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26 сентября, 18:32

The far right in Italy is blocked but not banished | Jamie Mackay

If the country’s uneasy coalition fails, a revitalised Matteo Salvini will return to fill the voidIn 2013, Matteo Renzi was Italy’s most popular politician. Pragmatic, liberal-minded, still in his thirties, he was a poster boy for the European establishment – living, breathing proof that the country had got its act together after the Silvio Berlusconi years.Then he became prime minister – the youngest in Italy’s history – and it all fell apart. In an attempt to dramatically extend the powers of his government, Renzi called an ill-judged constitutional referendum. He was heavily defeated and forced to resign. His fall from grace would prove fatal not only for his own reputation, but for that of Italy’s entire centre-left. Continue reading...

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17 сентября, 10:35

Italy's ex-PM Renzi could split PD-M5S coalition with new party

Departure from Democratic party to target centre ground risks destabilising days-old allianceThe former Italian prime minister Matteo Renzi has quit the centre-left Democratic party (PD) as he carves out a political comeback that risks sabotaging the new ruling coalition.Renzi, who engineered the alliance between the PD and the anti-establishment Five Star Movement (M5S) in order to oust the far right from government and stave off snap elections, said he was leaving the party to form a new centrist force that would “do politics differently”. Continue reading...

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17 августа, 16:45

‘Matteo Salvini must be stopped’: Renzi’s back, but can the ex-PM save Italy?

As political turmoil grips Rome, the former prime minister tells the Observer of his mission to thwart a far-right takeoverHis energetic stint at the helm of Italy’s government was brought to a juddering halt when, in 2016, he was effectively sacked by voters after suffering an embarrassing defeat in a constitutional referendum. Now Matteo Renzi is back, casting himself as the man to save Italy from the potential grip of a far-right government led by the League’s Matteo Salvini and calling on all “responsible politicians” to back him to thwart the extremist threat. He is re-entering the fray, he insists, for the sake of the country’s future – and not to reignite his own career.“For my personal rating and consensus it would be better to stay silent,” Renzi told the Observer in an exclusive interview last week. “But Salvini must be stopped, and it’s important to give a strong message – there is an alternative.” Continue reading...

