6 Sept).

[mynameisandhy]

News and Economic Review European (Greece)

 

Referendum on the European Market Expectations Mute Greece

Tuesday, November 1, 2011

 

The main European bourses fell sharply in trading Tuesday after the emergence of news that Greece will hold a referendum related to the latest bailout deal has been approved the European Union, sparking fears that the plan will fail again.

 

Greek Prime Minister George Papandreou unexpectedly announced that Greece will hold a referendum on the agreement reached with the European Union last week, in which private investors are required to receive a write-down of 50% of their holdings on Greek bonds.

 

"After going through tough negotiations between Greece and Germany, what was then shown by the Greek quite surprising," Jordan said Lambert, a trader at Spreadex Ltd.. "This uncertainty is likely to trigger the market turmoil, at least until next week."

 

So far the German DAX and French CAC has demonstrated a significant decrease with each lost 4.9% and 3.95%. While in the UK FTSE moved about 2.8% lower by the middle of the trading session.

[mynameisandhy]

News and Economic Review Europe (UK)

 

Sterling Gains Supported Construction Sector

Wednesday, November 2, 2011

 

Pound sterling currency to trade GBP / USD today (02-11) observed stronger.

 

Pound Sterling strengthened along with the presence of positive signal in the British economy, where it is shown by an increase in performance in the construction sector in the country.

 

Indicator Construction PMI rose to 53.9 reported previously expected to remain a value of 50.1 from 50.1 the previous period.

 

Analyst Research Vibiz of Vibiz Consulting suggests that the British pound moved higher observed around + 0.24% against the Euro currency on foreign exchange trading today.

[mynameisandhy]

News and Review of European Economic

 

Pressure Euro Against Yen Reda, Unemployment Rise In Germany

Wednesday, November 2, 2011

 

In trading pair EUR / JPY the European session this evening (02-11) tracked the Euro exchange rate against the Japanese yen weakened back and in the range of 107.61.

 

Increasingly less attractive euro forex investors in line with the indication showing a decline in economic performance in Germany.

 

The latest information about the German Unemployment Change indicator has just been released by Destatis showed a decrease in performance on the labor sector.

 

German Unemployment Change Indicators were reported to have increased to 10K which was forecast to rise to-10K from the previous value of-22K. This negative response by investors to trade forex.

[mynameisandhy]

News and Review of European Economic

 

Small, Opportunities ECB Interest Rate Changes

Wednesday, November 2, 2011

 

Euro-zone manufacturing activity in October contracted at the sharpest rate since July 2009. Recent data, which just released a day before the meeting of the ECB interest rates, suggesting that growth stalled region.

 

This Wednesday, Markit Economics announced the Purchasing Manager Index (PMI) in 17 countries using the euro fell to 47.1 in October. In September last, PMI recorded in figure 48.5. Threshold of 50 indicates that the performance of PMI has been shrinking for three months.

 

Germany even seen a contraction for the first time since June 2009. Activity factories slowed since a month ago in all countries, except Ireland. "The new recession in the euro bloc is now almost certain," said Alan Clarke, economist at Scotia Capital.

 

The ECB will announce its interest rate decision tomorrow Thursday. Market participants want to find out whether the ECB will keep interest rates pegged at 1.50%. But economists surveyed by Dow Jones last week did not expect any change in policy. Given the inflation rate in October was 3.0%, or well above the central bank's target of just 2.0%. The central bank is unlikely to change interest rates in the midst of current uncertainties.

[mynameisandhy]

News and Review of European Economic

 

Shocking! European Central Bank cut interest rates 0.25%

Thursday, November 3, 2011

 

European Central Bank (ECB) surprisingly cut its benchmark interest rate for the first time by 25 basis points (bps). Increasingly uncertain conditions of crisis in Europe such as Italy and Spain forced the ECB lowers interest rate to 1.25%.

 

The prospect Greece exit from the European Union is also a major consideration of the monetary authority in taking decisions.

