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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
After two successful years, the BNP Paribas International Hackathon is back!