In the first quarter of 2021, seasonally adjusted GDP decreased by 0.6% in the euro areaand by 0.4% in the EU,compared with the previous quarter, according to a flash estimate published by Eurostat, the statistical office of the European Union. These declines follow falls in the fourth quarter of 2020(-0.7% in the euro areaand -0.5% in the EU) after a strong rebound in the third quarter of 2020 (+12.5% in the euro areaand +11.7% in the EU) and the sharpest decreases since the time series started in 1995 observed inthe second quarter of 2020 (-11.6% in the euro areaand -11.2% in the EU
Read more at:
2-18052021-AP-EN.pdf
Showing posts with label EU Economy. Show all posts
Showing posts with label EU Economy. Show all posts
5/16/21
EU-Economy: European Commission upgrades economic forecasts - by Sam Fleming
The European Commission has sharply raised its economic forecasts for the coming two years, as an accelerating vaccination campaign helps the eurozone recover from the historic blow delivered by the pandemic.
The euro area will expand by 4.3 per cent this year and 4.4 per cent in 2022, Brussels said on Wednesday, compared with previous forecasts for 3.8 per cent growth in both years. As a result, all member states are now expected to regain their pre-crisis output levels by the end of next year, following a historic 6.6 per cent slump in 2020.
The stronger outlook was driven by the rising vaccination rates and the prospect of lockdowns easing across the region, as well as improving export demand driven by a global rebound. Brussels for the first time fully factored in the impact of the €800bn Next Generation EU economic relaunch package, which is expected to begin paying out in the second half of the year.
“The shadow of Covid-19 is beginning to lift from Europe’s economy,” said Paolo Gentiloni, the EU’s economics commissioner. “After a weak start to the year, we project strong growth in both 2021 and 2022. Unprecedented fiscal support has been — and remains — essential in helping Europe’s workers and companies to weather the storm.”
Read more at: European Commission upgrades economic forecasts | Financial Times
The euro area will expand by 4.3 per cent this year and 4.4 per cent in 2022, Brussels said on Wednesday, compared with previous forecasts for 3.8 per cent growth in both years. As a result, all member states are now expected to regain their pre-crisis output levels by the end of next year, following a historic 6.6 per cent slump in 2020.
The stronger outlook was driven by the rising vaccination rates and the prospect of lockdowns easing across the region, as well as improving export demand driven by a global rebound. Brussels for the first time fully factored in the impact of the €800bn Next Generation EU economic relaunch package, which is expected to begin paying out in the second half of the year.
“The shadow of Covid-19 is beginning to lift from Europe’s economy,” said Paolo Gentiloni, the EU’s economics commissioner. “After a weak start to the year, we project strong growth in both 2021 and 2022. Unprecedented fiscal support has been — and remains — essential in helping Europe’s workers and companies to weather the storm.”
Read more at: European Commission upgrades economic forecasts | Financial Times
12/16/20
EU: Benchmarking Working Europe 2020 - the impact of a pandemic
A virus is haunting Europe. And it could strike again. This year’s 20th anniversary issue of our flagship publication Benchmarking Working Europe brings to a growing audience of trade unionists, industrial relations specialists and policymakers a simple warning: beside SARS-CoV-2, the virus that has caused the Covid-19 pandemic and thrown Europe’s economies into a sudden and profound recession, ‘austerity’ is the other nefarious agent from which workers, and Europe as a whole, need to be protected in the challenging months and years ahead. At this point in time, a new wave of austerity could not only undermine the post-Covid recovery, but it could also fundamentally undermine the European social and economic integration project.
It is essential to note from the outset that there are enough signs to justify some cautious optimism about the future trajectory of the present crisis. Just as the scientific community appears to be on the verge of producing one or more effective and affordable vaccines that could generate widespread immunity against SARS-CoV-2, it is also clear that policymakers, at both national and European levels, are now approaching this challenging juncture in a way that departs from the austerity-driven responses deployed a decade ago, in the aftermath of the previous crisis (Sabato and Mandelli 2021). It is particularly apt for the 20th anniversary issue of Benchmarking, a publication that has allowed the ETUI and the ETUC to contribute to key European debates (Daly et al. 2020) on the basis of fact-based analysis, to set out our case for a socially responsive and ecologically sustainable road out of the Covid-19 crisis. In doing so, we will explore some of the key (mis)steps in the way Europe responded to the previous crisis so as to further emphasise the paradigm change that the response to the current crisis necessitates.