 

Mario Draghi, who chaired the ECB to make predictions 51 of 55 economists surveyed by Bloomberg missed. Two other economists predict the right while the other two predict cuts to 0.5%.

 

"Pruning is in a very surprising," said Nick Kounis, head of research at ABN Amro in Amsterdam. But, he considers it appropriate for the decision and forward the European Central Bank will cut interest rates again. "Europe's economy more and more immersed by the recession, even the last few days was very significant downside risks," he said.

 

Draghi led a press conference at 2:30 pm Frankfurt time. He was under market pressure the central bank wants to keep buying bonds in the euro area countries are depressed.

[mynameisandhy]

News and Economic Review Europe (Greece)

 

Greece Denies Resignation Papandreou News

Thursday, November 3, 2011

 

A senior Greek government denied the news about the resignation of Greek Prime Minister George Papandreou, adding if Papandreou is scheduled to deliver a speech in front of members of parliament on Thursday.

 

Papandreou himself has held an emergency cabinet meeting to decide the next step.

"There is no prime minister's resignation," the official said. "The prime minister will still speak in front of parliament this afternoon, as planned."

 

Denial comes amid speculation that Papandreou would probably resign following the rejection in the socialist party, angered by the Prime Minister plans to hold a referendum on the latest bailout package for Greece agreed in the EU summit last week.

 

Papandreou possible actions aiming to quell public reaction to the controversial austerity policies, but for some circles it is regarded as a reckless act considering it could potentially derail the settlement plan debt crisis in the European region.

[mynameisandhy]

News and Review of European Economic

 

ECB under Mario Draghi, Possible Lower Interest Rate by 0.25%

Thursday, November 3, 2011

 

Mario Draghi first decision which is the current president of the ECB will likely cut rates 0.25%. This was never discussed in Trichet's last meeting but did not materialize. With the worsening economic conditions in the State of the European periphery, the ECB can help growth by lowering interest rates. Maybe in 50 basis point cut is very precise. Draghi did not want to be seen doing inflansi easing in and do a very loose monetary policy towards Italy.

 

Draghi would certainly tend to avoid this stigma. The euro is likely to move to follow the new ECB president statement in a press conference. If the estimate of the Euro will jatuk concerned about the possibility further. If the estimates remain stable, the euro could stabilize and even rise.

 

While If Greece to hold a referendum related rescue scheme will be the European Union, will make the dollar (U.S.) bank liquidity rose and declined. Short term impacts must be bad, because it illustrates the failure European Central Bank (ECB) in dealing with their internal problems. Whereas the problem in Greece is small. What about the next problem in Italy, Spain, and so forth? "

[mynameisandhy]

News and Economic Review Europe (UK)

 

RBS profit fell by 63%

Friday, November 4, 2011

 

LONDON. Royal Bank of Scotland Group Plc (RBS), the largest bank owned by the British government could not circumvent the crisis of the attack. The operating profit of banks per September 2011 fell by 63% from the same period the previous year. The economic crisis plaguing Europe withhold earned income securities division.

 

Profit reached only 267 million pounds, equivalent to U.S. $ 428 million. Obtaining this much smaller 343 million pounds from previous analysts expected.

 

"Our investment division recorded profits only slightly during the period. In the fourth quarter, similar conditions predicted to occur," said Chief Executive Officer Stephen Hester, Friday (4 / 11)

 

Investment banking revenues slipped 29% to 1.1 billion pounds. Edinburgh-based bank in this state, concerns about the crisis in Greece makes the desire of investors in the sinking fund investment in the stock market sank.

 

"Profitability of banks is very weak due to a sharp decline in investment banking business," said Gary Greenwood, banking analyst at Shore Capital, Liverpool. Securities unit costs soared to 93% from 63% in the same period the previous year.

 

Not only to face loneliness of income, just like any other creditor classes snapper, RBS is expected to terminate the employment (FLE) in order to reduce bank charges. Previously, RBS had cut the number of employees to 27,000 employees since the crisis occurred in 2008.

