News and Reviews European Economic Zone

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News and Review of European Economic Zone

 

ECB Draghi Back Affirms Commitment Over Interest Rates

Tuesday, July 9, 2013

 

European Central Bank President Mario Draghi on Monday reaffirmed its commitment to low interest rates, he said that the high interest rates for the time being not justified. At the time of speaking to the European Parliament's Economic and Monetary Affairs Committee, Draghi said that the situation is so far making prices stable to his attention and most of the world economic situation is worrying, that's why the high interest rates are not justified at this time. "

 

He said that the ECB had "sharpen communication" by providing policy pointing to the front for the first time last week, when Draghi said that interest rates will remain at low levels for a long time. Announcement shocked the market and sent the euro fell against the dollar.

 

When asked whether the statement itself is sufficient, or further action is necessary, he said: The goal is that he's serious by announcing its monetary policy which would keep interest rates at low levels for a long time. Then we will see what the market reaction, and then will make a further statement. "

 

On Monday, Draghi acknowledged that raising interest rates may result in several benefits. "Of course, higher interest rates will reduce the risk on the one hand," he said, adding: "on the other hand, high interest rates in a weak economic situation will destabilize a country, will make your life much more difficult. "

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News and Review of European Economic Zone (Greece)

 

IMF Quite Satisfied With Greece

Tuesday, July 9, 2013

 

Greece can record a budget surplus at the end of 2013, but Greece needs to continue the policy of reform, according to the IMF. Athens had secured the disbursement next bailout on condition that the government had a policy of reform. "I am quite satisfied with the efforts that have been undertaken to improve the fiscal condition of Greece. Maybe by the end of 2013, Greece be able to record a budget surplus.'s Certainly going to be a satisfying achievement," said the head of the IMF, Christine Lagarde, told CNBC.

 

Lagarde also pointed out that Greece still needs to do more to improve the fiscal conditions. Greece is very dependent on the financial support to prop up the economy. However, policy reforms are a pre-requisite financial assistance is a policy that is not liked by the people of Greece. Athena does not even reach the target of reform that has been set, but after intensive lobbying Greece can secure bailout funds disbursement.

 

Meanwhile, the euro weakened thin record in Asian session after yesterday trying to stay away from the low level of 2 months. EUR / USD is now trading 1.2858; was not so far from the 1.2804 lows carved 2 months at the end of last week.

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News and Review of European Economic Zone (Greece)

 

Greece Back shaken Action Demonstration

Tuesday, July 9, 2013

 

Thousands of government workers again took to the streets in Athens to oppose reform deal between Greece by international creditors. More than 6,000 government officials have reportedly gathered outside the office of the Ministry of State for Administrative Reform on Monday.

 

The demonstrations came as the government announced plans to lay off thousands of civil servants. On the same day, the Greek government has also reached an agreement with the reform of the Troika, consisting of the IMF, ECB and European Commission, which is required to secure the disbursement of € 8.1 billion ($ 10.4 billion) bailout fund the next stage. The previous agreement was delayed due to delay in reforming the public sector Athens.

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News and Review of European Economic Zone (France)

 

French Industrial Output Decreased in May

Wednesday, July 10, 2013

 

French industrial output fell less than economists forecast in May as the automotive and electrical output is reduced. Production rate decreased 0.4% after rising 2.2% in April, according to the national statistics office in Paris today. Economists forecast a drop of 0.8%. From last year, output increased by 0.4%.

 

French economy is trying to recover from the recession, while unemployment is at a record high has eroded the popularity of President Francois Hollande. However, today's data indicated the economy was growing in the second quarter after a contraction of 0.2% in the first quarter, according to Unicredit MIB.

 

"Momentum in factory activity increased more rapidly than foreseen by the business survey in the second quarter," said Tullia Bucco, economist at Unicredit in Milan. "Despite the assumption of further correction in large numbers in June, the level of industrial production is likely to give a positive contribution to second-quarter GDP." Bucco said that at this time there is likely to revise Unicredit estimates for the growth rate stagnated in the second quarter.

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News and Review of European Economic Zone

 

ECB official: Euro Crisis Still Pretty Severe

Wednesday, July 10, 2013

 

European debt crisis has not fully recovered enters second half of this year. It was recognized by the senior officials of the European Central Bank (ECB) Benoit Coeure in his speech today.

