Economic & Financial

Italian PM Conte resigns

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After weeks of coalition turmoil between the increasingly popular Lega party and their governing partners, the 5-Star Movement, Italy's Prime Minister Giuseppe Conte announced his resignation on Tuesday afternoon saying, 'this government ends here". Conte's...

Swiss justice charges tax avoidance whistle-blower with industrial espionage

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A whistle-blower responsible for uncovering one of the biggest cases of tax avoidance in Germany is now prosecuted by Swiss authorities for industrial espionage, the daily financial newspaper Handelsblatt reported on Monday. Echart Seith is...

What can be done to save Hong Kong?

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It is becoming increasingly clear, as the Hong Kong protests continue, that the Chinese Communist Party will be forced to make a choice - either a bloody, military crackdown (the more likely of the...

Markets signal global recession

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Markets in Europe fell on Thursday, following a sell-off in Asian and US stock exchanges on Wednesday. The market downturn was triggered by negative growth data in the UK and Germany, culminating with Chinese...

Germany forced to rethink export-led growth model

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Germany’s export-led economic model is called into question, forcing the government to rethink its fiscal policy. Slumping exports have brought Germany on the brink of recession, according to data released on Wednesday. The overall output...

UK economy shrinks in second quarter, first since 2012 and ahead of Brexit deadline

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The UK's economy shrank for the first time since 2012 in the second quarter according to fiscal data made available by Britain’s Office for National Statistics. With Boris Johnson’s British government committed to exit...

Bosnia’s authorities draw cautious praise from Brussels after agreeing to form Council of Ministers

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Nearly 10 months after Bosnia and Herzegovina's last round of elections, the leaders of country's three main ethnoreligious groups finally reached an agreement to form a central government on 4 August, news that the...

China’s Yuan plunge worries global markets

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European shares fell to two-month lows on Monday amid U.S.-China trade frictions and worries that drove the bloc’s investors shifting towards government bonds and other traditional market products. Following growing economic tensions between the USA...

China’s currency falls as more US sanctions look likely

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The exchange rate of China's yuan to the dollar hit the symbolic threshold of 7 to 1 at the start of the week, fuelling further speculation about a deliberate move by Beijing to boost...

World Bank CEO Georgieva picked as Europe’s nominee to lead IMF

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After tapping IMF chief Christine Lagarde to head the European Central Bank, the EU has put forward another powerful woman's name to take the reigns at the International Monetary Fund with the official nomination...

Eurozone members’ economic sentiment declined in July

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The European Commission’s monthly sentiment survey showed the overall index for the 19 member states of the Eurozone at 102.7 points in July, down from 103.3 in June and 105.2 in May. The summer’s expected...

Ze’s perfect storm

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Volodymyr Zelensky, or “Ze”, as he is called by his supporters, started his entry into the Ukrainian politics earlier this year by impressively winning the presidential election in April. On July 21, the former...

IMF lowers global growth projections amid Sino-American trade war

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The International Monetary Fund downgraded its growth projection for 2019 amidst a Sino-American trade war and the increasing likelihood of a no-deal Brexit. The Washington-based institution now projects 3,2% global growth rather than 3,3% projected...

USD rallies as House agrees to raise debt ceiling

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The dollar rallied against all major reserve currencies to a five-week high on Tuesday as the House reached a two-year deal to lift the debt borrowing ceiling. The news of a political deal on the...

Johnson faces cabinet walk outs and Irish border controls

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In anticipation of Boris Johnson succeeding Theresa May by Monday evening, two cabinet ministers have pre-announced their resignation; meanwhile, the Irish Republic prepares to install border checks as the likelihood of no-deal Brexit increases. British cabinet...

ECB to launch second bond-buying program in November

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The European Central Bank (ECB) will relaunch a bond-buying programme in November 2019. While the ECB ended its bond-buying programme in December 2018, maturities from its sovereign debt portfolio is reinvested in sovereign bonds, maintaining...

Hezbollah is a terrorist organisation and a threat to Europe

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If Europe is serious about combating antisemitism, the Lebanon-based global terror group Hezbollah must be stopped in its tracks. As we marked on 18 July the seventh anniversary of the suicide bombing in Burgas,...

Germany, Italy, and France take a stand against Facebook’s Libra

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The G7 finance ministers gathered in Chantilly, France, on Wednesday, presenting a united opposition to Facebook’s plan to launch Libra, a digital currency.  “There’s widespread concern,” admitted Italy’s Giovanni Tria, warning that legislation to hinder...

