After months of haggling over which EU politician should be the face of the much-delayed Conference on the Future of Europe, on Wednesday (10 March) the heads of the three EU institutions will finally give their blessing to the public citizens' meetings.
EU Commission president Ursula von der Leyen, European Parliament president David Sassoli, and Portuguese prime minister António Costa - whose country holds the EU's rotating presidency - will sign a joint declaration on the conference.
Read more at:
EU 'Future' Conference plus Covid recovery talks This WEEK
Showing posts with label Recovery. Show all posts
Showing posts with label Recovery. Show all posts
4/6/20
The Wall Street Smoke Screen : Will Dow futures point to a nearly 700 point Monday opening gain despite another oil-price drop
U.S. stock futures rose on Sunday night as Wall Street tried to recover from another decline last week. and more problems on the energy (oil) market.
Read more at:
https://www.cnbc.com/2020/04/05/stock-market-futures-open-to-close-news.html
Read more at:
https://www.cnbc.com/2020/04/05/stock-market-futures-open-to-close-news.html
6/15/16
European Economy: OECD: European Economy Is Slowly Recovering But New Challenges Are Emerging
The European economy is gradually recovering but further policy
action will be required to address unresolved legacies of the global
economic crisis that are weighing on growth and major new concerns that
have emerged, according to two new OECD reports.
The latest OECD Economic Surveys of the European Union and of the Euro Area, presented today in Paris by OECD Secretary-General Angel Gurría, underline the challenges facing European policymakers. Although growth has gradually strengthened, unemployment in many countries is still high, investment remains below pre-crisis levels in most European countries, and credit growth is still sluggish.
The Surveys project EU GDP will grow by 1.8% this year and 1.9% in 2017, while GDP in the euro area will grow by 1.6% this year and 1.7% in 2017.
‘Europe has put the worst of the crisis behind it, but there is still much more to do to support a full robust recovery that benefits all Europeans,’ Mr Gurría said. ‘Most of the recommendations in these two Economic Surveys have one thing in common: they call for collective action by European countries. Cooperative solutions have enabled Europe to leave the worst of the crisis behind it. But continued cooperation is still needed to implement effective solutions to common problems.
The alternative to collective action is not the status quo, but something worse: the risk that Europe will move backwards. This would jeopardise what has been achieved to date by the Single Market and the rest of the EU acquis, decreasing growth and destroying jobs across Europe.’
The Surveys say that countries with fiscal space should use budgetary spending to boost growth. Given the deep cuts in public investment since the global financial crisis, the reports recommend increasing public support for key investment projects. Enacting broad reforms to tax structures and public spending would also favour growth.
Easing financial constraints would bring benefits across the economy, notably to private sector firms considering future investment plans. This will require addressing one of the legacies of the crisis – the resolution of non-performing loans in many countries, which threaten financial stability and act as a drag on bank credit.
Waivers could be applied to the new Bank Recovery and Resolution Directive rules to help put in place government-supported schemes when non-performing loans are a serious economic disturbance, the Surveys said.
The Surveys discuss the need for additional steps to deepen the single European market, notably with regard to labour mobility, which can be a key tool to reduce unemployment and boost productivity.
Reducing administrative and regulatory barriers in the services sector and speeding up the recognition of professional qualifications from one country to another would encourage internal mobility, the Surveys said.
Read moreL OECD: European Economy Is Slowly Recovering But Legacies Of The Crisis Remain And New Challenges Are Emerging | Hellenic Shipping News Worldwide
The latest OECD Economic Surveys of the European Union and of the Euro Area, presented today in Paris by OECD Secretary-General Angel Gurría, underline the challenges facing European policymakers. Although growth has gradually strengthened, unemployment in many countries is still high, investment remains below pre-crisis levels in most European countries, and credit growth is still sluggish.
The Surveys project EU GDP will grow by 1.8% this year and 1.9% in 2017, while GDP in the euro area will grow by 1.6% this year and 1.7% in 2017.
‘Europe has put the worst of the crisis behind it, but there is still much more to do to support a full robust recovery that benefits all Europeans,’ Mr Gurría said. ‘Most of the recommendations in these two Economic Surveys have one thing in common: they call for collective action by European countries. Cooperative solutions have enabled Europe to leave the worst of the crisis behind it. But continued cooperation is still needed to implement effective solutions to common problems.
