Is Ireland such a good model to follow as Brussels would like the rest of the euro periphery to believe? The latest financial creative engineering to trim Irish public debt tells us that reality is quite different, and the eurozone still needs to find a long-term programme to solve its problems.
LONDON | By Jeremy Beckwith, chief investment officer of London Wall Partners LLP | “In contrast to the jobless recoveries seen in many Western countries after the 2001 downturn, the UK is experiencing a job-creating recession that is the cause of great head-scratching amongst economists.”
Presseurop.eu | The EU’s 27 leaders are now meeting to discuss the European Union’s 2014-2020 budget and will probably reach an agreement. But they will do so by making the usual petty deals that compromise the future, warns Le Monde.
“Germany, once more, detached itself from the deterioration observed in the rest of the eurozone economies with a solid services industry record, supported by good new demand figures.” And increasingly, France gets included in the rest.
Can Hollande salvage his country from the waves of austerity? JP Morgan analysts forecast a French deficit higher than the official target for 2013, which could trigger further budget cuts.
By Alexandru F. Ghita | The “sudden death” of one economic giant in certain regions created major spikes in unemployment. This is a(nother) sign that reliance on major companies to produce and sustain jobs on their own is counter-productive.
Unless those having more ample room to invigorate their demand do so, we are bound for a long period of strenuous struggles to undertake a painful real adjustment with no firm assurances the sacrifices attached to it may work.
Presseurop.eu | “We can only welcome Brussels’ initiative if it really succeeds in relaunching rail transport in Europe,” writes Gian Paolo Accardo.
MADRID | By Fernando G. Urbaneja| The Spanish new regulation follows the old principle that in times of crisis people should be working more and earning less. More working hours are added, up to nearly 1,800 per year, a fact that Germany should note in order to dismiss the cliché of Southern Europeans being lazy.
MADRID | By Raimundo Poveda, former banking regulation director at Bank of Spain | The Single Supervisory Mechanism can be late. The EU banking watchdog has still to be formally founded, decide who’ll be part of its leadership, create an internal organization network and define its financing sources.