In June 2018 the European Union agreed a 32% EU renewable energy target for 2030.Several member states tried to push for an even higher target of 35%. Spain was among them.
BS Markets | Spanish banks’ recourse to Eurosystem financing stood at almost 170 billion euros in May. Second only to Italy’s in Eurozone, whose needs amount to around 250 billion euros. In both cases these volumes represent 15% of GDP and between 6 and 7% of the size of the sector.
Now “the waters appear to have calmed” in Italy, analysts at Intermoney, however, believe we will see more episodes of tension originating in Italy. The key moment is likely to come at the end of the summer or in the autumn. This situation should be seen as a scenario for tension rather than rupture, although contagion to other peripheral economies could be possible.
Israel Rafalovich (Brussels) | After talks that lasted until the early morning hours on Friday, EU leaders reached a deal but the differences remained while heads of states issued victory statements that the summit was a “success”.
The European aviation manufacturer Airbus has threatened to re-think its investments and presence in the UK if the country abandons the EU without agreement. According to the analysts at Alphaville: “Industrial processes don´t function where there are frontier breaks.”
Juan Pedro Marín-Arrese | From the start the new Spanish government has voiced its staunch pro-European stance. A most welcome move when other core countries drift apart, either through complete withdrawal like the UK or proving a real nuisance like Italy. Not to mention some Eastern Member States waging an open rebellion by snubbing key democratic principles enshrined in the Union Treaty.
In countries such as Germany and Austria, the unemployment rate has remained relatively low for a long period of time. As noted by CaixaBank Research experts, one of the keys to their success are apprenticeships, or dual vocational education and training. To what extent can this formula be applied to other countries in Europe like Spain?
The political landscape in Turkey appears little changed after Sunday´s snap elections. President Erdogan won the first round with rather more than half of the votes, avoiding a second round on 8 July. All eyes will now be on the Ministers Erdogan appoints, and the markets will be looking out to see if he appoints pragmatic reformers.
The leaders of sixteen EU countries survived a mini summit with no results but with”frank talk” during an emergency meeting on immigration on Sunday and emerged with a veneer of common purpose.