According to the latest statistics, the economic growth in the United Kingdom has reached 3% (annual rate) in the last quarter of 2013. This is the highest rate since 2007. For comparison, the French growth was 0.3% yoy (2013).
This little county on the shores of the Baltic Sea will become the 18th member of the Eurozone. That is well deserved since Latvia meets all of the Maastricht criteria.…
The European economy is under threat. But it is not by producing another treaty that it will be saved. In order to restore the trust required to produce economic progress, the states first must enforce the existing treaties, in particular the Maastricht rules on a 3 per cent deficit and a debt of 60 per cent of GDP. If you support this position, please send us a message by clicking on firstname.lastname@example.org
The French Cour des Comptes (National Audit Office) published this Monday a new report on public finances. Without surprise, the ambition to limit the budget deficit to 4.4% of GDP in 2012 is confirmed to be unrealistic. An extra six to ten billion euro would be necessary in order to meet this commitment, and this is without taking into account the new promises and expenses scheduled since François Hollande’s election. Meanwhile, the new financial Minister Pierre Moscovici, keeps claiming his profound hostility to austerity and budget cuts.
The first significant policy move from the newly elected president is the repeal of part of his predecessor’s pension reform. As promised during the electoral campaign, President Hollande is bringing the legal age for retirement back from 62 to 60 years for those who started working at an early age. According to the French employer’s association MEDEF, this will lead to a 0.5% increase of the social contributions paid by employees.
In an interview with the Guardian, Madam Lagarde says it is time for Greece to pay back and insists on the fairness of it – “Greeks have to pay taxes now and assume their past mistakes,” she says, adding that “As far as Athens is concerned, I also think about all those people who are trying to escape tax all the time”. If her mathematics is somehow correct, she obviously doesn’t think about those who did not participate in the government’s wasting of money and find themselves today on the same boat with all the others.
EU Parliament had been calling for a financial transaction tax (FTT) for nearly two years and, unsurprisingly, it has adopted last week the proposal drafted by the Commission. One of the arguments that prevailed in the debate that took place at the Parliament and resulted in the adoption of the financial transaction tax proposal was that “the FTT is an integral part of an exit from crisis. It will bring a fairer distribution of the weight of the crisis” (rapporteur Anni Podimata).