The alternative to collective action is not the status quo, but something worse: the risk that Europe will move backwards. This would jeopardise what has been achieved to date by the Single Market and the rest of the EU acquis, decreasing growth and destroying jobs across Europe.’
The Surveys say that countries with fiscal space should use budgetary spending to boost growth. Given the deep cuts in public investment since the global financial crisis, the reports recommend increasing public support for key investment projects. Enacting broad reforms to tax structures and public spending would also favour growth.
Easing financial constraints would bring benefits across the economy, notably to private sector firms considering future investment plans. This will require addressing one of the legacies of the crisis – the resolution of non-performing loans in many countries, which threaten financial stability and act as a drag on bank credit.
Waivers could be applied to the new Bank Recovery and Resolution Directive rules to help put in place government-supported schemes when non-performing loans are a serious economic disturbance, the Surveys said.
The Surveys discuss the need for additional steps to deepen the single European market, notably with regard to labour mobility, which can be a key tool to reduce unemployment and boost productivity.
Reducing administrative and regulatory barriers in the services sector and speeding up the recognition of professional qualifications from one country to another would encourage internal mobility, the Surveys said.
Read moreL OECD: European Economy Is Slowly Recovering But Legacies Of The Crisis Remain And New Challenges Are Emerging | Hellenic Shipping News Worldwide
12/22/15
2015 Business Year Review: tracking the global recovery
Seven years after the crisis began, the global economy
has taken decisive steps out of the dark. Just as the collapse hit
countries in different ways, the way out has not been the same for
everyone. Some countries have made it in high gear, others have been
slowly working up through low ones.
But the process is well underway and in this programme we track the recovery with our own correspondents to see how connected the global economy is, and what to expect in 2016.
We start in the country that is now leading the recovery – the United States. The world’s largest economy made its way through the crisis and is now in a period of growth that is hopefully solid enough to stand the higher interest rates recently announced by the Federal Reserve.
That’s not the case in Europe yet. The recovery here is way behind. Eurozone countries don’t always share their advances, but they do share the problems.
We look at the economic fairy-tale in Germany, the eurozone’s largest economy, that’s been damaged by the country’s leading company. We check out the situation in Spain – one of the fastest growing in the block, where the data always look way better in the summer – and examine Greece, where the holiday season was really hot, though not relaxing.
After Europe, we go to Asia, where China became a ticking bomb when Beijing tried to slow down growth.
And finally we analyse parts of the Arab world where the recovery has been hit not only by lower oil prices, but also by terrorism that has taken a high toll on tourism and the wider economy.
But the process is well underway and in this programme we track the recovery with our own correspondents to see how connected the global economy is, and what to expect in 2016.
We start in the country that is now leading the recovery – the United States. The world’s largest economy made its way through the crisis and is now in a period of growth that is hopefully solid enough to stand the higher interest rates recently announced by the Federal Reserve.
That’s not the case in Europe yet. The recovery here is way behind. Eurozone countries don’t always share their advances, but they do share the problems.
We look at the economic fairy-tale in Germany, the eurozone’s largest economy, that’s been damaged by the country’s leading company. We check out the situation in Spain – one of the fastest growing in the block, where the data always look way better in the summer – and examine Greece, where the holiday season was really hot, though not relaxing.
After Europe, we go to Asia, where China became a ticking bomb when Beijing tried to slow down growth.
And finally we analyse parts of the Arab world where the recovery has been hit not only by lower oil prices, but also by terrorism that has taken a high toll on tourism and the wider economy.
Read more: Business Year Review: tracking the global recovery | euronews, world news
8/7/15
European Economy: Spain Breaks Out Of Its Economic Grave
Spain has clawed its way out of its economic morass and now has the
highest growth in Europe and much lower unemployment. Yes, there are
ways out of bad predicaments, as this resilient country has shown.
Just four years ago, Spain looked like a basket case. Europe's fifth-largest economy, the ignominious "S" in Europe's economically wretched PIIGS — Portugal, Ireland, Italy, Greece and Spain — was growing at negative 0.6% (though that was better than 2009's -3.6%) and faced a jobless rate of 21%.