Read more at: Benchmarking Working Europe 2020 | etui
It is essential to note from the outset that there are enough signs to justify some cautious optimism about the future trajectory of the present crisis. Just as the scientific community appears to be on the verge of producing one or more effective and affordable vaccines that could generate widespread immunity against SARS-CoV-2, it is also clear that policymakers, at both national and European levels, are now approaching this challenging juncture in a way that departs from the austerity-driven responses deployed a decade ago, in the aftermath of the previous crisis (Sabato and Mandelli 2021). It is particularly apt for the 20th anniversary issue of Benchmarking, a publication that has allowed the ETUI and the ETUC to contribute to key European debates (Daly et al. 2020) on the basis of fact-based analysis, to set out our case for a socially responsive and ecologically sustainable road out of the Covid-19 crisis. In doing so, we will explore some of the key (mis)steps in the way Europe responded to the previous crisis so as to further emphasise the paradigm change that the response to the current crisis necessitates.
Read more at: Benchmarking Working Europe 2020 | etui
12/14/20
EU Economy and Lithuania: Best EU Economy in Year of Covid Was Bloc’s Worst-Hit After 2008 -- by Milda Seputyte
The European Union’s worst-hit economy in the wake of the global financial crisis is looking like the bloc’s least affected during the coronavirus pandemic.
Lithuania suffered the deepest recession in 2009 as it became a testing ground for the harsh austerity that later ravaged Greece. This time, the European Commission reckons it will notch the shallowest contraction of all, with forecasts this month pointing to a dip in gross domestic product of just 2.2%.
Read more at: Best EU Economy in Year of Covid Was Bloc’s Worst-Hit After 2008 - Bloomberg
Lithuania suffered the deepest recession in 2009 as it became a testing ground for the harsh austerity that later ravaged Greece. This time, the European Commission reckons it will notch the shallowest contraction of all, with forecasts this month pointing to a dip in gross domestic product of just 2.2%.
Read more at: Best EU Economy in Year of Covid Was Bloc’s Worst-Hit After 2008 - Bloomberg
3/12/20
Environmental Protection: EU declares war on 'throw-away culture' - by Elena Sánchez Nicolás
T
he European Commission has adopted a new circular economy action
plan with measures for the entire life cycle of products, which it says
will strengthen the EU's economy, empower consumers and protect the
environment.
The package of initiatives presented on Wednesday (11 March) sets out a range of actions in those economic sectors where circularity could have a bigger effect - including electronics and ICT, plastic and textile, packaging, batteries, construction and buildings, and food.
"The linear model of 'take-make-use-dispose' has reached its limits as it pushes us to a resource crisis," said the commissioner for the environment, oceans and fisheries, Virginijus Sinkevičius.
"As Europe is not rich in natural resources, [the] circular economy will strengthen the immunity of our economy from geopolitical challenges," he added.
As the core of the strategy, the commission will propose new legislation by 2021 to ensure that all products placed on the EU market are designed to last longer, and are easier to reuse, repair and recycle.
Read more: EU declares war on 'throw-away culture'
The package of initiatives presented on Wednesday (11 March) sets out a range of actions in those economic sectors where circularity could have a bigger effect - including electronics and ICT, plastic and textile, packaging, batteries, construction and buildings, and food.
"The linear model of 'take-make-use-dispose' has reached its limits as it pushes us to a resource crisis," said the commissioner for the environment, oceans and fisheries, Virginijus Sinkevičius.
"As Europe is not rich in natural resources, [the] circular economy will strengthen the immunity of our economy from geopolitical challenges," he added.
As the core of the strategy, the commission will propose new legislation by 2021 to ensure that all products placed on the EU market are designed to last longer, and are easier to reuse, repair and recycle.
