BRUSSELS | By Gian Paolo Accardo at Presseurop | Whistleblowers are essential to democracy. They should therefore be granted protection, not least by the government. However, most European countries do not protect those, like former NSA agent Edward Snowden, willing to reveal corruption or illegal practices.
BERLIN | By Alberto Lozano | Housing prices in Germany have skyrocketed since 2010 -in big cities prices up to 25%, according to the Bundesbank, which points out overvaluation could reach 20%, giving “ise to fears of a broad-based property price boom.” Germans are already pointing to the ECB as the main culprit.
MADRID | By JP Marin Arrese | One day after the European Commission put Germany under close scrutiny, blaming its fat trade surplus of curtailing other countries’ growth, figures released on economic performance in the third quarter came as a nasty surprise. Exports had stalled in the biggest partner, bringing growth rate to 0.3% down from 0.7% three months before. Resilience in internal demand had saved it from shrinking, openly contradicting Brussels’ claims against Berlin.
THE CORNER TEAM | Madrid and Dublin celebrated cutting their bailout umbilical cord on Thursday, renouncing to extend the aid after their aid programmes will end. This means they will be able to enjoy economic, budgetary and funding conditions like most other sovereign countries. To finally fund themselves normally on the markets, without paying an extra penalty. However, there is still homework to do: in the case of Spain, the country needs restructuring its local savings banks.
ATHENS | By Nick Malkoutzis at The Agora | Until a few days ago the only thing connecting SYRIZA and Texas was the lone star on their flags. But, suddenly, the US’s second-largest state seems to have provided a defining moment for Greece’s second-largest party. SYRIZA leader Alexis Tsipras chose a speech at the University of Texas in Austin on November 4 to put minds outside of Greece at ease with regard to his party’s plans should it come to power after the next general elections.
LISBON | By António Costa at Diário Económico via Presseurop | The European Commission has opened a “thorough investigation” into Germany’s export surpluses, which stand accused of damaging the Eurozone’s balance. However, working towards banking union would be wiser, writes Diario Economico’s director.
MADRID | By JP Marin Arrese | Draghi is becoming a popular target for the German press. He presented himself as a tough defender of the established order in monetary policy when canvassing for the top job in the European central bank. But as soon as he secured his coveted goal, he shifted away from orthodoxy.
LONDON | By Barclays analysts | Taking into account today’s downward revision in Spanish HICP, we now revise our October French HICP forecast from -0.2% m/m (0.6% y/y) to -0.1% m/m (0.7% y/y). The Italian final October HICP inflation rate was revised up by 9bps to 0.76% y/y. We note that historical subcomponents indices have been revised since the beginning of the year (although not the headline index). This nonetheless does not alter our view that euro area HICP inflation rate should come in unchanged at 0.7% y/y. If anything, we see slight downside risk to our 116.99 HICP ex tobacco projection.
AMSTERDAM | By Marc Peeperkorn at De Volkskrant via Presseurop | A lack of openness in Brussels negotiations is often cited as a cause of the EU’s democratic deficit. But for the “Brussels’ ultimate insider”, historian Peter Ludlow, behind-closed-doors meetings are a cornerstone of EU leaders’ decision-making.
BRUSSELS | By EU observer via Presseurop | Negotiators from the Council for the European Union and the European Parliament agreed an EU budget for 2014 in the early hours of November 12, bringing the prospect of an agreement on financing for the 2014-2020 period a step closer, writes news website EUobserver.