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EcoTV WEEK - Forza Europa
Caroline Newhouse, OECD economist


Overview: Europe makes headway with its back to the wall
EFSF and ESM ready to act. Italy and Spain : a collective play that bears fruits…

Overview: Forza Europa
Italy imposes its agenda to Europe which will use its firewalls to buy sovereign debt in markets.

US: Limited tolerance to frustration
This week, there were additional signs that the housing market has finally bottomed out. In May, new home sales increased by 7.6%, driving the 3-month moving average up to 353k (annualised), the strongest reading for almost two years. As for existing home sales, their 3-month moving average stabilised over the last three months to a solid 4 million units (annualised rate).

Eurozone: Liquidity stress
Monetary market is under renewed stress and demand for liquidity increases at ECB refinancing operations.

Fortnight in France: A minimal minimum wage hike
During the electoral campaign, François Hollande promised to give the minimum wage an extra boost on 1 July. On 26 June, the government opted for a 2% increase, lifting the hourly minimum wage from €9.22 to €9.40.

Focus 1: Greece, chronicle of a failure foretold
Badly gauged, unequally shared, Greek public finance consolidation efforts will need to be amended again.

EcoWeek June 29