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15 августа, 16:36

Italy’s new political crisis, by Alberto Mingardi

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Is Italy going to have elections in the fall? Or will it have a new government, supported by a coalition of the populists and the mainstream left, bringing to an end the coalition of the populist left and the populist right which has led the country in the last few months? Jacopo Barigazzi on Politico provides a good summary of a political crisis which is rather peculiar even by Italian standards: For almost 14 months, Salvini has been saying that this government will last five years. But last week he tried to end it. One of his main opponents, former Prime Minister Matteo Renzi, when he was still the leader of the PD, opposed any deal with the 5Stars. Yet on Sunday, in an interview with Il Corriere della Sera, he opened the way to exactly such a deal. The 5Stars’ founder, comedian Beppe Grillo, has been one of the main sponsors of the coalition with Salvini and a fierce critic of the PD. Yet on Saturday in his blog, he described the League as “barbarians” and seemed open to a deal with the PD that could see the two sides link up and force the largest party in the country — the League — into opposition. Even by Italian standards, this is rather too much: the daily La Stampa on Monday asked if the country is about to see “the most spectacular turnaround in history?” A few considerations: 1. Italy is a parliamentary democracy, and the electoral system under which we voted in 2018 (largely a purely proportional representation system) emphasizes this very fact. The current government is supported by two parties which were electoral adversaries; a new government will be like that again- a coalition that voters did not directly approve of; 2. Mr Salvini’s Northern League has experienced a tremendous surge in popular support in the last year. In the March 2018 elections, the League got 17% of the voters, in May 2019 European elections 34%. At the same time, the left populist Five Stars Movement went downhill, from 33% in 2018 to 17%. The moderate right-wingers of Silvio Berlusconi’s Forza Italia moved from 14% to 8%. This makes for a situation in which Mr Salvini’s party members know they are likely to be reelected and grow their parliamentary ranks, but many others fear the opposite will happen to; 3. Mr Salvini has thus a big incentive to go for early elections, whereas many others do not. This would be very early elections: a legislature in Italy is supposed to last five years; 4. if the legislature lasts five years, the presidency of the Republic is a 7 years job. The new one would be elected by this Parliament, if it lasts. If it doesn’t, by the next one. Many fear that Mr Salvini may appoint a puppet figure of nationalist leanings, were he to substantially control Parliament; 5. Mr Salvini has called for elections in a very direct way, thinking of maximizing his own returns. But his justification for quitting the government is rather weak: he called his former coalition partners naysayers, because of their skepticism towards infrastructure spending, which was always a part of their creed (which tends to praise “degrowth” and de-industrialization). What will happen next? It is hard to say. The leadership of the Democratic Party may have an incentive to go to early elections too, because they are likely to do better than in 2018, because the new party leader may substantially renovate its parliamentary groups to his own advantage. Yet those very same parliamentarians, who rose in their position riding on the coattails of the previous leader (Mr Renzi), are not so happy to go. It is a rather fascinating scene, if you like politics and in particular the most intricate and convoluted kind, like Italy’s. But it is also illuminating. Very frequently, in these days, grand words such as “national interest” come up on politicians’ lips. They are, however, devoid of any specific content, tend never to consist in clear calls for reforms, and clearly are moulded to mean a longer or a shorter duration of the present Parliament – we don’t know which is in the national interest, but it is certainly in the interest of either this or that group. (0 COMMENTS)

13 марта, 18:20

Украина должна осознать, что Европа возвращается к изоляционизму

23 – 26 мая 2019 г. граждане стран-членов ЕС пойдут выбирать национальных представителей в Европейский парламент. Надвигающиеся майские выборы многие политические аналитики как в Украине, так и за её пределами называют «роковыми», поскольку в данный […] Сообщение Украина должна осознать, что Европа возвращается к изоляционизму появились сначала на ХВИЛЯ.

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20 февраля, 09:21

Родителей экс-премьера Италии посадили под домашний арест за мошенничество

Родителей бывшего итальянского премьер-министра Маттео Ренци поместили под домашний арест в связи с расследованием вероятного мошенничества с банкротством. Об этом сообщает Укринформ со ссылкой на агентство AFP. «Тициано Ренци и Лаура Боволи, подозреваемые в выдаче […] Сообщение Родителей экс-премьера Италии посадили под домашний арест за мошенничество появились сначала на ХВИЛЯ.

13 февраля, 16:29

NYT: Обама «оторвал голову» экс-премьеру Италии за нежелание стать на сторону Украины

Будучи премьер-министром Италии, Маттео Ренци изо всех сил добивался победы на референдуме по конституционной реформе. Он даже поставил на кон свою должность. Однажды Ренци провел очень успешный митинг. Но он очень удивился, когда увидел, что […] Сообщение NYT: Обама «оторвал голову» экс-премьеру Италии за нежелание стать на сторону Украины появились сначала на ХВИЛЯ.