Today, Spain's economy has roared to life, with 3.1% growth forecast this year and talk that the International Monetary Fund could raise that to 3.3%. Its growth rate is double the eurozone average, and the country is now viewed as the European Union's shining economic star.
The best part is that the improvement is no phony marquee number based on public spending, but evidence of real economic activity bubbling up from the private sector.
Read more: Spain Breaks Out Of Its Economic Grave - Investors.com
Just four years ago, Spain looked like a basket case. Europe's fifth-largest economy, the ignominious "S" in Europe's economically wretched PIIGS — Portugal, Ireland, Italy, Greece and Spain — was growing at negative 0.6% (though that was better than 2009's -3.6%) and faced a jobless rate of 21%.
Today, Spain's economy has roared to life, with 3.1% growth forecast this year and talk that the International Monetary Fund could raise that to 3.3%. Its growth rate is double the eurozone average, and the country is now viewed as the European Union's shining economic star.
The best part is that the improvement is no phony marquee number based on public spending, but evidence of real economic activity bubbling up from the private sector.
Read more: Spain Breaks Out Of Its Economic Grave - Investors.com
7/17/15
European Automobile Industry: European car sales show a tentative recovery - by Holly Ellyatt
European car sales bounced back in the first half of the year and
rose almost 15 percent in June alone – even in Greece, according to new
car sales data, signalling a tentative rise in consumer confidence over
the regions' economic recovery.
New car sales in the European Union (EU) rose 8.2 percent in the first half of the year, according to data published by the European Automobile Manufacturers Association on Thursday, surpassing 7 million units (7,169,984).
All major markets posted growth, contributing to the overall upturn of the EU market over the period, the EAMA said.
In June alone, new passenger car registrations in the region rose 14.6 percent from the same month a year ago, continuing an upward trend that started 22 months ago "and marking the largest over-the-month increase since December 2009," the association added.
Read more: European car sales show a tentative recovery
New car sales in the European Union (EU) rose 8.2 percent in the first half of the year, according to data published by the European Automobile Manufacturers Association on Thursday, surpassing 7 million units (7,169,984).
All major markets posted growth, contributing to the overall upturn of the EU market over the period, the EAMA said.
In June alone, new passenger car registrations in the region rose 14.6 percent from the same month a year ago, continuing an upward trend that started 22 months ago "and marking the largest over-the-month increase since December 2009," the association added.
Read more: European car sales show a tentative recovery
6/23/15
EU Economy: Eurozone on the road to recovery
The eurozone recovery is growing stronger according to the influential poll of purchasing managers.
The report delivers figures of a four year high for the zone.
The French manufacturing sector has been singled out for praise and low oil prices have helped.
Mike Ingram is market strategist for BGC: says : ‘‘For a number of years the ECB was effectively asleep at the wheel and helped to drive the euro zone into something a deflationary funk.
The two biggest factors have been the decline in oil prices and the decline in the euro, those are really the two biggest drivers of the improvement in the euro zone economy over the last 12 months.’‘
The economies of Austria, Italy,Spain the Netherlands, Ireland, and Greece also showed improvements.
It is estimated that the region is on track to expand by 2 percent later this year.
The report delivers figures of a four year high for the zone.
The French manufacturing sector has been singled out for praise and low oil prices have helped.
Mike Ingram is market strategist for BGC: says : ‘‘For a number of years the ECB was effectively asleep at the wheel and helped to drive the euro zone into something a deflationary funk.
The two biggest factors have been the decline in oil prices and the decline in the euro, those are really the two biggest drivers of the improvement in the euro zone economy over the last 12 months.’‘
The economies of Austria, Italy,Spain the Netherlands, Ireland, and Greece also showed improvements.
It is estimated that the region is on track to expand by 2 percent later this year.
Read more: Eurozone on the road to recovery | euronews, economy
6/8/15
The Netherlands: Dutch economy fully recovers from financial crisis - by Janene Van Jaarsveldt
By the end of this year the Dutch gross domestic product is expected
to top the real level seen in 2008 for the first time since the
financial crisis. This is according to De Nederlandsche Bank’s latest
half-yearly forecast, which was published on Monday.
