european comission

european union

The European Economy Will Recover At Two Speeds, Widening The Gap Between The Eurozone’s Members

The three countries most affected by the coronavirus crisis will be Italy, Spain and France, with falls in GDP of 11.2%, 10.9% and 10.6% respectively this year. For the region as a whole, GDP will contract by 8.7% in 2020 compared to the 7.7% previously expected. By 2021 it expects GDP to grow by 6.1%. In the second half of next year, the Commission sees a two speed recovery happening in the EU, with the existing divergences in the area becoming even more pronounced.

spain public finances

Perseverare Diabolicum

Last week the Council decided that Spain and Portugal’s recent efforts to reduce deficit were not enough. This lead to the two countries being fined, the first time this happens since the inception of the euro.


Bank of Spain

Bank Of Spain To Calculate Provisions On Expected Rather Than Incurred Losses

The Bank of Spain plans to change the method for calculating provisions in H1 2016, in advance of the European Commission’s new accounting regulations due to be implemented in 2018. Under the new rules elaborated by the International Accounting Standards Board (IASB), provisions will be calculated based on the expected loss in credit operations and not on the loss already incurred, as has been the case up to now.

Save Preseurop II

‘A window on the lives of Europeans is shut’

MADRID| By  The corner team via Presseurop|In a time when Europe is trying to reinforce its identity it is very difficult to understand that the European Comission has decided to end its financial support to such an intelligent project as Presseurop, the first Pan-european multilingual news and debate site. Its closing down on Friday marks the end of a journalistic experiment with civic dimension, says the European press.


Who will audit Brussels?

By Carlos Díaz Guell, in Madrid | Following the steps taken by the Spanish government to increase the requirements of capital provisions to the banking system from 7% to 30%, that is some €30 more billion, the Eurogroup, seen the distrust generated by the Bank of Spain’s actions, asked the Rajoy government to commission an independent valuation of property assets on the balance sheets of financial institutions. The international financial authorities and…