30 ноября 2018, 02:55

Hillary Clinton Confirms Conservatives Were Right On Mass Migration

Authored by James Pinkerton via The American Conservative, Progressives melt down after the Democratic doyenne denounces open borders here and in Europe... Amidst the hurly-burly of politics these days, it can be hard to notice when your side has won a victory. Yet that’s what’s just happened for conservatives on immigration: they’ve won. Okay, it’s not a final victory, nor even a crushing victory, but, even so, it’s a win. We know this because Hillary Clinton, arguably still the biggest name in Democratic politics, has just said that conservatives were right. She has conceded the essence of the rightist—and, by the way, centrist—critique of the open-borders approach to immigration. On November 22, Clinton said in an interview with The Guardian, “I think Europe needs to get a handle on migration because that is what lit the flame.” Continuing in that vein, she damned German Chancellor Angela Merkel with faint praise: “I admire the very generous and compassionate approaches that were taken particularly by leaders like Angela Merkel, but I think it is fair to say Europe has done its part, and must send a very clear message—‘we are not going to be able to continue provide refuge and support’—because if we don’t deal with the migration issue it will continue to roil the body politic.” In other words, when Merkel opened the German border in 2015, she was being nice, but misguided. Of course, Clinton is no doubt aware that the global backlash against Merkelism was felt in America, too, contributing to her own defeat in 2016. To be sure, Clinton is no convert to Trumpism. Indeed, lest anyone think she was, she also told The Guardian that the president has “a strong streak of racism…the whole package of bigotry.” Yet of course, the fact that Clinton doesn’t like Trump is not news. What is news is that she has shifted her stance on immigration in a Trumpian direction—or, if one prefers, to the familiar rule-of-law position embraced even by the Bernie Sanders left until recently. Yet the immediate reaction to Clinton’s words was cautious incredulity. As The New York Times put it later that day, “Mrs. Clinton’s remarks to The Guardian drew criticism and a dose of surprise from an array of scholars, immigration advocates and pundits on both the left and the right, some of whom were so perplexed by the comments that they wondered aloud whether Mrs. Clinton had perhaps misspoken.” After all, as the Times observed, “Mrs. Clinton, many said, has a long history of supporting refugees—a track record seemingly at odds with her recent remarks. Her immigration platform in the 2016 presidential election boasted that ‘we embrace immigrants, not denigrate them.’”    Yet in the days since, Clinton not only reiterated her position, but went a step further, making it clear that she was talking about the U.S. as well. In a tweet on November 23, she said, “On both sides of the Atlantic, we need reform. Not open borders.” Once Clinton’s words sank in, the reaction on the left was fierce. For starters, an editorialist in the same Guardian slammed her with the headline: “Hillary Clinton’s chilling pragmatism gives the far right a free pass” And Rep. Pramila Jayapal (D-Washington) tweeted, “Deeply misguided and unfortunate comment from someone who must know better.” Jayapal was approvingly retweeted by Rep.-elect Alexandria Ocasio-Cortes, the new darling of avant-garde progressivism. Meanwhile, on the right, immigration hardliner Ann Coulter bemusedly tweeted, “Maybe we should have voted for her. Might have gotten a wall.” Coulter, of course, is a maximalist; Trump, tough on the border as he is, has fallen short of her exacting standards. It’s also worth noting that other leaders on the moderate left have also endorsed tougher border restrictions. In the same November 22 Guardian article that quoted Clinton, former British prime minister Tony Blair declared, “You’ve got to deal with the legitimate grievances and answer them, which is why today in Europe you cannot possibly stand for election unless you’ve got a strong position on immigration because people are worried about it.” He added, “You’ve got to answer those problems. If you don’t answer them then…you leave a large space into which the populists can march.” And former Italian prime minister Matteo Renzi agreed, too, with this right-tacking realism. In fact, in yet another Guardian interview, former Democratic presidential nominee John Kerry went further: “Europe is already crushed under this transformation that is taking place due to migration.” Indeed, Kerry went even further than that; he directly linked the open borders issue to the demography of Africa, albeit choosing to argue through the prism of climate change. As he said, “Imagine what happens if water dries up and you cannot produce food in northern Africa. Imagine what happens if Nigeria hits its alleged 500 million people by the middle of the century…you are going to have hordes of people in the northern part of the Mediterranean knocking on the door. I am telling you. If you don’t believe me, just go read the literature.” When Kerry says, “read the literature,” we can assume he is referring to scientific or geopolitical papers, as opposed to the dystopic fictional literature on mass migration. Undeniably, a new hard-nosed pessimism about population flows is creeping into the discussion, even among the Davos Men. In September, tycoon-turned-philanthropist Bill Gates said, perhaps somewhat awkwardly, that African population growth was “the elephant in the room.” Meanwhile, some on the right are welcoming the shift in Western attitudes. Austrian chancellor Sebastian Kurz, elected last year on a strong border-security platform, observed recently, “There are a lot of things that have changed. A lot of people who said [the Merkel Migration of 2015] is beneficial for Europe, it is necessary for our demography, do not say it any more.” An upcoming flashpoint is the United Nation’s Global Compact for Safe, Orderly, and Regular Migration, which will be considered at an upcoming UN conference in Marrakech, Morocco, on December 10 to 11. The Compact, an international amnesty lawyer’s dream, emerged from the UN General Assembly in 2016, with the hearty endorsement of the Obama administration, the German government, and, of course, George Soros. Yet now, just two years later, the climate for the Compact has cooled. The Trump administration has announced that it will not sign the document, joined by Israel, Australia, and a half-dozen European countries. Indeed, the assessment of Hungarian foreign affairs minister Péter Szijjártó was, shall we say, blunt: “The goal of the UN Global Compact for Migration is to legalize illegal immigration.” (The globocrats deny that—but then, they always do.) Of course, the hottest immigration issue in the U.S. these days is the fate of the caravan at our border with Mexico. It’s impossible to know what will happen there, and there’s plenty of potential for the narrative to boomerang every which way. Moreover, the fate of Trump’s wall, or of any sort of legislative change on U.S. immigration policy, is also highly uncertain. Yet still, as we have seen, the threaded issues of nationalism, national security, and national sovereignty are bigger than any one incident—or any one nation. That is, the desire of countries to determine their own destiny, out from under some utopian international regime, has been awakened, and is unlikely to go back to sleep any time soon. (Even in Canada, arch-globalist Justin Trudeau sits at a mere 36 percent in the polls, just a point ahead of his conservative rival.) In the meantime, here in the U.S., conservatives—as distinct, of course, from libertarians—are now able to say, “Even Hillary Clinton and John Kerry agree on the need for border enforcement.”   And in political terms, that’s not a small victory.