According to the forecast, the Dutch economy will grow a projected 2 percent this year, the highest figure recorded since 2008. The bank expects that the Dutch economy will, on average, maintain this growth pace in 2016 and 2017, which means that the economic activity will develop more favorably than previously foreseen.
Exports remains the driving force behind the economic growth. The bank expects that the international environment will improve further, partly due to the depreciation of the euro, low level of oil prices and a pick-up in world trade growth.
Domestic spending will also contribute to economic growth – a development unseen since 2011. Private consumption will show a significant increase of 2 percent this year, for the first time since the credit crisis broke out. This can be attributed to a strong increase in real disposable income and improved sentiment.
Read more: Dutch economy fully recovers from financial crisis - NL Times
According to the forecast, the Dutch economy will grow a projected 2 percent this year, the highest figure recorded since 2008. The bank expects that the Dutch economy will, on average, maintain this growth pace in 2016 and 2017, which means that the economic activity will develop more favorably than previously foreseen.
Exports remains the driving force behind the economic growth. The bank expects that the international environment will improve further, partly due to the depreciation of the euro, low level of oil prices and a pick-up in world trade growth.
Domestic spending will also contribute to economic growth – a development unseen since 2011. Private consumption will show a significant increase of 2 percent this year, for the first time since the credit crisis broke out. This can be attributed to a strong increase in real disposable income and improved sentiment.
Read more: Dutch economy fully recovers from financial crisis - NL Times
2/25/15
Spanish Economy: Spain’s Prime Minister Mariano Rajoy talks up economic recovery in state of the nation address
Spain’s Prime Minister, gave his annual state of the nation address to the lower house of Spain’s Parliament.
Two thousand and fifteen is a critical year for the prime minister and his centre right People’s Party.
There is a general election in December preceded by local and regional polls in the spring. The electioneering it would appear has got underway.
Read more: Spain’s Prime Minister Mariano Rajoy talks up economic recovery in state of the nation addresss
Two thousand and fifteen is a critical year for the prime minister and his centre right People’s Party.
There is a general election in December preceded by local and regional polls in the spring. The electioneering it would appear has got underway.
Read more: Spain’s Prime Minister Mariano Rajoy talks up economic recovery in state of the nation addresss
8/15/14
Air Freight Demand Increasing - IATA: "Growth in airfreight demand in 2014 supported by increased trade and business activity "
IATA
stated year-on-year growth in global FTKs in 2014 was
underpinned by improving global trade and stronger business activity.
IATA director general and CEO Tony Tyler said overall cargo demand is clearly stronger than in 2013, with Asia Pacific and Middle East carriers benefiting most from improved market conditions.
Mr Tyler said Europe is "still in recovery mode" while the Americas remains a "weak spot."
Asia Pacific growth is expected to continue with on-going expansion in China's manufacturing sector. The reduced performance of European carriers may reflect weakness in recent manufacturing and export activity. Overall decreased performance from North American airlines may reflect weakness in trade volumes following severe weather events in 1st Q 2014, while recent data suggests stronger business activity, which may support improved airfreight volumes in the coming months.
Middle East carriers continue to expand strongly, capitalising on growth opportunities by expanding in emerging markets such as Uganda and Mexico.
Latin American airlines showed a sharp contraction in Jun-2014 and a decline in 1st half 2014 due to sluggish trade growth and weakness in Brazil's economy.
Growth for African carriers was affected by a slowdown in some regional economies, notably South Africa, but improving trade data suggests a more optimistic outlook for 2nd Half 2014..
EU-Digest
Mr Tyler said Europe is "still in recovery mode" while the Americas remains a "weak spot."
Asia Pacific growth is expected to continue with on-going expansion in China's manufacturing sector. The reduced performance of European carriers may reflect weakness in recent manufacturing and export activity. Overall decreased performance from North American airlines may reflect weakness in trade volumes following severe weather events in 1st Q 2014, while recent data suggests stronger business activity, which may support improved airfreight volumes in the coming months.
Middle East carriers continue to expand strongly, capitalising on growth opportunities by expanding in emerging markets such as Uganda and Mexico.