 

Coeure board members stated that the authorities are challenged to design a policy that could benefit the entire region. It is not easy because of the financial and economic conditions of each country differ.

 

In a statement in Paris, Coeure did not say anything about the guide central bank interest rates are discussed at a regular meeting last week. But he stressed that the ECB will continue to open up to change and stand in their policy, in accordance with the mandate and principles of law.

 

"The euro was hit by a severe crisis, which it challenged policy makers to make the right solutions," added Coeure. ECB inflation target set at the maximum level of 2% over the medium term. When asked his opinion about the bond purchase program or Outright Monetary Transactions, Coeure said that the ECB did not intend to equate borrowing averaged across all member states. What's more, the program has not been activated since it was established a year ago. The euro exchange rate is currently observed in 1.28119 per USD.

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News and Review of European Economic Zone (UK)

 

Pound Enjoy Weakening Dollar

Thursday, July 11, 2013

 

The pound rose for a second day against the dollar after Federal Reserve Chairman Ben S. Bernanke said the U.S. economy continues to need stimulus, the level of demand for the greenback erodes. Sterling had weakened against most major currencies ahead of the latest meeting minutes of Bank of England next week.

 

Bernanke yesterday said that the U.S. continues to require "accommodative monetary policy", prompting investors to reduce speculation that pressing bond purchase program dollar exchange rate will end this year.

 

"The strengthening of the pound largely due to the weak dollar after Bernanke's comments," said Ian Stannard, head of European currency strategist at Morgan Stanley in London. "The message conveyed by Bernanke is the interest rate will remain at a low level for the time being."

 

Meanwhile one senior BoE David Miles said in a seminat in London today that the Bank of England is very anxious kenaiakn impact of the interest rate will be a burden on society, which still has a high debt level. Miles, who supports additional bond-buying programs every month since November, said that he thought "the BoE must change the policy to be more normal as soon as possible."

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News and Review of European Economic Zone (Greece)

 

Greek Unemployment Rate Earn High Level New in April

Thursday, July 11, 2013

 

Greek unemployment rate hit a new high in April, as the effects of the recession after the application of tightening for more than 3 years as a condition for an international bailout deal. The unemployment rate rose to 26.9% from 26.8% in March, its highest level since the data released by ELSTAT unemployment began in 2006. And also more than double the average unemployment rate in the euro zone that is equal to 12.2% in May.

 

"The fact is the importance of almost 2 out of 3 people do not work for more than 12 months," said economist Angelos Tsakanikas at the IOBE, underscores the deep problems in the labor market. Population aged 12 to 24 years is still the worst, although the unemployment rate for this age group fell to 57.5% in April from 58.3% in March.

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News and Review of European Economic Zone (Portugal)

 

Portugal Ask Troika Defer Financial Review

Friday, July 12, 2013

 

The finance ministry has proposed that the review states finance 8th temporarily postponed until the friction in the cabinet resolved. "We asked for a delay because of the reviews current unfavorable political situation," the ministry official statement. Shows how the coalition government's decision in the cabinet actually split in recent weeks. This condition is not likely to have an impact on the attitude of the international creditors on the country's bailout program that reached 78 billion euros. Even so, the finance ministry to ensure that the review process-8 and 9 by the European Commission, the ECB and the IMF will be combined at the end of August and September 2013.

 

As is known, the Portuguese government was forced to give up two of his ministers resigned from strategic positions. Foreign Minister Paulo Portas, who also doubles as Chairman of Junior Coalition Party, withdrew because of a different opinion about the government's budget cuts last week. Portas's departure following the resignation of the finance minister Vitor Gaspar moments earlier for similar reasons. In his resignation letter, stating Portas does not agree with the government's policy, especially in terms of budget cuts. "I respect what the prime minister, but I disagree," Portas said in a statement.

 

In clause bailout worth 78 billion Euros in 2011 ago, Portugal was forced to take steps to balance the ruthless efficiency of the balance sheet is already dilapidated. This country has been in recession for two years, and its economy is expected to contract 2.3% back in 2013. In order to avoid any conflict in the cabinet, PM Coelho appointed finance minister Maria Luis Albequerque as the new Finance Minister. Portas himself has long opposed the budget cuts several points, one of which is a tax increase for retirees discourse. It remains unclear what the impact of the resignation of the relationship Portas CDS-PP party and the Social Democrats. Both of these political institutions have jointly build a cabinet in the last two years and may be a signal Portas resignation broke up their partnership in the middle of a prolonged economic crisis.

