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Economy:
Jean-Claude Trichet has called for Europe to speak with a united voice to ensure it retains the number of seats it controls on the IMF executive board. “A common EU position on IMF reform is very important for global governance," he said. Member state finance ministers are meeting in a bid to stave off pressure to reduce European representation after the US rejection of a proposal to maintain the board in its current form
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06/09/2010
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Kosovo:
Britain and Germany have piled pressure on Belgrade to withdraw, or at the very least to soften, its draft resolution on Kosovo submitted to the UN General Assembly. German Foreign Minister Guido Westerwelle warned, “In our view, one can only be a member of the EU if one aims for cooperation and is prepared to resolve neighbourly difficulties cooperatively.” A “reconsideration of the resolution would really help Serbia’s bid for EU membership,” echoed William Hague, the British Foreign Secretary.
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02/09/2010
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| Confidence in the euro zone at two year high |
| Eurozone - Friday, July 30, 2010 |
The Economic Sentiment Indicator produced by the European Commission has demonstrated that confidence in the euro area is at its highest point in over two years. This boost in economic outlook comes on the back of rising demand for industry products, a surge in the German labour market and a dollar hampered by doubts about economic recovery in the USA.
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Originally dented by the Greece-led budget crisis, the Eurozone’s economic health is improving as companies from German bank Deutsche Bank to French luxury-goods maker LVMH Moet Hennessy Louis Vuitton surpassed monthly profit estimates. German unemployment also declined for a 13th straight month giving rise to hope of a turnaround after months of turmoil.
A European Comission media statement read, "The improvement in the indicator suggests that economic activity in industry will continue to recover in the coming months, although it has still some way to go to reach its pre-crisis level.”
July’s sharper-than-expected increase in economic sentiment will further allay fears of a near-term double dip recession in the eurozone and may give fresh support to the euro,” said Martin van Vliet, an economist at Dutch Banking Group ING.
The release of stress test results earlier in the week indicating that just seven banks were required to raise capital may also have helped enhance the appeal of the Euro. Nevertheless it remains important not to overlook the stark diveregences between member states according to Jennifer McKeown of market research group Capital Economics.
The spread of results in the euro area is uneaven, with Germany (up 4.0) and France (up 2.6) among the countries with a significant rise. By contrast, economic sentiment declined sharply in Spain (down 2.2).
Financial Post: Outlook brightens for embattled Europe
EU Observer: Europe’s economic confidence on two-year high
The Echo: EU, euro zone business and economic sentiment indicators improve
Financial Times: European confidence ar 2-yr high on exports push
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