Pound continues to slide as no-deal becomes more likely

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The pound has continued to slide reaching a two-year low on Wednesday, as investors now assess there is an increased likelihood of the UK crashing out of the European Union without a transition agreement...

Washington to ease restrictions on Huawei’s US suppliers

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The U.S. is ready to ease restriction on Huawei, allowing US suppliers to continue trading with the Chinese company, Reuters reported on Monday. Since May, US authorities have barred Huawei from the US market, a...

Bank of England says UK lenders can cope with no-deal Brexit

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The Bank of England says the UK banking system is resilient and can withstand the potential impact of a disorderly Brexit. The publication of the Financial Stability Report on Thursday suggests that the likelihood of...

Towards Franco-American collision as French Senate introduces tax on digital behemoths

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The French Senate endorsed on Thursday a law that will impose a 3% tax on mostly US-based digital behemoths; the tax has already been endorsed by the National Assembly. The so-called GAFA tax (Google, Apple,...

Eurozone ministers welcome Croatia’s bid to join ERM II

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The prospects for Croatia's participation in the European Exchange Rate Mechanism (ERM II) were discussed in Brussels by the Eurozone finance ministers on 9 July, all of whom welcomed Zagreb's formal bid to join the list candidates...

Search for Lagarde’s IMF successor begins

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Following the nomination of Christine Lagarde to succeed Mario Draghi as President of the European Central Bank, the battle is on for who will succeed her at the International Monetary Fund (IMF). European finance ministers...

Italy’s central role in shaping the future of Europe

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Following tense negotiations that led to the surprise naming of four new faces to the EU’s top jobs list, New Europe’s Federico Gradesso sat down for an exclusive interview with Michele Geraci, the undersecretary...

Europe needs sustainable urban development and Copenhagen is paving the way

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The world is urbanising and fast. More than 55% of the global population live in towns and cities, according to the United Nations. With another 2.5 billion people likely to move to urban areas...

Olli Rehn calls for further ECB stimulus

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The euro zone’s economic slowdown is not “temporary,” said the Governor of the Bank of Finland and member of the European Central Bank Olli Rehn in an interview with the German newspaper Boersen Zeitung...

Italy avoids EU Excessive Deficit sanctions over high debt

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The European Commission has dropped its threat of taking disciplinary action against Italy after the Italian government tabled a substantial remedy package. Speaking on behalf of the European Commission, Pierre Moscovici told reporters in Brussels that an...

Labour market shortages take their toll on Central Eastern European economies

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The labour market in Central Eastern Europe is continuing to tighten despite a worldwide economic slowdown, with unemployment below 4% in the Czech Republic, Hungary, and Poland and 5.7% in Slovakia. Tight labour market conditions...

Europe can help Georgia’s protestors preserve the country’s hard-won freedom

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There are not a lot of things in this world that we agree on. Left or Right. For or against immigration. Netflix or the big screen. Still, there are a few that we do...

Switzerland ready to retaliate against the EU in capital market access standoff

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The Swiss government said it will retaliate against the EU’s move to disrupt access to European capital markets. The disruption of EU access to capital markets means that a number of EU companies cannot be...

France sets up task force to deal with Facebook’s cryptocurrency

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France is creating a G7 task force to ensure that transnational cryptocurrencies like Facebook’s Libra are regulated to protect the economy and the consumer. Leading the campaign for regulation is France’s central bank governor Francois...

What Putin’s new citizenship initiative would mean for Ukraine

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Since the recent presidential elections ended in a landslide victory for Volodymyr Zelensky some signs of a possible political and economic revival have been noticed in Ukraine. The very electoral victory of the Zelensky...

The 5G development debate

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Amid the debate between trans-Atlantic allies and beyond on the security challenges posed to 5G network development by Chinese suppliers, New Europe’s Andrianos Giannou had the chance to exchange views with Damian Collins MP,...

Commission wants to finalise Eurozone reforms

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The Vice-President of the European Commission in Charge of the Euro, Social Dialogue, Financial Stability, and Financial Services Valdis Dombrovskis urged the 28 members of the bloc to finalise a package of long-needed reforms for the...

Vice-President Dombrovskis renominated as Latvia’s EU Commissioner

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Latvia's cabinet of ministers has decided to re-nominate current European Commission Vice-President Valdis Dombrovskis as Latvia's European Commissioner. The coalition parties of parties in the Baltic nation made the decision following an extensive meeting Dombrovskis had with...

EBA claims it does not have the mandate to stop money laundering in Europe

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The head of the European Banking Authority (EBA) José Manuel Campa has warned that his mandate does not allow him to stop the rising tide of dirty money in Europe’s financial system. In an interview with the...