 

Effect a split in the seat of government looks at the soaring yields on 10-year Portuguese bonds on Wednesday last week (03/07) to daily highs in 8:18%. The worst case scenario is at the head of capital owners is the inability to resolve the crisis Portugal appropriate initial target. For the record, the higher the risk of default on the debt of a country, the higher the surge in bond yields.

 

Portugal news is so important for market participants because the recovery effort to prop prone region as a whole. Since the decline of two key ministers in this country, stock markets and bond yields other European countries also fluctuate sharply. Under the scheme worth 78 billion euro bailout designed by the European Union and the International Monetary Fund (IMF), Portugal is scheduled to take note of the balance sheet by mid-2014. Economic actors and citizens are faced with a tough phase of life since first enacted efficiency. Structural reforms and fiscal austerity instantly create pulsing economy weak joints so that the value of national gross domestic product shrank and unemployment numbers soared to fantastic levels, 18%.

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News and Review of European Economic Zone (Ireland)

 

S & P Credit Outlook Revised Ireland Being a 'Positive'

Friday, July 12, 2013

 

Unexpectedly earlier, the rating agency Standard & Poor's (S & P) revised the outlook for the country's long-term credit rating of Ireland from 'stable' to 'positive'. In a statement, S & P assess the opportunity for the country to meet its fiscal targets and the national debt is greater than some time ago.

 

"In our perspective, the opportunity to complete its obligations Ireland now over 1 versus 3, and even the government can achieve the mandate of the European Union sooner than expected," according to S & P. Praise Rating agencies also maintain a BBB + rating for long-term debt and A-2 for short-term instruments Ireland. Agency said that the budgetary consolidation, stability of domestic demand and the income from the sale of government assets will create optimal efficiency program. Ireland could record the predicted strong economic recovery even though the S & P still expects the growth trend is still slow in 2013 and 2014.

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News and Review of European Economic Zone (Portugal)

 

Portugal Bond Yields Rise Again

Friday, July 12, 2013

 

Portugal's bond yields rise again today with increasing financial risk in the country. Yields on benchmark bonds (10-year tenor) rose 15 basis points to 6,903% after the government announced the postponement proposal budget review by the creditors.

 

As is known, Portugal's finance ministry today filed a financial review process to delay-8 by Troika to friction in the cabinet resolved. "We asked for a delay because of the reviews current unfavorable political situation," the ministry official statement. Shows how the coalition government's decision in the cabinet actually split in recent weeks. This condition is not likely to have an impact on the attitude of the international creditors on the country's bailout program that reached 78 billion euros. Even so, the finance ministry to ensure that the review process-8 and 9 by the European Commission, the ECB and the IMF will be combined at the end of August and September 2013. Government decisions about disbursement of bailout create further concerns resurfaced.

 

Effect a split in the seat of government ever seen on Wednesday last week, while yields on 10-year Portuguese bonds soared to the highest level day in 8:18%. Since the decline of two key ministers in this country, stock markets and bond yields other European countries also fluctuate sharply. Under the scheme worth 78 billion euro bailout designed by the European Union and the International Monetary Fund (IMF), Portugal is scheduled to record a balanced budget by mid-2014. Economic actors and citizens are faced with a tough phase of life since first enacted efficiency. Structural reforms and fiscal austerity instantly create pulsing economy weak joints so that the value of national gross domestic product shrank and unemployment numbers soared to fantastic levels, 18%.

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News and Review of European Economic Zone (France)

 

French President Optimistic In Economic Recovery

Monday, July 15, 2013

 

French President, Francois Hollande, is optimistic the economy will recover after Fitch cut France's credit rating from AAA to AA-. Hollande called on French people to be positive refers to the increasing industrial output, stable consumer spending, and the improving economic outlook that has been described by the French central bank. Hollande is struggling to improve the French economy is stagnant and unemployment is at 14 year highs.

 

Two weeks after Hollande French energy minister sacked for criticizing the government's budget, Hollande warned his cabinet to unite or face the risk of failure. Hollande also confirmed that government spending will not increase in 2014, although he does not ignore the possibility of tax increases. Hollande also not so interested in the level of popularity that is based on a survey in June showed only a 26% satisfaction.

