European economy

Madrid Gran Via2

We Need Recovery And Growth

Luis Alcaide | In the Romanised Spain of the first two centuries, the so-called Silver Age, an Aragonese, Quintilian, whom his countryman Martial would call “summus mo¬de¬rator juven¬tae”, called for “men of talent, capable of living in a cordial world and participating in public affairs”. Centuries later, in a Spain that was already moving towards modernity, the poet of the upper classes, Campoamor, described those men of talent as “a…

hard brexit

The Value Of EU Citizenship In A Post-Brexit World

Samantha North | Freedom of movement in Europe was always something I took for granted. I saw Europe as part of our heritage, despite the grumblings of euroskeptics and sly articles in the British press about the perils of straight bananas and the metric system. Perhaps the EU is an “imagined community” too. But countries working together, no matter how flawed the process, is the only route we have to improving the world. It’s a project I’m determined to be part of.


From Brexit To Tax Haven

Luis Alcaide | A British parliamentary spokesman and former development minister, Andrew Mitchell, has declared it in no uncertain terms: “The UK is losing its reputation as a credible jurisdiction. Our (British) companies have become vehicles for the laundering of money. The vulgarity of the internal market, the weakness of regulations and the pathetic response to organised crime are being used to facilitate all kinds of misdemeanours. Many EU Europeans…

car makers europe

New Car Sales In Europe Fell By 17% To 864,119 Units, The Worst November Figures Since Registers Began In 1993

Santander Corporate & Investment Banking | New car sales in Europe (EU+EFTA+UK) fell by 17% to 864,119 units, the worst November performance since the European Automobile Manufacturers’ Association began recording data in 1993. Registrations were only 0.8% higher than in the first 11 months of last year. Germany (-31.7%), Italy (-24.6%) and Spain (-12.3%) recorded double-digit falls and France a contraction of 3.2%. In contrast, car sales in the UK…


On Environmental Protection, The EU Has A Mixed Record

It’s usually China, Japan and the US that come to mind first when the issue of overfishing is brought up, but what’s often overlooked is the fact that the EU has to take a big part of the blame as well. Brussels may not be sending fishing fleets across the oceans, but many of the bloc’s environmental policies have serious unintended effects in the world’s far-flung regions.

EU recovery fund

Brussels To Issue €50 Bn By June To Finance Next Generation Fund

The European Commission plans to issue €50 billion in long-term bonds between January and June 2022, to be complemented by a dozen auctions of short-term bills, to cover the financing needs for the first half of next year under the ‘NextGenerationEU’ recovery fund. So far, Brussels has already raised 71 billion euros to finance the recovery programme.

exports spanish2

Spanish Exports Are Growing At A Rate Of 22%, More Than German (14%), French (16%) Or Italian (20%) exports

Luis Alcaide | In the first nine months of 2021 the trade surplus with the EU amounted to €18.855 billion (12.554 billion in the same period of 2020). With the eurozone, the positive balance rose to €20.658 billion. Spanish exports to the rest of the world have grown in these first nine months of the year at a year-on-year rate of 22.1%, to 230 billion euros, while those of the…


Heathrow (25% owned by Ferrovial) estimates a 44% drop in traffic vs 2019

Intermoney | HAH, the holding company of Heathrow Airport, in which Ferrovial has a 25% stake (Hold, TP 24 euros/share) published its investor report for December last Friday. The main news was perhaps the guidelines given for 2022, that the operator expects to manage passenger traffic of 45.5 million, which would still imply a 44% drop compared with 2019 (81 million passengers). For this year, it expects the decline to…


Ireland To Receive €920.4 Million From Brexit Adjustment Reserve

Antoinette Tyrrel (European Views) | The European Commission has adopted the decision to reserve €920.4 million in funding for Ireland as part of the Brexit Adjustment Reserve. Ireland is set to be the biggest beneficiary of the Brexit Adjustment Reserve and the first Member State to receive its pre-financing. The Brexit Adjustment Reserve totals €5.4 billion and has been put in place to support all Member States while ensuring a…


Turkey | GDP growth Reached 11.7% Year-To-Date

BBVA Reseacrh | Turkish economy grew by 7.4% yoy in 3Q21, resulting in a growth rate of 11.7% in the first three quarters of the year. 2021 GDP growth will likely reach 10.5-11%, beating our current 9.5% forecast. Though, recent currency shock and accompanying tighter financial conditions will likely weigh on the downside for 2022 growth. The quarter-on-quarter growth rate accelerated to 2.7% after growing by 1.5% in 2Q21. Domestic…