Read more: EU declares war on 'throw-away culture'
1/8/20
EU Green Transition: EU's green transition 'will have slightly positive economic effect'
The
EU's move towards a carbon-neutral economy to tackle climate change
will have a "slightly positive" economic effect, it's been claimed.
Valdis Dombrovskis, the EU's economy commissioner, speaking to Euronews in Berlin, admitted the green transition would have winners and losers but that it should be done in a "socially acceptable way".
EU countries reached a deal last month on making the bloc climate neutral by 2050.
It came after Brussels unveiled €100 billion in public and private funds to help the fossil-fuel reliant EU nations make the transition to lower emissions
.
Dombrovskis, asked about the impact of the energy transition on citizens, said: "When we are discussing green transition, then it has to take place in a socially acceptable way. And actually the assessment is that it is going to have a slightly positive effect on the economy.
"Because on the one hand, one can say, yes, certain jobs will disappear, certain fossil fuels will get more expensive, but at the same time there will be many new jobs created in the green economy and there will be many new economies that will make green energy and the green transition affordable.
Read more: The Brief: EU's green transition 'will have slightly positive economic effect' | Euronews
Valdis Dombrovskis, the EU's economy commissioner, speaking to Euronews in Berlin, admitted the green transition would have winners and losers but that it should be done in a "socially acceptable way".
EU countries reached a deal last month on making the bloc climate neutral by 2050.
It came after Brussels unveiled €100 billion in public and private funds to help the fossil-fuel reliant EU nations make the transition to lower emissions
.
Dombrovskis, asked about the impact of the energy transition on citizens, said: "When we are discussing green transition, then it has to take place in a socially acceptable way. And actually the assessment is that it is going to have a slightly positive effect on the economy.
"Because on the one hand, one can say, yes, certain jobs will disappear, certain fossil fuels will get more expensive, but at the same time there will be many new jobs created in the green economy and there will be many new economies that will make green energy and the green transition affordable.
Read more: The Brief: EU's green transition 'will have slightly positive economic effect' | Euronews
3/5/19
EU Economy: Italy, Germany Drag on Euro-Area Economy as EU Cuts Outlook - by Viktoria Dendrinou
The European Commission slashed its growth forecasts for all the euro
region’s major economies from Germany to Italy and warned that Brexit
and the slowdown in China threaten to make the outlook even worse.
The European Union’s executive arm delivered a downbeat report on Thursday that shaved a whole percentage point off its 2019 projection for Italy, now seen with minimal expansion of just 0.2 percent for the whole year. Officials in Brussels warned that the region’s outlook faces “substantial” risks.
The gloomier forecasts reflect more pronounced weakness in the region, which stumbled at the end of 2018 as political instability continued to rock Italy, violent protests in France depressed output, and Germany’s car industry struggled to rebound from changes in regulation. Global trade uncertainty and a sharper-than-expected slowdown in China also pose external risks to the economic outlook.
Read more at: Italy, Germany Drag on Euro-Area Economy as EU Cuts Outlook - Bloomberg
The European Union’s executive arm delivered a downbeat report on Thursday that shaved a whole percentage point off its 2019 projection for Italy, now seen with minimal expansion of just 0.2 percent for the whole year. Officials in Brussels warned that the region’s outlook faces “substantial” risks.
The gloomier forecasts reflect more pronounced weakness in the region, which stumbled at the end of 2018 as political instability continued to rock Italy, violent protests in France depressed output, and Germany’s car industry struggled to rebound from changes in regulation. Global trade uncertainty and a sharper-than-expected slowdown in China also pose external risks to the economic outlook.
Read more at: Italy, Germany Drag on Euro-Area Economy as EU Cuts Outlook - Bloomberg
2/6/19
BRITAiN - BREXIT: EU PRESIDENT TUSK SPEAKS OUT AGAINST BREXIT
EU President Donald Tusk: "Special place in hell for Brexiteers without a plan"
Note EU-Digest: President Tusk is absolutely right. The British Government and
parliament went into this Brexit referendum without doing their
homework, cheered on by Nigel Farage, Boris Johnson and other political
lightweights. Unfortunately the British taxpayers will be paying the
price, while Farage, who is still a member of the EU parliament and
Johnson, a member of the British Parliament are still getting their big
salaries. Yes indeed they deserve their place in hell, together with
Donald Trump, who has been cheering them on.