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News and Review of European Economic Zone (Spain)

 

Spanish Prime Minister Refuses to Resign

Tuesday, July 16, 2013

 

Prime Minister of Spain, Mariano Rajoy, refused to resign after the financial scandals happened to his party. Rajoy must now overcome political pressure after the former treasurer of his party said it had paid € 90,000 to Rajoy and the party secretary-general of the People Mariana Dolores Cospedal in 2009 and 2010. Rajoy has so far been able to deal with the scandal that has befallen his party including illegal donations to the party leaders in exchange of contract construction that has passed.

 

Rajoy, whose party still controls the parliament, state scandal will not change the reform program in order to overcome the recession and budget deficits. "I will maintain political stability and will meet the mandate given by the people of Spain," Rajoy said. Opposition parties and some members of the party People have asked Rajoy to resign. "Party People did have a majority but has lost moral authority," said Elena Valenciano opposition party officials. "We will work closely with all parties to ensure the resignation Rajoy as Spanish prime minister."

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News and Review of European Economic Zone (Germany)

 

German ZEW Under Predictions

Tuesday, July 16, 2013

 

German ZEW indicator of economic sentiment released lower in the month. ZEW indicator fell 2.2 points menajadi 36.3 compared to the previous month at 38.5. ZEW index measuring expectations of economists about the German economy for the next six months. But economic index for the month rose 2 points to 10.6.

 

"The financial market experts still predict a positive overall. This illustrates the confidence and resilience of the German economy, although industrial production figures and foreign trade has recently released a little weak, "said ZEW President Prof.. Dr.. Clemes Fuest.

 

While the euro zone economy expectations rose in July. Eurozone ZEW indicator increased 2.2 points to 32.8, while the indicator for the economy this month also rose 4.8 points to -74.7.

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News and Review of European Economic Zone (UK)

 

UK Inflation Up Less Than Economists Estimated

Tuesday, July 16, 2013

 

UK inflation rose less than economists forecast in June frequent air fares offset rising food and fuel prices.

 

Consumer prices rose to 2.9% from a year earlier, compared with a 2.7% rise in May, the National Bureau of Statistics said in London today. Previous analysts expect there will be a 3% increase. The pound weakened against the dollar after the data.

 

Bank of England, which targets 2% inflation rate, estimated that the price increase would slightly undermine their goal as one of the factors is not in accordance with the calculations. Governor Mark Carney will present at next month by presenting the bank's view forward as a way to maintain and generate economic recovery stimulus.

 

"We do see volatility in inflation in the summer of last year because of the calculation, it is clearly heading up 3%," said Rob Wood, an economist at Berenberg Bank in London and a former central bank official. "Inflation will begin to fall back and return to the target by the end of next year. "

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News and Review of European Economic Zone

 

European Commissioner Wants Troika Removed

Wednesday, July 17, 2013

 

EU Justice Commissioner, Viviane Reding, called for troika-agency consisting of representatives of the European Commission, ECB, IMF-removed. "The troika has expired. Involvement of the IMF is an emergency solution. In the future, Europe must be able to resolve its own problems," said Reding, who also serves as vice president of the European Commission. Troika has handled the crisis in Greece, Portugal, Ireland and mengawasai implementation of austerity and reform policies as a condition for disbursement of the bailout fund. Reiding confirms European institutions can solve the problem without the IMF.

 

Germany and Finland is supporting the involvement of the IMF in resolving the debt problems in the euro zone. However, last month German Finance Minister Wolfgang Schaeuble point out the involvement of the IMF is not a permanent solution. Leaders bail out the euro zone, Klaus Regling, has also said the IMF should play no role in the euro-zone rescue package for the long term.

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News and Review of European Economic Zone (UK)

 

UK Jobless Claims Fall 21,200

Wednesday, July 17, 2013

 

Number of Britons are filling claims for unemployment benefits fell the most in three years, but the level of wages is still weak, it can memngurangi consumer spending that will affect the UK's economic recovery.

 

British statistics bureau said the number of people who fill out a claim for unemployment benefits claims fell 21,200 in June, the biggest drop since June 2010. The decline was much larger than economists' forecast of 5,000 claims. In addition, data released by the unemployment rate 7.8%, unchanged from the previous month. British annual inflation rate of 2.9%, which means the purchasing power of the UK will be reduced due to an increase in wage rates to offset rising prices.

