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.
LONDON | By Barclays analysts | Industrial production data in September were slightly weaker than we expected, adding further downside risks to our expectation that Italy’s GDP growth was flat in Q3.
MADRID | By Stefanie Claudia Müller | Foreign media is astonished by how rarely Spaniards seem to protest against corruption within their own state. Although the correspondents try to sell these stories, at home no one seems to be much interested in publishing them, because the fact of a corrupt Spain is according to many European newspapers “old news.” This highlights the fact that Spain’s image problems are not recent.
MADRID | By Miguel Navascués | There is a harsh disagreement in the euro zone: when Mario Draghi tries to do something, he finds the opposition of Germany and its allies. It seems obvious that Europe won’t get out of the hole with such travel companions.
ROME | By Umberto Eco at L’Expresso via Presseurop | In the midst of the World War One, Marcel Proust created characters who, in spite of the conflict, were attracted by German culture. Proof, according to semiotician Umberto Eco, that cultural exchange has contributed more than anything else to the building of today’s Europe.
WASHINGTON | By Pablo Pardo | Dean Tenerelli started investing in Spain one year ago. At the time, many of his colleagues thought that he was going too far. Certainly, he went further than anyone else. But, so far, his bet is rendering excellent yields. Tenerelli manages the T. Rowe Price European Stock, a SICAV with more than $900 million (approximately 700 million euros) in assets, of which around $150 million are in Spanish companies shares. Now, others, such as Bill Gates, Warren Buffett and Carlos Slim, have followed this manager’s example and have started to pour money into Spain. Tenerelli has talked with The Corner over the phone about his experience.