Read more at:
2/3/19
EU Economy: Netherlands' Central Bank President Knot: "European economy 'very much okay'
 |
| Netherlands Parliament and offices of the PM in the Hague |
Speaking on Dutch television last Sunday, Knot, who also sits on the European Central Bank’s governing council, said subdued inflation was troubling, but it was “premature” to talk about a possible recession.
European Central Bank President Mario Draghi acknowledged on Thursday that economic growth in the euro zone was likely to be weaker than earlier expected due to the fall-out from factors ranging from China’s slowdown to Brexit.
Knot, usually viewed as one of the more hawkish members of the governing board, said the bloc would see “a few quarters of slightly lower growth, and that’s mostly due to foreign trade.”
Internal demand remained “very good”, he said.
A Reuters report by by Toby Sterling; editing by John Stonestreet
1/8/19
11/10/18
EU Economy: British economic growth tipped to be slowest in Europe next year, but rest of European Economies also slowing down - by Richard Partington
The euro area of 19 countries including Germany, France and Italy is
forecast to slow from a growth rate of 2.1% this year to 1.9% in 2019
and 1.7% in 2020, as the wider region enters a period of weaker growth following the strongest year of the past decade in 2017.
It comes as the wider global economy is unsettled by Donald Trump’s trade disputes with China and Europe, which have reduced demand for manufactured goods and stifled business investment.
Despite the weaker outlook for the British economy, growth figures have shown Britain managing a better performance than the eurozone over recent quarters.
Statistics due on Friday are expected to show UK economic growth of 0.6% for the third quarter. Economists at HSBC believe Germany is likely to record its first drop in quarterly economic output, of 0.1%, for more than three years.
In the IMF’s latest health check on the region, it warned the European economy would probably run into turbulence in the next few years.
The Washington-based fund said all likely Brexit outcomes would have a negative cost for the economy, although it warned a no-deal scenario would have the biggest downsides.
“No-deal Brexit would lead to high trade and non-trade barriers between the UK and the rest of the EU, with negative consequences for growth,” it said.
The IMF also warned the populist Italian government to tackle its high levels of government borrowing before time runs out.
Read more: British economic growth tipped to be slowest in Europe next year | Business | The Guardian
It comes as the wider global economy is unsettled by Donald Trump’s trade disputes with China and Europe, which have reduced demand for manufactured goods and stifled business investment.
Despite the weaker outlook for the British economy, growth figures have shown Britain managing a better performance than the eurozone over recent quarters.
Statistics due on Friday are expected to show UK economic growth of 0.6% for the third quarter. Economists at HSBC believe Germany is likely to record its first drop in quarterly economic output, of 0.1%, for more than three years.
In the IMF’s latest health check on the region, it warned the European economy would probably run into turbulence in the next few years.
The Washington-based fund said all likely Brexit outcomes would have a negative cost for the economy, although it warned a no-deal scenario would have the biggest downsides.
“No-deal Brexit would lead to high trade and non-trade barriers between the UK and the rest of the EU, with negative consequences for growth,” it said.
The IMF also warned the populist Italian government to tackle its high levels of government borrowing before time runs out.
Read more: British economic growth tipped to be slowest in Europe next year | Business | The Guardian
10/31/18
EU: Economy - Annual Inflation up to 2.2 % with energy cost rising to 10.6%
EU Annual Inflation rate rising. Looking at the main components of euro area inflation, energy expected to have the highest annual rate in October (10.6%)compared to 9.5% in September.
Read more at: 2-31102018-AP-EN.pdf
Read more at: 2-31102018-AP-EN.pdf
8/29/18
EU Economy: US withdrawal from Iran deal is good for Europe - by Giulio Terzi di Sant’Agata
Under
the Trump administration the US has, to say the least, been acting
erratically on the world stage. The current uncertainty over trade
relations between Europe and the US, as well as Trump’s posturing on
NATO, have left many questioning the Atlantic alliance, and whether the
interests of the US and Europe have now truly diverged.