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News and Review of European Economic Zone

 

Italy Warns Risks British exit from the EU

Wednesday, July 17, 2013

 

Italian Prime Minister warned of the risks that can arise if the UK out of the EU in the coming years. "Europe seems to underestimate the risk of the release of the UK from the European Union.'s Going to be a huge risk. We have to be more careful and prepare a thorough discussion to prevent those risks," said Prime Minister Enrico Letta in London. British Prime Minister has promised a referendum on the EU status of English in 2017 if his party won the election back in 2015. The latest survey shows a slight advantage the British people who want to get out where the majority of respondents are still not sure of the decision to be taken.

 

Letta express the EU without the UK would reduce commitment to the free market and the EU's role in the international world. Letta said the integration of the euro zone more quickly should not be a threat to countries outside the euro-zone. "We will work together to give Britain an excuse to remain in the European Union. These can include reduced regulation, markets, and trade agreements," said Letta ahead of his meeting with the British Prime Minister on Wednesday in London.

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News and Review of European Economic Zone (Germany)

 

German Offer Financial Aid For Greece

Thursday, July 18, 2013

 

German Finance Minister Wolfgang Schaeuble, offering financial assistance to Athens € 100 million to spur economic growth in Greece. Schaeuble on a visit to Athens to meet with Prime Minister of Greece for the sake of discussing bilateral assistance in the midst of difficult economic conditions Greece. The majority of the Greek people blame Germany for the poor economic conditions as the Chancellor of Germany bersitegas that Greece remains a policy of fiscal tightening that contributed to the jump in the unemployment rate to reach 27%; 2x higher than the eurozone average 12.2%.

 

Germany seems to want to improve the perception ahead of the upcoming elections in September and the increasing political turmoil in Greece, Portugal, Spain, and Italy. Schaeuble even uttered international creditors may need to consider new aid program for Greece as bailout fund II ended in late 2014. The German government confirmed bilateral financial aid shows German belief that Greece is able to rise from adversity.

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News and Review of European Economic Zone

 

Eurozone Current Account Decline

Thursday, July 18, 2013

 

Current account surplus / Euro zone current account slipped in May, but the surplus is in the high category, according to figures released by the European Central Bank (ECB). Current account surplus which measures the international financial position Eurozone fell to € 19.6 billion ($ 25.6 billion) from April of € 23.8 billion. Economists' forecasts for the current account surplus in May amounted to € 21.3 billion.

 

The current account showed a surplus of Euro zone exports are higher than imports. Austerity policies forced the state to cut euro zone public anggraran, put pressure on wages, thereby reducing retail sales of imported goods. At the same time exporters are also trying to suppress the price so that their products more competitive in international market.

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News and Review of European Economic Zone

 

Minister of Finance Germany Praises Greek Efforts to Reduce the Deficit

Thursday, July 18, 2013

 

German Finance Minister Wolfgang Schaeuble praised Greece's efforts to narrow the budget deficit, a day before he was to travel to Greece to discuss with the perjabat, in the report by the German TV station ARD, citing comments made ​​on Wednesday.

 

"Greece is on the right path," Schaeuble told the TV station.

 

Schaeuble said that Greece's economic progress, evidenced by the government's move to show positive results. The move, he said, should remain in place even in the face of public protests.

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News and Review of European Economic Zone (Italy)

 

President of the Italian Government Wants Stability

Friday, July 19, 2013

 

President of Italy, Giorgio Napolitano, warned politicians not to jeopardize the newly formed coalition government three months ago. Napolitano stressed the government's stability should not be called into question amid widespread legal problems and scandals that wraps PDL party. "Adverse effects will soon be seen in international relations and financial markets; This will be difficult to recover," said Napolitano. Coalition government of Prime Minister Enrico Letta quite fragile with increasing unrest among the parties supporting the government.

 

Voting no-confidence motion today against Interior Minister Angelino Alfano will be the first test of the coalition government. Alfano is the Secretary General of the PDL, party government supporters, who were deported after a scandal-ridden billionaire Kazakhstan Mukhtar Ablyazov. Letta has stressed Alfano but will support a group of lawmakers from the Democratic party does not agree with the leadership Alfano. There are concerns that Alfano was forced to resign then this would undermine the coalition government. Coalition must also face legal problems Silvio Berlusconi, PDL party leadership, which will be decided on 30 July in which the court will take a decision whether to imprison Berlusconi for 4 years and banned Berlusconi from public office for 5 years.