Latin American airlines showed a sharp contraction in Jun-2014 and a decline in 1st half 2014 due to sluggish trade growth and weakness in Brazil's economy.
Growth for African carriers was affected by a slowdown in some regional economies, notably South Africa, but improving trade data suggests a more optimistic outlook for 2nd Half 2014..
EU-Digest
5/5/14
Portugal: Buoyed by Exports, Portugal Chooses Clean Exit From Bailout - by Raphael Minder
Portugal
on Sunday announced its exit from a three-year bailout program that has
forced deep spending cuts and set off mass protests — but has also
helped the country clean up its public finances and return to the bond
markets after halving its budget deficit.
Read more: Buoyed by Exports, Portugal Chooses Clean Exit From Bailout - NYTimes.com
Prime
Minister Pedro Passos Coelho said that Portugal had built up sufficient
financial reserves to end the program on schedule and without
requesting any additional line of credit from its European counterparts.
Such a line of credit would have acted as a safety net if the country
again struggled to meet its debt financing obligations.
The decision to fully exit the program comes after Portugal’s international lenders — the International Monetary Fund, the European Commission and the European Central Bank — on Friday issued a positive assessment of the country’s progress. Portugal, which was particularly scarred by the European debt crisis, received a bailout of 78 billion euros, or about $108 billion, three years ago.
“With the recovery of our autonomy, Portugal will be on an equal footing
with the other member states” of the European Union, Mr. Passos Coelho
said in a televised address on Sunday evening, flanked by his ministers.
2/17/14
Eurozone: Portugal the surprise hero of eurozone growth as exports and tourism prosper - Peter Wise
Tearful farewells have become a common sight at Lisbon’s Portela airport.
Three years of punishing austerity and deep recession have triggered an exodus where an estimated 200 young graduates and other emigrants leave each day. But nearby, the airport’s busy cargo terminals andbustling shopping malls reveal less familiar aspect of the painful economic adjustment Portugal is making as part of a €78bn international bailout agreement: record levels of export growth and tourism have helped make the country the surprise
Year-on-year growth of 1.6 per cent in the final quarter of 2013 outstripped every other eurozone member, including Germany, while quarterly growth of 0.5 per cent, topped only by the Netherlands, shattered economists’ forecasts of only a 0.1 per cent increase.
Read more: Portugal the surprise hero of eurozone growth as exports and tourism prosper - FT.com
Three years of punishing austerity and deep recession have triggered an exodus where an estimated 200 young graduates and other emigrants leave each day. But nearby, the airport’s busy cargo terminals andbustling shopping malls reveal less familiar aspect of the painful economic adjustment Portugal is making as part of a €78bn international bailout agreement: record levels of export growth and tourism have helped make the country the surprise
Year-on-year growth of 1.6 per cent in the final quarter of 2013 outstripped every other eurozone member, including Germany, while quarterly growth of 0.5 per cent, topped only by the Netherlands, shattered economists’ forecasts of only a 0.1 per cent increase.
Read more: Portugal the surprise hero of eurozone growth as exports and tourism prosper - FT.com
1/19/14
Ireland gets fresh boost as Moody's removes junk rating
Moody's Investors Service upgraded Ireland to investment grade on Friday, handing the government a major post-bailout boost and opening its already sought-after debt to investors prohibited from buying junk-rated paper.
Read more: Ireland gets fresh boost as Moody's removes junk rating - Yahoo Finance
It is the latest in a run of good news for Ireland, which became the first euro zone country to complete a bailout, made a storming bond market return last week and has an economy that is picking up steam.
Moody's, which was the only rating agency to class Irish government debt as "junk", raised it to Baa3 from Ba1 with a positive outlook, citing the economy's growth potential and restored market access as the main drivers.
"They undertook the fiscal consolidation and structural reforms in the (bailout) program with great seriousness. It really was their determination to succeed that helped them to both regain and retain investor confidence," Kristin Lindow, Moody's analyst for Ireland, told Reuters.
