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#European Economy

# european-economy - Thursday 19 June, 2014

From Business ETC Opinion: Enda — don’t blow the recovery on a PR stunt Austerity

Opinion: Enda — don’t blow the recovery on a PR stunt

Giving tax cuts in the upcoming budget would be popular, but it’s not the right thing to do.

# european-economy - Wednesday 27 November, 2013

‘Relentless pursuit’: Kenny hopes unemployment will be under 10 per cent by 2016

“This is a collective responsibility and an attack on creating job opportunities by government and all its agencies,” Enda Kenny said yesterday.

# european-economy - Thursday 14 February, 2013

Eurozone economy shrinks by 0.6pc in last quarter of 2012

Uh-oh. A dramatic drop in the Eurozone economy spells bad news for hopes of a further boom in Irish exports.

# european-economy - Monday 22 October, 2012

If the EU were one country, it would be breaking its own budget rules

New Eurostat figures show the EU as a whole ran a budget deficit of 4.7pc of its GDP – €180 billion above its limit.

# european-economy - Thursday 11 October, 2012

S&P downgrades Spain two notches

Spain’s sovereign debt rating has been cut to just one level above “junk” grade debt – which could see Madrid’s borrowing costs skyrocketing to untenable levels.

# european-economy - Friday 29 June, 2012

European Union leaders agree to €120 billion stimulus package

The European Investment Bank will be given more cash to lend out, while other unused funds will be redeployed.

# european-economy - Tuesday 5 June, 2012

Germany wants state companies privatised, labour markets reformed to promote growth

EU leaders are meeting again at the end of the month to discuss a growth agenda. Here’s what Germany will propose.

# european-economy - Tuesday 15 May, 2012

Eurozone GDP unchanged in the first quarter of 2012

Modest growth in the likes of Germany is offset by falls in other large countries like Italy; France is also perfectly flat.

# european-economy - Tuesday 24 January, 2012

IMF: Eurozone debt crisis to slow down the world economy

The IMF has dramatically downgraded its expectations for economic growth around the world, with Europe to blame.

# european-economy - Monday 21 November, 2011

Student study: Ireland could write off 85 per cent of its European debt

The pan-European ESCP business school says Ireland could get rid of €184bn in debts – by simply cancelling them out with others.

# european-economy - Tuesday 6 September, 2011

Front-loaded budget ‘could push economy to breaking point’

The KBC/ESRI Consumer Sentiment Index is virtually unchanged, but shows a worrying emerging trend in the medium term.

# european-economy - Monday 5 September, 2011

European consumers are starting to spend more... except in Ireland and Portugal

Figures from Visa show that European consumers increased spending by 2.5 per cent in Q2… but that bailed out states were down.

# european-economy - Monday 13 December, 2010

From The Daily Edge ECB online game lets you build a bailout Build A Bailout

ECB online game lets you build a bailout

Fiscal management is child’s play, thanks to a new game from the European Central Bank, but it’s not quite so simple…

# european-economy - Saturday 11 December, 2010

France and Germany dismiss prospect of common 'E-bonds'

Merkel and Sarkozy commit to defending the Euro – but say they’re not considering plans to issue common Eurozone bonds.

# european-economy - Wednesday 24 November, 2010

S&P downgrades Ireland over growing debt to prop up banks

The rating agency says the EU/IMF loan averted an even deeper downgrade.

# european-economy - Saturday 28 August, 2010

ECB urges spending cuts

Slashing spending and public sector pay is the only way to recovery, says Jean Claude Trichet.

# european-economy - Friday 20 August, 2010

THE EUROPEAN COMMISSION will transfer of a second tranche of loans to Greece, worth €9bn, to help the country with its economic troubles, the Financial Times reports.

Measures so far taken by the Greek government have been praised by Ollie Rehn, the EU Economics and Monetary Affairs Commissioner. Prime Minster George Papandreou’s move to cut public sector wages and reduce capital expenditure has resulted in the Greek budget deficit being reduced more quickly than anticipated.

Rehn said:

Greece has managed impressive budgetary consolidation during the first half of 2010 and has achieved swift progress with major structural reforms.

Nevertheless, Rhen also warned of the possibility of problems arising in the future for Greece:

Despite the significant progress made, challenges and risks remain. The main immediate challenge is to safeguard adequate liquidity and financial stability of the banking sector.

On 7 September, Eurozone finance ministers will meet to officially approve the next instalment.

Greece is currently the only Eurozone country to remain in recession. It’s economy contracted by 1.5% in the second quarter of this year, marking the country’s seventh consecutive period of negative growth.

# european-economy - Monday 9 August, 2010

THE EU’S BUDGET COMMISSIONER has said he thinks the attitude of member states might have softened on the idea of introducing a direct EU tax.

Janusz Lewandowski, of Poland, told the German edition of the Financial Times that he felt member states who were suffering with budget difficulties of their own would welcome the idea of unloading their payments to the EU’s central coffers, with Brussels introducing a new direct tax to make up for it.

“Many countries want to be unburdened. In this way, the door has been opened to think about revenues that are not claimed by finance ministers,” he said.

If the tax was to be introduced, the Irish government would save about €1.5bn a year, as it would no longer have to pay to fund the EU on its citizens’ behalves – but would see Irish taxpayers potentially hit with a greater tax burden, with the economically crippled government likely not to cut its own PAYE rates accordingly.

Lewandowski said he had heard from several EU capitals, including Berlin, that member states would welcome the chance to reduce their own individual contributions to the Union’s finances. The German finance ministry has said it is against such proposals, however.

In what could prove to be another double-whammy for Irish consumers, one of the other aspects of funding being examined by Lewandowski is a potential aviation tax – on top of the €10 tax already levied by the Irish government.

The EU Observer reports that negotiations on such a tax could begin in early 2012 under the Danish presidency, when the EU begins discussions on its next seven-year budget. The current budget runs from 2007-2013.

With national governments already feeling the pinch from their own various austerity measures, the chances of a centralised tax reducing budgetary constraints on individual governments could be a realistic prospect.

The next EU Budget would likely be signed off on under the Irish presidency in the first half of 2013.

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