[mynameisandhy]

News and Economic Review Europe (Italy)

 

Prepare Fresh IMF Funding for Italy

Friday, November 4, 2011

 

Leaders of the Group of 20 (G20) agreed that the International Monetary Fund (IMF) should create a new lending facility to help countries that lack liquidity. Thus the news received from the Cannes, France.

 

Precautionary entitled Commitment and Liquidity Line Fund will help provide funds for states to six months. Analysts speculated that Italy will become the first country to receive the new facility. Given the Italian state was faced with interest rates higher and higher. The main focus of aid focused on countries with high interest rates.

 

At the same time, the euro away from its highest level daily, 1.3855 and is now moving in the range of 1.3832. The resistant EUR / USD at 1.3855 next. USD / CHF at 1.2244 with resistance monitored at the nearest 1.2287. EUR / GBP at 0.8643 with resistance seen at 0.8670 and EUR / JPY at 108.03 reeling with the next resistance at 108.13.

[mynameisandhy]

News and Economic Review Europe (Greece)

 

Try to Restore Optimism Greek European Market

Friday, November 4, 2011

 

Major stock bourses mixed on moving the European trading session Friday as a difficult situation to be experienced Italian and euro zone economic data weak try to erode the market optimism that triggered the cancellation of the referendum Greece.

 

Eurostoxx 50 Index rose about 0.15% was observed, followed by Britain's FTSE index rose 0.65%. Instead the German DAX have slipped 0.5%, while the French CAC index fell 0.05% thin.

 

Optmisme against the cancellation of planned referendum on the latest bailout deal appeared Greeks began to subside on Friday, as the worsening political situation in Italy, where Silvio Berlusconi-led government strong pressure to immediately accept the proposal from the austerity measures the IMF and the European Union, which includes finance reform pensions, labor markets and privatization.

 

While the macro economic data released Friday showed the occurrence of a sharp contraction in euro zone service sector in October, which fell to 46.4 from 48.8 the previous month.

[mynameisandhy]

News and Economic Review Europe (Germany)

 

German Industrial Production Fall to -2.7%

Monday, November 7, 2011

 

Industrial production in Germany dropped significantly in September. In its report, Destatis, the German statistics office said the federal industrial production fell to -2.7% in September, disappointing expectations for a decline of 0.7%.

 

Previous month's figure was revised to a decrease of 0.4% from 1.0%. From year to year, German industrial production rose at an annual rate of 5.4% in September, down from expectations for an increase of 7.2%, after rising at a rate 8.4% in August.

 

Once the data is released, the euro remained lower against the U.S. dollar, with EUR / USD down 0.31% to trade at 1.3751.

[mynameisandhy]

News and Review of European Economic

 

Goldman: Some potential bounce from EU countries

Monday, November 7, 2011

 

Goldman Sachs Asset Management argues, some member countries of the European Union (EU) could be bouncing out of euro zone. Countries such as Portugal, Ireland, Finland and Greece is better than operating out of the EU single currency.

 

A spokesman for Goldman Sachs, Jim O'Neill, say, Germany wanted a unified fiscal system and the tighter central control. "With this warning, it is difficult for all the countries that joined the EU last with the euro, including Greece," he said.

 

Only countries like Germany, France and Benelux are matched with a unified monetary system. Because the exchange rate they are very closely linked. But not so with other member countries.

 

Countries such as Finland and Ireland which is a neighbor of the non-euro countries such as UK and Sweden, may prefer to stop using the euro.

 

Meanwhile, the Greek bailout deal will not solve the crisis. Europe Central Bank (ECB) is also required to buy bonds.

 

Italy seems to be the next prisoner after Greece. 10-year bond yields reached 6.38% Italy nearing the threshold of 7%. This reflects the country's economic instability.

 

A member of the ECB said last Saturday, there is often debate to end the Italian bond purchases. Moreover, if this country does not make economic reforms. They suggested the ECB's commitment to support the Italians are not too large.