Read more: Ireland gets fresh boost as Moody's removes junk rating - Yahoo Finance
12/16/13
US Economy: Why Economic Recovery is Weak - by Russ Koesterich
Despite the encouraging jobs report in November and the upward revisions to third-quarter's gross domestic product, the economic recovery continues to feel uninspiring. Indeed, by most measures, the recovery that began in 2009 has been a disappointment.
Read more: BlackRock Explains Why Economic Recovery is Weak - Barrons.com
Read more: BlackRock Explains Why Economic Recovery is Weak - Barrons.com
10/5/13
EU economic recovery picking up steam, surveys suggest
While the U.S. economic outlook has become murkier because of the partial shutdown of the government, the picture in Europe -- so long the laggard of the global economy -- has brightened.
Another round of economic data Thursday provided evidence that Europe's recovery from recession is becoming broad-based and self-sustaining.
Particularly encouraging was the news that retail sales across the eurozone rose a forecast-busting 0.7 per cent in August from the previous month, according to Eurostat, the EU's statistics office.
Retail sales are an important barometer of economic confidence as they show consumers are more willing to spend rather than save despite many headwinds, such as high unemployment and government-imposed austerity measures. They are also a major component of growth.
Earlier Thursday, a closely-watched survey found economic output across the eurozone rose in September at its fastest pace since the summer of 2011. Financial information company Markit said its composite purchasing managers' index -- a broad gauge of business activity across the manufacturing and services sectors -- rose to a 27-month high of 52.2 points in September. The increase from 51.5 in August takes the index further above the 50-point threshold that indicates expansion.
Read more: EU economic recovery picking up steam, surveys suggest | CTV News
Another round of economic data Thursday provided evidence that Europe's recovery from recession is becoming broad-based and self-sustaining.
Particularly encouraging was the news that retail sales across the eurozone rose a forecast-busting 0.7 per cent in August from the previous month, according to Eurostat, the EU's statistics office.
Retail sales are an important barometer of economic confidence as they show consumers are more willing to spend rather than save despite many headwinds, such as high unemployment and government-imposed austerity measures. They are also a major component of growth.
Earlier Thursday, a closely-watched survey found economic output across the eurozone rose in September at its fastest pace since the summer of 2011. Financial information company Markit said its composite purchasing managers' index -- a broad gauge of business activity across the manufacturing and services sectors -- rose to a 27-month high of 52.2 points in September. The increase from 51.5 in August takes the index further above the 50-point threshold that indicates expansion.
Read more: EU economic recovery picking up steam, surveys suggest | CTV News
8/8/13
Europe Is Heading Toward Recovery, but Slowly - by Charles Forelle
Europe's longest recession since World War II appears to be on the verge of ending, driven by a surge in German growth that is helping to blunt the severe economic pain faced by many in the region, but is too modest to lift the global outlook.
A string of recent economic data, including a robust German industrial production report on Wednesday, has boosted hopes that the 17-member euro zone has returned to weak growth after six quarters of contraction. German industrial production in June jumped 2.4% from May, the country's economy ministry said Wednesday, beyond economists' expectations for a 0.3% gain.
The positive news from Germany followed an upbeat survey of purchasing managers in the euro zone last week and signs of slowing recessions in Italy and Spain—the region's third- and fourth-largest economies. Across the Channel, the Bank of England upgraded its growth forecasts on Wednesday. And Portuguese unemployment fell for the first time in two years.
Taken together, the data point to an imminent albeit weak German-led recovery, either in the second or third quarter, economists say. Euro-zone gross domestic product data for the second quarter are scheduled to be released Aug. 14
Read Europe Is Heading Toward Recovery, but Slowly - WSJ.com
A string of recent economic data, including a robust German industrial production report on Wednesday, has boosted hopes that the 17-member euro zone has returned to weak growth after six quarters of contraction. German industrial production in June jumped 2.4% from May, the country's economy ministry said Wednesday, beyond economists' expectations for a 0.3% gain.
The positive news from Germany followed an upbeat survey of purchasing managers in the euro zone last week and signs of slowing recessions in Italy and Spain—the region's third- and fourth-largest economies. Across the Channel, the Bank of England upgraded its growth forecasts on Wednesday. And Portuguese unemployment fell for the first time in two years.