22 ноября 2018, 17:00

Hillary Clinton: Europe must curb immigration to stop rightwing populists

Europe and centre left everywhere need tougher approach to phenomenon that fuelled Trump and Brexit, says ClintonClinton, Blair, Renzi: why we lost, and how to fight backEurope must get a handle on immigration to combat a growing threat from rightwing populists, Hillary Clinton has said, calling on the continent’s leaders to send out a stronger signal showing they are “not going to be able to continue to provide refuge and support”. Related: Clinton, Blair, Renzi: why we lost, and how to fight back Continue reading...

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04 мая 2018, 09:00

Italy looks set for fresh elections as it enters third month without government

President Sergio Mattarella calls for fresh consultations to try to make three main political forces agree deal to form governmentItaly enters its third month without a government on Friday as warring parties fail to break a post-election impasse that now looks likely to usher in a fresh vote by the end of the year.Two months after inconclusive elections in March led to political deadlock, president Sergio Mattarella has called for a fresh round of consultations in a last-ditch attempt to get the parties to agree a deal to form a government. Continue reading...

27 марта 2018, 08:06

России объявлена война, а ответить нечем

Спору нет, выдворить того или иного обладателя диппаспорта – это святое. Бывали времена и случаи, когда дипломатов высылали десятками из какой-нибудь страны в качестве последнего предупреждения.

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24 марта 2018, 19:20

Сенат Италии впервые возглавила женщина

Сенат Италии в субботу избрал представительницу правой партии "Вперед, Италия" Марию Элизабетту Казеллати своим председателем. Об этом сообщает Reuters. Сообщается, что Казеллати стала первой в истории женщиной во главе итальянского Сената. Также Роберто Фико от "Движения пяти звезд" был избран спикером нижней палаты парламента...