On Monday, French President Emmanuel Macron said that the EU can no longer rely on the US for its security, and must pursue its own security policy to protect its interests.
One area, however, where Trump’s new policies have been aligned with European interests is in his policy on Iran. Trump’s decision to withdraw from the Joint Comprehensive Plan of Action (JCPOA), more commonly known as the Iran nuclear deal, promises to do more to protect the security of Europe than almost any decision made by Europe’s own political leaders this year.
Saying that the US’s withdrawal from the deal is in Europe’s best interest may seem strange considering how it has been reported in the media and the negative reaction of many of the EU’s political leaders. Trump’s decision was presented as reckless and highly risky, an impulsive move which jeopardises relations with Iran and increases the risks of the regime deciding to pursue a nuclear agenda.
The deal has clearly benefited private commercial interests within Europe: companies such as Airbus, Allianz and Total were quick to take advantage of the economic opportunities provided by the opening up of the Iranian market. It is not at all clear, however, how much European citizens have benefited economically from the deal, and it is impossible to see any benefit which compensates them for the security risk they have to shoulder.
The second justification, that the deal will in some way ‘Westernise’ Iran, is completely wrong-headed, and is based on a now outdated view of geopolitics. Autocratic regimes around the globe have demonstrated that it is possible to import Western goods and profit from Western trade without importing Western values. European goods can be bought in the absence of European democracy.
The narrative that the Iran deal is in the interests of Europe and that reimposing sanctions will be harmful seems only therefore to serve the interests of private companies looking to expand their business dealings in the country.
The companies who have profited from the deal, and who were well aware of the risks of doing business in Iran when they entered the market, are now crying out for protection and further economic benefit from Europe. As if profiting at the cost of European security was not enough, these companies now want the EU to foot the bill for their misadventures in the country.
Giving in to these demands is not the right course of action for Europe. The prospect of a nuclear Iran is Europe’s problem first and foremost. Three years after the JCPOA was signed, we can see that this was not the right way to deal with this problem. A new arrangement, one which places the security of European citizens as its top priority, should be the top priority for European leaders like Macron who believe that Europe should take more responsibility for its own security.
Read more: US withdrawal from Iran deal is good for Europe | View | Euronews
On Monday, French President Emmanuel Macron said that the EU can no longer rely on the US for its security, and must pursue its own security policy to protect its interests.
One area, however, where Trump’s new policies have been aligned with European interests is in his policy on Iran. Trump’s decision to withdraw from the Joint Comprehensive Plan of Action (JCPOA), more commonly known as the Iran nuclear deal, promises to do more to protect the security of Europe than almost any decision made by Europe’s own political leaders this year.
Saying that the US’s withdrawal from the deal is in Europe’s best interest may seem strange considering how it has been reported in the media and the negative reaction of many of the EU’s political leaders. Trump’s decision was presented as reckless and highly risky, an impulsive move which jeopardises relations with Iran and increases the risks of the regime deciding to pursue a nuclear agenda.
The deal has clearly benefited private commercial interests within Europe: companies such as Airbus, Allianz and Total were quick to take advantage of the economic opportunities provided by the opening up of the Iranian market. It is not at all clear, however, how much European citizens have benefited economically from the deal, and it is impossible to see any benefit which compensates them for the security risk they have to shoulder.
The second justification, that the deal will in some way ‘Westernise’ Iran, is completely wrong-headed, and is based on a now outdated view of geopolitics. Autocratic regimes around the globe have demonstrated that it is possible to import Western goods and profit from Western trade without importing Western values. European goods can be bought in the absence of European democracy.
The narrative that the Iran deal is in the interests of Europe and that reimposing sanctions will be harmful seems only therefore to serve the interests of private companies looking to expand their business dealings in the country.
The companies who have profited from the deal, and who were well aware of the risks of doing business in Iran when they entered the market, are now crying out for protection and further economic benefit from Europe. As if profiting at the cost of European security was not enough, these companies now want the EU to foot the bill for their misadventures in the country.
