German politicians and media are intensifying pressure on Rome in anticipation of today’s EU Commission verdict on Italy’s national budget. Already last week, EU Budget Commissioner Günther Oettinger announced, in reference to the Italian deficit, that the Italian government must “correct” its draft budget. Media reports refer to a “black week” for Rome. Negative reporting – like rating agencies’ devaluation of Italy’s creditworthiness – can contribute to the destabilization of Italy’s financial and credit markets. The country’s current downward spiral threatens to re-escalate the banking crisis. Whereas Berlin insists that the EU take sharp measures against deficits, Germany’s Finance Minister at the time, Wolfgang Schäuble had prevented the EU Commission from taking measures against excessive surpluses, which the commission sees as potentially just as destabilizing. Germany has been achieving these surpluses year after year.
Economics
DeStatis – German Exports in June 2023: -1.9% year on year
Most German exports in June 2023 went to the United States. After seasonal and calendar adjustment, exports of goods to the United States were down 0.2% compared with May 2023, with the value of exports […]
Economics
European Commission: EU business sentiment hits lowest level in two years
October 2022: Economic Sentiment and Employment Expectations further down in the EU and the euro area Read Here
Climate Crisis
Global Energy Monitor: Coal mine methane emissions exceed those from oil or gas
The world’s coal mines emit 52.3 million tonnes of methane per year, according to a new report by Global Energy Monitor (GEM), which is greater than annual emissions from oil (39 million tonnes) or gas […]
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