23 марта 2018, 09:27

В Еврозоне углубляется политический раскол

Выборы в двух странах Европы — 24 сентября 2017 года в Германии и 4 марта 2018 года в Италии — предупреждают, что народы Европы расходятся всё дальше. Большую часть недавнего углубления разногласий можно увидеть на примере единой валюты Европы, евро. В данной статье утверждается, что политические разногласия в Европе теперь, возможно, сложно будет отбросить без сдвига к национальным приоритетам, в которых необходимо обратить внимание на нужды тех, кто отстаёт. Экономист из Кембриджскогго университета Николас Кэлдор был первым, кто предупредил, что евро раздело Европу (в его работе 1978 года).  Его критическая статья появилась в марте 1971-го в ответ на доклад Комиссии Вернера, в котором был представлен первоначальный план того, что в итоге оказалось архитектурной зоны евро (Вернер, 1970 г.). Кэлдор писал, что единая монетарная политика (и сопутствующий ей вариант подходящей всем финансовой политики) при применении к различным европейским странам вызовет расхождение экономики одной страны от другой. Логика проста: монетарная политика, которая достаточно крепка для одной страны, может оказаться весьма неопределённой для другой. Экономические различия, говорил Кэлдор, вызовут политическое отчуждение. И подобные предостережения продолжали поступать. Экономист из Чикагского университета и Нобелевский лауреат Милтон Фридман (1997 г.) предсказывал, что ущербные экономические характеристики евро будут «обострять политическую напряжённость, переходя в рассеивающиеся удары, которые можно было бы легко приспособить — с помощью изменения курса валют — к различным политическим проблемам».