 

Italy may need a new government that makes the new economic policy for Italy. "But it's also still very fragile, markets need stronger leadership from these countries and also from the ECB," he said.

[mynameisandhy]

News and Economic Review Europe (Italy)

 

Italian bond yields rose again to 6.66%

Monday, November 7, 2011

 

Italian government bond yields back up to the highest rate that is 6.66%. Earlier, the Italian bond yield of 6.37%. This figure is already perilously close to the threshold of 7%.

 

Plus the alliance pressed Italian Prime Minister Silvio Berlusconi to give up the reins of power before the parliament voted against the 2010 budget, tomorrow (8 / 10).

 

Khwatiran Italian market will be the next country that will become victims of Europe's debt crisis. Italy is the third largest economy in the euro zone.

 

Stock markets in Europe also plunged. At the opening of trading in London, Frankfurt and Paris stock exchanges fell 1%.

 

Italy overshadowed by the political conditions in Greece which is heating up. Current Greek Prime Minister George Papandreou has agreed to step down from posisisnya. Greece is also forming a new government that the focus of EU bailout deal that does not bankrupt the country.

[mynameisandhy]

News and Review of European Economic

 

German Suggest Italian Sell The gold reserves

Tuesday, November 8, 2011

 

Gold has now become an alternative currency in Europe, while it made Germany still refuses to use its gold reserves to finance the bailout loan. This indicates that the Germans still regard Gold as a safe haven asset amid uncertain conditions of today.

 

Proposals submitted by France, Britain and the U.S. to use German gold reserves as collateral for the eurozone bailout fund has been rejected by Germany, based on the statement of Germany's economy minister Philipp Roesler on Tuesday the German gold reserves can not be touched at this time.

 

In line with colleague Angela Merkel, the Bundesbank representatives, Mr. Siebert said that the discussion on the G20 summit to use gold reserves as collateral is not approved by the Central bank. The proposal contains that Germany needed to use part of its gold reserves worth 15 billion euros, equivalent to 3.000 metric tons of Gold.

 

But German politicians even suggested Italy to sell gold reserves to reduce its debt ratio. According to Krichbaum who served as chairman of the Committee on European Affairs, Italian gold reserves are relatively high can be used to repay its debts.

[mynameisandhy]

News and Economic Review Europe (Italy)

 

Key Berlusconi Pull Support Alliance

Tuesday, November 8, 2011

 

Umberto Bossi, which is an alliance of key Italian PM Silvio Berlusconi said on Tuesday that he advised the Prime Minister to resign and support Angelino Alfano as a substitute.

 

Mr.Berlusconi itself still struggling to save the conservative government despite pressure to resign so that a new government can rescue the country out of Europe's debt crisis.

 

Italian opposition confirmed Tuesday that it would choose to abstain and not follow the voting held on Tuesday, a move aimed at the current government that they do not have a majority in parliament.

 

When only two weeks ago, Mr.Berlusconi gave a presentation at the European summit in Brussels with the promise of the Italian pension system reform, speed up the sale of state assets, as well as the easing of labor laws to facilitate the search for employment. But ironically, the move still needs approval from Parliament, and not yet clear how the Berlusconi government can obtain approval from the parliament.

[mynameisandhy]

News and Economic Review Europe (Germany)

 

German exports of September Break Expectations

Tuesday, November 8, 2011

 

German export sector scored a surprise rise in September. The global economic slowdown has not stopped stretching exports in Europe's biggest economy.

 

Statistical Office of Germany stated that exports rose 0.9% in September. One month earlier, the export volume jumped 3.2% (August). Data release to-9 months inversely than analysts' expectations, which predict a decrease 0.8%.

 

While the volume of imports fell 0.8% due to concerns that economic growth in the country to lose its momentum. While analysts projecting an increase of 0.4% in September.

 

Exports year-on-year jumped by 10.5% in September with a total value of 95 billion euros ($ 131 billion). While imports year-on-year recorded 11.6% higher at € 77.6 billion figure.