AXA IM | The technical details of the ECB’s corporate QE programme, the corporate sector purchasing programme (CSPP), released last Thursday, cemented our constructive view about its impact on credit markets. The CSPP details matched or exceeded market expectations, adding to the positive spread momentum that has been in motion since the initial CSPP announcement on 9 March.
Francesco Saraceno | Last week’s data on EMU growth have triggered quite a bit of comments. I was intrigued by Paul Krugman‘s piece arguing (a) that in per capita terms the EMU performance is not as bad (he uses working age population, I used total population); and (b) that the path of the EMU was similar to that of the US in the first phase of the crisis.
This year is the 400th anniversary of the death of both Miguel de Cervantes and William Shakespeare. The celebration of the death of these two notable writers in their native lands demonstrates the difference between what both languages and both countries represent today. Anyway,the contribution of all Spanish-speakers to global GDP is 9.2%, according to the Cervantes Institute.
Spanish daily newpaper ABC has provided us with some key facts about the €500 notes. Don’t worry: it will be a gradual process, without any deadlines. In other words, they will still have unlimited redemption value, but from 2018 they will no longer be produced. Nothing really traumatic is going to happen to people who have €500 bills.
“Corruption and the role of tax havens” was the headline of the annual workshop of the Tax Justice Network – and the word Luxembourg was heard quite often there. Two things are still playing around in my head: an exchange on the offshore bubble inside, not outside, of our Western countries – and the destructive role of Luxembourg when it comes to both taxation and finance.
Multinationals such as Airbus or Aviva Investors are arguing in favour of the ‘In’ vote, warning that a possible Brexit would push the UK into recession before year-end.
The migrant crisis has taken over German politics, although it is just one of the many issues concerning the European central power. The future of the euro is still pending. But some economists believe that the right-wing AFD party’s demand for the European process to be stopped is nonsense.
Obama called on Europe to increase its defence expenditure against ISIS in his last visit to the region in April. Analysts at Julius Bär Research share this opinion, stating that “European countries will most likely devise a number of security measures and reverse the trend of declining defence and security spending.” This is their note about terrorism effects on European defence economy.
James Alexander via Historinhas | The chickens continue to come home to roost for the Bank of England and its masters at the UK Treasury. The pathetic attempt of the a UK government minister to blame Brexit worries for the UK economic slowdown was truly breath-taking in its cheek.
The Belgian authorities understand that the risk of Brussels losing its capital status in Europe is very real in the wake of the terrorist attacks and the security deficiencies these revealed. Such a mess is incompatible with being the headquarters for the European Union and NATO.