22 марта 2018, 10:30

The Euro Area's Deepening Political Divide

Authored by Ashoka Mody via VoxEU.org, Two European elections – in Germany on 24 September 2017 and Italy on 4 March 2018 – warn that the peoples of Europe are drifting apart. Much of the recent deepening of these divisions can be traced to Europe’s single currency, the euro. This column argues that the political divide in Europe may now be hard to roll back absent a shift in focus to national priorities that pay urgent attention to the needs of those being left behind. The University of Cambridge economist Nicholas Kaldor was first to warn that the euro would divide Europe (reprinted in Kaldor 1978). His critique came in March 1971 as a response to the Werner Commission Report, which presented the original blueprint of what would eventually be the euro area’s architecture (Werner 1970). Kaldor wrote that a single monetary policy (and the accompanying one-size-fits-all fiscal policy framework), when applied to diverse European countries, would cause their economies to diverge from one another. The logic was simple: a monetary policy that is too tight for one country can be too loose for another. The economic divergence, Kaldor said, would cause a political rift. Such warnings continued. The University of Chicago economist and Nobel laureate Milton Friedman (1997) predicted that the euro’s flawed economics would “exacerbate political tensions by converting divergent shocks that could have been readily accommodated by exchange rate changes into divisive political issues”. European leaders dismissed such naysayers. They insisted that the single currency would bring Europeans closer into a political union (Sutherland 1997). A permissive consensus? The discourse on the possibility of political union in Europe was conducted mainly within a group of so-called elites. These elites – political leaders and bureaucrats – had little basis to presume that national interests could be reconciled to unify Europe. But they made the further assumption that they had a “permissive consensus” from the public to make far-reaching decisions on European matters (Mair 2013). As I argue in a forthcoming book (Mody 2018), the permissive consensus began to break down about the time the single European currency became a political reality. Following the signing of the Maastricht Treaty in February 1992, the Danish public rejected the single currency in a referendum held in June 1992. And in September 1992, the French public came within a whisker of rejecting the single currency. The voting pattern in the French referendum eerily foreshadowed recent political protests. Those who voted against the single currency tended to have low incomes and limited education, they lived in areas that were turning into industrial wastelands, they worked in insecure jobs, and, for all these reasons, they were deeply worried about the future (Mody 2018: 101–103). By voting against the Maastricht Treaty, they were not necessarily expressing an anti-European sentiment; rather, they were demanding that French policymakers pay more attention to domestic problems, which European institutions and policies could not solve. Over the following years, the permissive consensus continued to fray. The popular voice against ‘more Europe’ expressed itself again in referendums on a European Constitutional Treaty in 2005. Referendums allowed focus on European issues, which were crowded out by domestic priorities in national elections. European elites found it easy to dismiss the referendums as aberrations. A critical new phase began during the financial crises of the past decade. After the onset of the Global Crisis in 2007 and then through the protracted euro area crisis, euro area monetary and fiscal policies hurt the lives of ordinary people who felt left behind – the less educated and those living outside of metropolitan cities. Euro area policies, however, remained insulated from political accountability to those whose prospects they most severely damaged. As a consequence, domestic rebellions gathered force throughout the euro area. These rebellions originated among similar people in the various member states, but they resulted in opposing national public responses in the northern and southern countries, increasing the political divide. The rise of Alternative für Deutschland in Germany The most virulent form of political division emerged in the crucible of the euro area financial crisis in 2012. The permissive consensus finally broke down. In Germany, long-time members of Chancellor Angela Merkel’s Christian Democratic Union (CDU) formed a new political movement, Electoral Alternative, in September 2012. This new movement represented those who refused to accept Merkel’s claim that Germany had no alternative but to support financially troubled euro area nations. In February 2013, Electoral Alternative converted itself into a political party, Alternative für Deutschland (AfD), which called for a breakup of the euro area. Although AfD missed the threshold of 5% of votes cast for the September 2013 election to the Bundestag, it gained political strength starting in August 2015, following Merkel’s open door to Syrian refugees. Seeing that she was losing popular support, Merkel quickly clamped down on refugee and migrant inflows, but AfD continued to gain political strength. In the September 2017 election, AfD received 12.6% of the vote. Many who voted for AfD in 2017 had not cast a vote in 2013, having lost faith that they have a voice in the democratic process. In 2017, these voters looked for solutions outside of the political mainstream. AfD voters had one very specific German feature: many were East Germans. Aside from that, however, the AfD vote manifested a pattern observed elsewhere in Europe and in the US. In East and West Germany, low-income men with only ‘basic’ school education or vocational training voted in large numbers for AfD (Roth and Wolff 2017). Most AfD voters were between the ages of 30 and 59; they worked in blue-collar jobs, often with little job security. They lived in small cities and rural areas. Thus, economic protest and anti-immigrant sentiment overlapped in AfD voters, an overlap that Guiso et al. (2017: 5) find for several European countries. Even prosperous Germany had left behind many of its citizens. Marcel Fratzscher, president of the research institute DIW Berlin, explains in his forthcoming book that the country’s economic gains in the past few decades have not percolated to the bottom half of the German population (Fratzscher 2018). In this bottom half, real incomes have barely grown; few are able to save for a rainy day. Political alienation and conflict within society have increased. With the CDU and the Social