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FRANKFURT, Germany, Oct 4, 2023 (AFP) – Efforts to bring down inflation will take time, a senior European Central Bank official said Wednesday, warning that the eurozone had yet to fully feel the impact of higher interest rates. “While inflation continues to decline, it is still expected to remain too high for too long,” ECB vice-president Luis de Guindos said at a conference in Cyprus. The ECB last month raised interest rates for a 10th […]
BERLIN, July 28, 2023 (AFP) – While France and Spain grew in the second quarter, the German economy flatlined, adding to worries the traditional manufacturing powerhouse could become a drag on the eurozone economy. Germany’s gross domestic product (GDP) stagnated between April and June, while inflation remained high, according to data published by the federal statistics agency Destatis Friday. The growth figure was worse than expected by many observers, and left Germany facing the threat […]
The eurozone economy will avoid a recession this winter after recording weak-but-positive growth of 0.1 percent in the fourth quarter of 2022, official data showed Tuesday. The figure is lower than the 0.3 percent growth recorded in the third quarter of 2022, but better than forecasts of a contraction by economists. The data will be welcome after fears of a deep recession following Russia’s war in Ukraine, which unleashed sky-high energy prices and stoked […]
Berlin, Germany (AFP) The eurozone will experience “very strong” growth in wages in the next months as salaries catch up with galloping inflation, the European Central Bank predicted on Monday. “Wage growth over the next few quarters is expected to be very strong compared with historical patterns”, the ECB wrote in its monthly bulletin. The authors forecasted “some catch-up between wages and high rates of inflation” experienced since 2021, in the wake of the Covid-19 pandemic. […]
Frankfurt, Germany | AFP | by Michelle FITZPATRICK The European Central Bank announced another jumbo interest rate hike on Thursday and said further increases would follow to combat soaring inflation, even as its president, Christine Lagarde, warned a eurozone recession was looming. The ECB’s 25-member governing council repeated last month’s unprecedented move and opted for another bumper increase of 75 basis points, leaving its three main rates sitting in a range of between 1.5 and […]
Brussels, Belgium | AFP | by Marc BURLEIGH Germany, the EU’s top economy and Europe’s export powerhouse, looks headed for imminent recession, according to a closely watched survey Monday that pointed to a deepening eurozone contraction. There are “growing signs of an impending recession in the eurozone’s largest economy,” S&P Global Market Intelligence said as it released its eurozone purchasing managers’ index for October. The PMI for the 19-nation area fell to 47.1, down from […]
BRUSSELS, Belgium (AFP) — Eurozone inflation accelerated to another record high in June, official data showed on Friday, as the consequences of the Ukraine war continued to hammer the European economy. The EU’s Eurostat data agency said the increase in consumer prices in the 19 countries that use the euro reached 8.6 percent in June, leaping from the previous record of 8.1 percent a month earlier. Consumer prices in the eurozone have hit records since […]
BRUSSELS, Belgium (AFP) — Eurogroup chief Mario Centeno warned on Monday that under the coronavirus outbreak the European economy is experiencing the equivalent of war and that a long struggle lies ahead. “We know the virus hasn’t reached its peak. We must not kid ourselves,” Mario Centeno said ahead of a eurozone finance ministers video conference. “These are the first steps in a temporary, but long fight. Forced containment is bringing our economies to war-like […]
BRUSSELS, Belgium (AFP) — Unemployment in the eurozone fell in August to 7.4 percent, its lowest level since May 2008, according to official data released Monday. The figure, which brought the number of unemployed in the single currency bloc to 12.17 million, was lower than a forecast by financial data provider Factset, which predicted unchanged unemployment at 7.5 percent. Unemployment in the eurozone thus fell below the rate just prior to the world financial […]
by Jean-Philippe LACOUR Agence France Presse FRANKFURT AM MAIN, Germany (AFP) — The euro turns 20 on Tuesday, marking two tumultuous decades that saw the single currency survive a make-or-break crisis and become a fixture in financial markets and Europeans’ wallets. But it is destined to remain a fragile giant without closer eurozone integration, observers say. Born on January 1, 1999, the euro initially existed only as a virtual currency used in accounting and financial […]
NEW YORK, United States (AFP) — US stocks rose following a more placid session in terms of national politics on Friday, while European equities were boosted by data showing modest eurozone inflation. US equities have been pressured this week amid talk of additional US tariffs and as President Donald Trump has shaken up his Cabinet, moving to replace Rex Tillerson as secretary of state with current CIA Director Mike Pompeo. White House watchers are girding […]
by Deborah COLE and Michelle FITZPATRICK in Frankfurt Agence France-Presse BERLIN, Germany (AFP) – German Chancellor Angela Merkel said she was prepared to make “painful compromises” as she headed in a final round of talks Tuesday to seal a coalition deal for her fourth term and end months of political limbo in Europe’s top economy. As negotiators from Merkel’s CDU party, her Bavarian CSU ally and the Social Democratic Party (SPD) gathered for one last push to […]