Taken together, the data point to an imminent albeit weak German-led recovery, either in the second or third quarter, economists say. Euro-zone gross domestic product data for the second quarter are scheduled to be released Aug. 14
Read Europe Is Heading Toward Recovery, but Slowly - WSJ.com
7/31/13
French Economy: Is France Heading South? - by Jeanne Park
Despite French president François Hollande's recent declaration that a recovery is under way, many policymakers continue to regard the country's troubled economy, the second-largest in the eurozone, as a growing liability for the troubled currency union. For Dominique Moïsi, special adviser at the French Institute for International Relations, the question is whether France has fundamentally shifted away from healthier countries in the North of Europe "and moved in the direction of its Southern European neighbors."
He describes Hollande as a moderate constrained from pursuing bold reforms by both his political left and eurozone requirements. Regarding nascent EU-U.S. free trade talks, he defends France's insistence on cultural exception, but believes that "the Asian challenge should force us to go beyond our differences."
Read more: Is France Heading South? - Council on Foreign Relations
He describes Hollande as a moderate constrained from pursuing bold reforms by both his political left and eurozone requirements. Regarding nascent EU-U.S. free trade talks, he defends France's insistence on cultural exception, but believes that "the Asian challenge should force us to go beyond our differences."
Read more: Is France Heading South? - Council on Foreign Relations
7/20/13
US Economy: Middle class still left behind in U.S. economic recovery, data show - by Jim Tankersley
The economic recovery of summer 2013 is playing out in an all-too-familiar way for poor and middle-class Americans: Gas prices are up, growth is slowing, and there still aren’t nearly enough new jobs to employ the almost 12 million people seeking work.
An improving housing market and rising stock prices appear to have done little to increase the take-home pay of the typical U.S. worker. And while the economy continues to heal faster than that of almost any other Western nation, evidence remains strong that the recovery has done little to boost the fortunes of people in the vast economic middle.
Economic indicators released Thursday continue to show a mixed picture of the recovery — and certainly not one pointing to a surge in working-class incomes any time soon.
On the plus side, new claims for jobless benefits fell last week from the week before; economists stressed that seasonal factors could be driving the decline but said the overall trend suggests the economy could be on pace to add about 200,000 jobs this month. On the down side, the index of leading indicators — a broad measure of economic health — was unchanged in June, falling short of economists’ predictions.
The Labor Department reported this month that average earnings have barely grown faster than inflation over the past year.
Read more: Middle class still left behind in U.S. economic recovery, data show - The Washington Post
An improving housing market and rising stock prices appear to have done little to increase the take-home pay of the typical U.S. worker. And while the economy continues to heal faster than that of almost any other Western nation, evidence remains strong that the recovery has done little to boost the fortunes of people in the vast economic middle.
Economic indicators released Thursday continue to show a mixed picture of the recovery — and certainly not one pointing to a surge in working-class incomes any time soon.
On the plus side, new claims for jobless benefits fell last week from the week before; economists stressed that seasonal factors could be driving the decline but said the overall trend suggests the economy could be on pace to add about 200,000 jobs this month. On the down side, the index of leading indicators — a broad measure of economic health — was unchanged in June, falling short of economists’ predictions.
The Labor Department reported this month that average earnings have barely grown faster than inflation over the past year.
Read more: Middle class still left behind in U.S. economic recovery, data show - The Washington Post
6/6/13
Britain's economic recovery depends on working with the EU - by Frances O'Grady
David Cameron's pre-election instruction to the Conservative party "not to bang on about Europe" has been well and truly trashed. These days, when not taking advantage of the easy access to Spanish holiday resorts resulting from EU membership, he's at it himself. Meanwhile, the British economy is flatlining, jobs are less and less secure, and family budgets are squeezed as real wages fall for the third year in succession.
The right wing of the Conservative party, and the monkey on their back that is Ukip, prefer to blame Europe for all of Britain's ills. And a weakened prime minister has little choice but to fall in behind them.
Foreign Office minister David Lidington told a City audience recently: "What Europe needs is not … years of discussion about the intricacies of how decisions are taken in Brussels. What it needs is growth." But the government that he belongs to has condemned us to years of just such pointless discussion about Europe's rules without any real debate about its purpose, let alone the interests of the people it is supposed to be there to serve.
