Theresa May’s defeat in the British Parliament is historic with a gap of 230 votes (432 votes against 202 against). What can happen? Philippe Waechter from Ostrum AM have in mind a scheme with all the alternatives. Can Theresa May still be credible after her terrible defeat? We can imagine general elections but who will take the 10 Downing Street?
The flood of negative news about Italian banks continues. The shares of Banco Dei Paschi di Sienna (BMPS) fell -10.2% to 1.35€/share after receiving a request from the ECB to improve its solvency ratios. The central bank sees risks which affect the bank’s profitability and financing, but the Italian Economics Minister, Giovanni Tria, comments that “Italian banks do not have major problems”.
Finally, Britain’s House of Commons will vote on the divorce deal with the European Union, today at 19:00 local time. PM Theresa May postponed the vote, originally set for 11 December, due to its lack of support in parliament. Analysts at Julius Baer believe a failed deal will not inevitably lead to the hard no-deal Brexit that many fear. Furthermore, an alliance seeking a softer Brexit, or to abort Brexit, optionally using a second referendum, may take control of the process.
Following a truly exceptional 2017, the growth of the euro area dropped down a gear in the first half of 2018. Although this raised some suspicion, it was attributed to temporary factors (colds, strikes, meteorology, etc.). However, the pace of growth in Q3 was much lower, and this has already triggered some alarms. In this article, CaixaBank Research will study to what extent should we be worried.
Germany is on track for a technical recession, like Italy. Growth should return in 2019, but slower EM means slower Germany.The main calls for 2019 suggested by the analysts of BoAML are the euro area inflation at 1.0% on average, tricky for the ECB but good for purchasing power. These following are their arguments:
The French say: “The absent are always in the wrong.” The saying is quite correct, at least as far as the unification process in Europe is concerned. Greece has been a member of the European Union for almost four decades but, sadly, the parochialism of the Greek political elite (bar a few exceptions) has been a main feature of the country’s participation in the project.
The European Central Bank yesterday named three temporary administrators, as well a three member vigilance commission, to take control of Italy´s 10th bank and replace its leadership, following the resignation of the majority of its board members. Even tough Pietro Modiano, one of the three temporary administrators declared that there was no merger on the horizon for the bank, they will likely try to find another bank in which they can integrate it.
Ana Fuentes (Strasbourg) | Member of the European Parliament from the S&D group, Miroslav Poche is also the rapporteur for the energy file, which is supposed to help reduce bills for Europeans. We spoke about targets, investment and why the emissions market does not seem to be working.
Julia Pastor | From an English father and a Ghanaian mother, Afua Hirsch is a journalist, writer, lawyer and activist for human rights. Her first book, “Brit (ish): On race, identity and belonging”, published current year, has stirred UK historic consciousness by exploring the origin of the identity crisis that the country is suffering, and which, no doubt, has its reflection on the winding road of Brexit.
via The Conversation | The cabinet has stepped up contingency plans for a no-deal Brexit, with departments across Whitehall charged with making this a priority. Although all indications are that there is no majority in parliament for leaving without a deal, it remains a distinct possibility if no other deal can be passed before the March 29 deadline (assuming that Article 50 is not extended).