Giving in to these demands is not the right course of action for Europe. The prospect of a nuclear Iran is Europe’s problem first and foremost. Three years after the JCPOA was signed, we can see that this was not the right way to deal with this problem. A new arrangement, one which places the security of European citizens as its top priority, should be the top priority for European leaders like Macron who believe that Europe should take more responsibility for its own security.
Read more: US withdrawal from Iran deal is good for Europe | View | Euronews
8/5/18
EU economic growth forecast reduced as a result of Trump tariffs
The European Commission on Thursday cut its forecasts for the
eurozone's economic growth this year, citing among the top causes for
its revision trade tensions with the United States, as well as rising
oil prices, which are expected to push the bloc's inflation higher.
The slowdown of the eurozone economy is set to affect all major economies of the bloc, but is expected to hit Italy harder, as the country is forecast to record the lowest growth rate in Europe, matched only by Britain among all 28 EU countries.
The EU executive estimated the 19-country eurozone will grow by 2.1 percent this year, lower than the 2.3 percent gross domestic product (GDP) increase it had forecast in its previous estimates released in May, and below the 2.4 percent growth recorded last year.
In 2019, the bloc's growth should slow to 2.0 percent, unchanged from the previous forecast.
But what do these forecasts — and changes in forecasts — actually mean?
To get a sense of how forecasts can differ from actual results, see the charts. The first shows how GDP actually changed (light blue) and how it was forecast by the Commission to change (blue-and-black hatched bars) in 2017 compared to the previous year. The second chart, further below, compares actual and forecast changes in the consumer price inflation for 2017 compared to 2016.
The take-home message here is that the forecasts the Commission is currently making about next year's GDP or inflation numbers will likewise prove, in retrospect, to be wrong. Nonetheless, the forecasts are useful as a snapshot of Commission economists' perceptions of current trends, reflected in available economic data as these are processed in their economic models.
Read more: EU economic growth forecast reduced | Business| Economy and finance news from a German perspective | DW | 12.07.2018
The slowdown of the eurozone economy is set to affect all major economies of the bloc, but is expected to hit Italy harder, as the country is forecast to record the lowest growth rate in Europe, matched only by Britain among all 28 EU countries.
The EU executive estimated the 19-country eurozone will grow by 2.1 percent this year, lower than the 2.3 percent gross domestic product (GDP) increase it had forecast in its previous estimates released in May, and below the 2.4 percent growth recorded last year.
In 2019, the bloc's growth should slow to 2.0 percent, unchanged from the previous forecast.
But what do these forecasts — and changes in forecasts — actually mean?
To get a sense of how forecasts can differ from actual results, see the charts. The first shows how GDP actually changed (light blue) and how it was forecast by the Commission to change (blue-and-black hatched bars) in 2017 compared to the previous year. The second chart, further below, compares actual and forecast changes in the consumer price inflation for 2017 compared to 2016.
The take-home message here is that the forecasts the Commission is currently making about next year's GDP or inflation numbers will likewise prove, in retrospect, to be wrong. Nonetheless, the forecasts are useful as a snapshot of Commission economists' perceptions of current trends, reflected in available economic data as these are processed in their economic models.
Read more: EU economic growth forecast reduced | Business| Economy and finance news from a German perspective | DW | 12.07.2018
7/1/18
EU Economy: Euro area annual inflation up to 2.0% - by Katie Martin
Annual inflation in the euro area hit 2 per cent in June, according to a preliminary estimate from the region’s stats office, the highest reading since a spike in April last year.
The reading marks a pick-up from the 1.9 per cent rate logged in the previous month. The European Central Bank targets a rate of close to but below 2 per cent.
For the compltere teport go to the Financial Times
5/6/18
EU Economy: Spring 2018 Economic Forecast: Expansion to continue amid new risks
Growth rates for the EU and the euro area beat expectations in 2017 to
reach a 10-year high at 2.4%. Growth is set to remain strong in 2018 and
ease only slightly in 2019, with growth of 2.3% and 2.0% respectively
in both the EU and the euro area.Private consumption remains strong, while exports and investment have increased. Unemployment continues to fall and is now around pre-crisis levels. However, the economy is more exposed to external risk factors, which have strengthened and become more negative.
