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.
Jordi Sànchez and Jordi Cuixart were the first of nine Catalan leaders to be sent to prison by Spanish courts Read here
DeStatis – Germany: Building permits issued for dwellings in January 2023: -26.0% on the same month a year earlier
How you create a recession. Read Here
Romania-Insider.com – Eurostat: Half of Romania’s population suffers from material and social deprivation
The economic plan behind the EU was convergence. As this article demonstrates, this is not happening on the Eastern and Southern peripheries. No wonder the Romanians keep taking to the streets in protest – or […]