Democrats having experienced historic setbacks, a governing coalition proved difficult to form and Germany remained without a government for an unprecedented five months. Recently – coincidentally, on the same day as the Italian election, 4 March 2018 – the CDU and the Social Democrats finally agreed to form a ‘grand coalition’. A German government will soon be in place, but polling data show continuing decline in popular support for the CDU and especially for the Social Democrats. AfD will be the largest opposition party in the Bundestag, and, for now, its support in the polls is rising. The anti-Europe movement in Italy Italian developments moved in parallel. Italy’s Five Star Movement, headed by the comedian-blogger Giuseppe “Beppe” Grillo, rose from relative obscurity to prominence in the February 2013 election, garnering 25% of the vote. Italy had been in near-perpetual recession since early 2011, with mounting job losses, especially among young Italians. The Five Star Movement’s call for direct democracy resonated with voters frustrated with European monetary and fiscal policies, which profoundly affected their lives but which they felt powerless to influence. The poorer southern areas voted for Five Star candidates. But whether in the north or the south, the share of votes received by Five Star candidates was higher in regions of higher unemployment (Romei 2018). For Italians, indignities during the crisis years had come on top of economic stagnation since Italy entered the euro area in 1999. Economic productivity – the source of higher standards of living – stopped increasing, Italian producers lost international competitiveness, and well-paying manufacturing jobs began to disappear with nothing commensurate to replace them. The financial crises – first the Global Crisis that started in July 2007 and then the continuing euro area crisis – compounded Italy’s economic and political dysfunction. Euro area authorities’ emphasis on tight monetary policy and unrelenting austerity depressed economic growth and therefore had the perverse consequence of increasing the government’s debt burden. Meanwhile, the enforced fiscal austerity crowded out the government’s ability to cushion the economic pain of vulnerable citizens. And although ECB President Mario Draghi’s announcement in July 2012 that the ECB would do “whatever it takes” to save the euro area helped bring down the nominal interest rate the Italian government paid on its debts, the ‘real’ interest rate (the nominal rate adjusted for inflation) remained high. The Italian economic squeeze continued. In early 2013, the average Italian was poorer than at the time of entry into the euro area. In the February 2013 election, Grillo campaigned on an anti-European platform, even promising to hold a referendum on whether Italy should remain in the currency union. Mario Monti, the outgoing prime minister, appointed to head an interim ‘technocratic’ government in November 2011, campaigned as a pro-European and received an electoral drubbing. Pier Luigi Bersani, head of the center-left Partito Democratic (PD), also promised a pro-European Italian government, and his party received 29% of the votes, down from 38% in the 2008 election. Although the PD did manage to lead a coalition government, it ran through two prime ministers – Enrico Letta and Matteo Renzi – before settling on Paolo Gentiloni. The damage was done. The jockeying for power within the PD, much of it instigated by Renzi, eroded the party’s reputation and public standing. In the March 2018 election, the PD received 19% of the votes cast. In contrast, the Five Star Movement increased its vote share to 32%. The anti-Europe parties altogether received about half the votes; if former Prime Minister Silvio Berlusconi’s Forza Italia, with its softer European-skepticism, is added, nearly two-thirds of all Italians distanced themselves from Europe in the latest election. Thus, in Germany, AfD has attracted economically anxious Germans worried that the German government is doing too much for Europe. In Italy, the Five Star Movement has gained because anxious Italians are angry that the European governance system disadvantages, and even damages, their futures. Despite the continued decline in nominal interest rates under the ECB’s quantitative easing programme since January 2015, the real interest rate for Italians remains higher than 1%; in contrast, the real interest rate for Germans is –1%, which gives German producers and consumers greater ability to spend and grow. The single monetary policy continues to feed the economic divergence between northern and southern member states, which sustains and amplifies the political divisions. Today many hope that, spurred by French President Emmanuel Macron’s call for euro area reform, Merkel will work on repairing the euro area’s architecture. Such a hope is illusory. Merkel is all too aware that any sign of financial generosity toward Europe will embolden the rebels within the CDU. Other northern nations have made clear that they will oppose calls on their taxpayers (Rutte 2018, Finance Ministers 2018). No euro area nation state is willing to cede its national parliament’s sovereignty on fiscal matters. Policy decisions will remain disengaged from politics. Hence, even if new financial arrangements are engineered, it will be impossible to achieve accountability in euro area governance. Political tensions will continue to build. Concluding remarks There are no easy answers to Europe’s economic and political woes. For this reason, as I argue in my forthcoming book, the answers will not be found in ‘more Europe’. For too long, euro area leaders have dismissed or denigrated the domestic public rebellions. This is a terrible mistake. However inchoate, and sometimes nationalistic and xenophobic, these rebellions have been, they convey an important message. In addition to the distress the euro directly inflicts, the single currency distracts European leaders’ attention from where it ought to be directed: domestic priorities. Of special importance is strengthening human capital, a capability in which all southern euro area countries (and even some northern countries) are lagging behind world leaders. Investment in human capital is crucial to achieving greater equity and sense of fairness while helping to regain international competitiveness. Put simply, European leaders must shift their efforts away from the ultimately impossible goal of making euro area governance more accountable and towards national domestic economic agendas that give hope to those who feel disenfranchised. If they fail to make this shift, domestic politics will continue to fragment, and as that happens, European politics will become ever more corrosive.