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News and Review of European Economic Zone (Portugal)

 

Parliament Still Believe In Government Portugal

Friday, July 19, 2013

 

Government of Portugal again escaped from parliament confidence vote despite the coalition government is now being threatened disbanded. Parliamentary vote results show 131 votes while 87 votes supporting the government does not support. It is a parliamentary confidence vote for the fifth time since Prime Minister Pedro Passos Coelho leads in 2011. Nevertheless, investors remained wary of the political situation in Portugal ahead of the July 21 deadline to reach a consensus among the political parties ruling parliamentary 3.

 

Portuguese political conditions are now quite fragile after one of the two parties supporting the coalition signaled a desire to quit the coalition. The situation was compounded by the decision of the President of the Portuguese Socialist Party wanted, Social Democrats, Socialists and Democrats to reach a deal for the center to run the bailout program. However, the opposition Socialist party remains opposed to fiscal austerity policies being assessed only worsen the recession.

 

Meanwhile, the euro posted a slim gain in Asian session. EUR / USD is now trading 1.3136; trying to stay away from daily lows 1.3088

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News and Review of European Economic Zone

 

ECB: LTRO Returns Next Week Experiencing Increased

Friday, July 19, 2013

 

Euro zone banks will return for more loans LTRO (Long Term Refinancing Program) in the next week, according to the European Central Bank on Friday.

 

A total of 6 banks will refund the € 2.2 billion ($ 2.9 billion) loan from the LTRO first phase, launched in December 2011. While one bank will return the € 200 million loan from the 2nd stage LTRO disbursed 2 months later. Total returns LTRO next week will exceed € 1.2 billion, which settled a number of euro zone banks this week.

 

Until now, there were approximately € 310 billion LTRO loan fund has returned from a total value of € 520 billion that the ECB injected into the financial system of the 17-nation bloc. ECB at the end of 2011 liquidity operations in an effort to stimulate lending to companies and households, although most have failed.

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News and Review of European Economic Zone (Portugal)

 

President of Portugal Ignore Early Elections

Monday, July 22, 2013

 

President of Portugal, Anibal Cavaco Silva, ignoring the possibility of early elections, and affirm the desire that his coalition government remained committed by running bailout. Political turmoil now threatens Portugal discharge plan from the bailout program after the failure of discussions between the opposition coalition parties to find a political agreement. Lisbon has even asked for a delay assessment of last week's bailout program until late August or early September.

 

"With the failure of the political discussion, the best solution is to keep the coalition government ended its time in 2015," said Silva. As President, Cavaco Silva, has the right to dissolve parliament and call early elections if Silva did believe the government is not able to carry out their duties. Silva also express the coalition government had given assurances that Portugal can solve bailout program.

 

Meanwhile, the euro posted a slim gain in early Asian session. EUR / USD is now trading 1.3151; trying to stay away from daily lows 1.3134

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News and Review of European Economic Zone (UK)

 

Cameron Optimistic With the UK economy

Monday, July 22, 2013

 

Prime Minister David Cameron is more optimistic view of the UK economy while sinyalkan desire to lower taxes. "We see a stronger economy. If economic conditions improve then I want to return some of the money the community in the form of tax cuts," Cameron said when interviewed by the BBC. Index of the service sector, manufacturing, construction England improved in June. Rising house prices and a stable unemployment rate can also increase consumer confidence. UK GDP data will be released on Thursday also be intimated berlanjutkan recovery momentum.

 

Cameron really hope the UK's economic recovery by boosting the appeal of his Conservative party is still behind the opposition Labor party. Economic recovery can also facilitate the government deficit-cutting targets. Party coalition government has extended the program until the 2017-18 austerity policy, passed in 2015 elections. "The British public has given us the task to solve the problem of the government deficit and improve the economy. Society will give judgment on the elections in 2015 and I hope to provide proof that the government can do more than expected," said Cameron.

 

Meanwhile, the strengthening of thin sterling record in the early Asian session. GBP / USD is now trading 1.5288; trying to stay away from daily lows 1.5256