Widening differences over economic policy among Euro area countries are unsustainable and could undermine the currency union itself, French Finance Minister Bruno Le Maire said on Friday.There isn't enough solidarity in the Euro-zone, Le Maire told reporters on the sidelines of the International Monetary Fund and World Bank Spring meetings.
Italy's government on Tuesday pushed the country closer to a showdown with the European Union after submitting its latest budget for review. The budget proposes increases both Italy's overall government debt and its deficit in the short run pushing the deficit as high as 2.4% of GDP over the coming years. This means Italy will fall foul of a previously mandated maximum deficit level of 0.8% of GDP.
For the first time in seven years, the Euro-zone's economy grew quicker than the UK's last year, according to data from Eurostat released on Wednesday. The preliminary growth estimates for the final quarter of 2017 showed the bloc of Euro nations growing at a combined 2.7% over the course of the year, having expanded 0.6% in the final quarter alone.
Yanis Varoufakis, the self-described “erratic Marxist” who took Greece to the brink of a Euro zone exit by battling creditors over the conditions for a bailout, has got a new role: advising Britain’s opposition Labour Party.
Global economic growth in the coming two years is facing difficulties because of problems of recession in Japan and stagnation in the European economies and prospects for healthy growth are stuck in low gear, the Organization for Economic Cooperation and Development said on Tuesday.
Leading economies are showing a steady growth trend overall, although Britain is doing particularly well and Japan and Germany are showing signs of losing pace, the OECD (Organization for Economic Cooperation and Development) said on Monday.
The Bank of England opted this week to keep its main interest rate at a record-low level of 0.50% against a backdrop of solid British economic growth. The central bank's nine-member monetary policy committee decided also to maintain the level of cash stimulus in the economy at £375 billion, it said in a statement.
World Bank has lowered its growth forecast for China citing weak demand for its exports and lower investment growth. The bank said it expects China's economy to grow by 7.7% this year, down from its projection of 8.2% in May.
Thousands of Spaniards on Sunday marched in cities across the country to decry tough austerity measures, part of a growing protest movement that shows no signs of abating and could culminate in a general strike in November.
Angela Merkel is seeking help from her estranged, former mentor Helmut Kohl, architect of the Euro, to restore voter faith in the European project before next year's election.