Robust growth is facilitating a further reduction in government deficit and debt levels and an improvement in labour market conditions. The aggregate deficit for the euro area is now less than 1% of GDP and is forecast to fall under 3% in all euro area Member States this year.
Read more: European Commission - PRESS RELEASES - Press release - Spring 2018 Economic Forecast: Expansion to continue amid new risks
5/5/18
EU Economy: Strong 2018 economy forecast spurs Commission optimism- by Eric Maurice
EU finance commissioner Pierre Moscovici on Thursday (3 May) brushed
aside concerns about a slowing down in the EU economic recovery.
"The lights are flashing green," he told reporters while presenting the European Commission's latest forecasts.
"The lights are flashing green," he told reporters while presenting the European Commission's latest forecasts.
4/6/18
EU Automobile Industry - Czech Republic: Union at VW's Skoda Auto accepts 12 percent wage increase offer
Union representatives at Volkswagen-owned Skoda Auto <VOWG_p.DE>
said on Friday they had accepted management’s offer to raise wages by
12 percent, averting a strike at one of the largest manufacturing plants
in the Czech Republic.
The leadership of the Kovo union, which represents industrial workers, plans to vote on the proposal next Wednesday, which would cover the period from April 1, 2018 to the end of March 2019, although that is seen as a formality. The offer also includes increases in bonuses and incentives.
Czech wages have been rising rapidly across sectors, putting pressure on employers, following strong economic growth in recent years and a fall in unemployment to its lowest level in two decades.
Read more: Union at VW's Skoda Auto accepts 12 percent wage increase offer | Euronews
The leadership of the Kovo union, which represents industrial workers, plans to vote on the proposal next Wednesday, which would cover the period from April 1, 2018 to the end of March 2019, although that is seen as a formality. The offer also includes increases in bonuses and incentives.
Czech wages have been rising rapidly across sectors, putting pressure on employers, following strong economic growth in recent years and a fall in unemployment to its lowest level in two decades.
Read more: Union at VW's Skoda Auto accepts 12 percent wage increase offer | Euronews
4/5/18
EU Labor Statistics: Euro area unemployment at 8. 5 % EU28 at 7. 1 % - lowest since December 2008
The
euro area (EA19) seasonally adjusted unemployment rate was 8.5% in
February 2018 down from 8.6% in January 2018 and from 9.5% in
February 2017
This is the lowest rate recorded in the euro area since December 2008.
Read the complete abd detailed report at Eurostat
3/10/18
ECB: Draghi signals unwinding of fiscal stimulus but warns Trump of a confidence crisis
The European Central Bank took a step
back from its fiscal stimulus policy, expressing confidence on the
robustness of the euro zone’s economic recovery; at the same time, Mario Draghi warned US President Donald Trump that his trade war policies could trigger a crisis of confidence in the US.
On Thursday, the ECB dropped a pledge to
increase its bond buying if needed. Frankfurt will continue buying bonds
at a rate of €30bn a month, completing its €2.55 trillion bond-buying
programme. The programme is expected to continue until September 2018
and, if needed, it will be extended. However, the ECB dropped a
reference to extending the sum, as noted both by Reuters and the German
public broadcaster DW.
Mario Draghi said on Thursday that it is
possible that the euro zone will grow faster than currently projected.
The ECB has already raised its 2018 growth projections for the euro zone
to 2,4%, but inflation is not expected to reach the 2% target.
Inflation will remain subdued to 1,5% in 2018, according to ECB
projections.
However, Mario Draghi did warn of the
dangers of “protectionism,” that is, hours before US President Trump was
expected to make specific statements regarding his steel and aluminum
tariffs. “If you put tariffs against (those) who are your allies, one
wonders who the enemies are,” Draghi said.
Read more: Draghi signals unwinding of fiscal stimulus but warns Trump of a confidence crisis
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