Instead of obsessing about our relationship with the EU, we should be using our membership to rebuild and rebalance our economy, tackle the crisis in living standards and give our young people a future. Last week, the European commission finally began to admit that the grand experiment of cutting our way to growth has failed, and failed young people in particular. It issued explicit recommendations to the British government to tackle the housing shortage, family poverty and youth unemployment.
Read more: Britain's economic recovery depends on working with Europe | Frances O'Grady | Comment is free | The Guardian
The right wing of the Conservative party, and the monkey on their back that is Ukip, prefer to blame Europe for all of Britain's ills. And a weakened prime minister has little choice but to fall in behind them.
Foreign Office minister David Lidington told a City audience recently: "What Europe needs is not … years of discussion about the intricacies of how decisions are taken in Brussels. What it needs is growth." But the government that he belongs to has condemned us to years of just such pointless discussion about Europe's rules without any real debate about its purpose, let alone the interests of the people it is supposed to be there to serve.
Instead of obsessing about our relationship with the EU, we should be using our membership to rebuild and rebalance our economy, tackle the crisis in living standards and give our young people a future. Last week, the European commission finally began to admit that the grand experiment of cutting our way to growth has failed, and failed young people in particular. It issued explicit recommendations to the British government to tackle the housing shortage, family poverty and youth unemployment.
Read more: Britain's economic recovery depends on working with Europe | Frances O'Grady | Comment is free | The Guardian
2/21/13
Icelanders question their lauded economic recovery - by Alistrair Scrutton
Iceland’s biggest IT company CCP is what the island needs to leave its economic crisis behind. It is global, growing and employs hundreds but its tale is also one of frustration that echoes concerns about the country’s future.
For CEO Hilmar Petursson, Iceland’s lauded recovery model that included a sharp currency fall coupled with capital controls may have pulled a $13-billion (U.S.) economy back from the brink after a 2008 bank crash. But it is now a drag on firms like his.
“The economic remedy has now become part of the problem ... We are not building the company as fast as we could from a global perspective,” said Petursson, seated at his office in a former fishing processing plant littered with vampire books and a huge games console.
Iceland is growing at 2 per cent, faster than much of Europe. But Petursson’s comments underscore worries about the recovery’s sustainability in a straightjacket of capital controls – coupled with questions over having a currency that one politician compared to the Disneyland dollar.
Growth has been downgraded this year from 3 per cent to 2 per cent. Inflation is stubbornly high and the central bank has been forced to step up intervention in the currency market to prop up a weakening crown.
Many expected Iceland’s recovery to be stronger given the way smaller economies can bounce from deep recessions. The International Monetary Fund had originally forecast annual growth of around 4.5 per cent from 2011-2013. It now is under half that.
“Recovery? We’re on the road to nowhere,” said Vilhjalmur Egilsson, head of the Confederation of Icelandic Employers.
Read more: Icelanders question their lauded economic recovery - The Globe and Mail
For CEO Hilmar Petursson, Iceland’s lauded recovery model that included a sharp currency fall coupled with capital controls may have pulled a $13-billion (U.S.) economy back from the brink after a 2008 bank crash. But it is now a drag on firms like his.
“The economic remedy has now become part of the problem ... We are not building the company as fast as we could from a global perspective,” said Petursson, seated at his office in a former fishing processing plant littered with vampire books and a huge games console.
Iceland is growing at 2 per cent, faster than much of Europe. But Petursson’s comments underscore worries about the recovery’s sustainability in a straightjacket of capital controls – coupled with questions over having a currency that one politician compared to the Disneyland dollar.
Growth has been downgraded this year from 3 per cent to 2 per cent. Inflation is stubbornly high and the central bank has been forced to step up intervention in the currency market to prop up a weakening crown.
Many expected Iceland’s recovery to be stronger given the way smaller economies can bounce from deep recessions. The International Monetary Fund had originally forecast annual growth of around 4.5 per cent from 2011-2013. It now is under half that.
“Recovery? We’re on the road to nowhere,” said Vilhjalmur Egilsson, head of the Confederation of Icelandic Employers.
Read more: Icelanders question their lauded economic recovery - The Globe and Mail
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