17 марта 2018, 10:20

Италия: в поисках коалиции

Чуть менее двух недель назад — 4 марта — в Италии прошли парламентские выборы.

13 марта 2018, 18:27

Демократическая партия - против альянсов

К этому ее призвал бывший лидер Маттео Ренци, пока генеральную линию поддержало большинство в руководстве партии… ЧИТАТЬ ДАЛЕЕ : http://ru.euronews.com/2018/03/12/italie-party-democratique euronews: самый популярный новостной канал в Европе. Подписывайтесь! http://www.youtube.com/subscription_center?add_user=euronewsru euronews доступен на 13 языках: https://www.youtube.com/user/euronewsnetwork/channels На русском: Сайт: http://ru.euronews.com Facebook: https://www.facebook.com/euronews Twitter: http://twitter.com/euronewsru Google+: https://plus.google.com/u/0/b/101036888397116664208/100240575545901894719/posts?pageId=101036888397116664208 VKontakte: http://vk.com/ru.euronews

Выбор редакции
13 марта 2018, 01:38

Демократическая партия - против альянсов

К этому ее призвал бывший лидер Маттео Ренци, пока генеральную линию поддержало большинство в руководстве партии

Выбор редакции
12 марта 2018, 22:17

Italy’s Democrats reject kingmaker role after Renzi resigns

Former Italian Premier Matteo Renzi formally resigned Monday as leader of the Democratic Party following its crushing election defeat, with the interim leader maintaining the party line of refusing a kingmaker role in a new Italian government.

Выбор редакции
12 марта 2018, 20:32

Matteo Renzi resigns as leader of Democratic party after poll defeat

Interim leader says party will go into opposition and not join any coalition governmentThe former Italian prime minister Matteo Renzi has formally resigned as leader of the centre-left Democratic party (PD) following its crushing defeat in this month’s parliamentary election. The newly appointed interim leader, Maurizio Martina, was quoted by the Italian news agency Ansa as saying that the party intended to stick to Renzi’s plan to go into opposition and would not join any government.No party or coalition won enough votes in the 4 March election to govern alone, and talks will determine whether the anti-establishment Five Star Movement (M5S), the party with the most votes, or the rightwing coalition led by the anti-immigration League, which would control more parliamentary seats, can form a stable government. Continue reading...

12 марта 2018, 14:03

Global Markets Rally, S&P Back Over 2,800 On "Goldilocks" Mood Ahead Of Treasury Deluge

The "goldilocks" mood that was unleashed after Friday's jobs report (high growth, low inflation) has spread around the globe, sending Asian and European markets higher as trade-war concerns took a back seat to economic optimism. The dollar slipped and Treasuries held strady even as the US Treasury prepares to sell $145 billion in debt today (including both 3Y and 10Y Paper), while most commodities fell. “Friday’s U.S. employment data was about as perfect a set of figures as you can get from a policy maker’s point of view. The increase in jobs was nothing short of amazing,” said ACLS Global's Marshall Gittler. “In other words, it was a ‘Goldilocks’ report:  not too hot, not too cold, just right.” "Our customers are still bullish,” Chris Brankin, chief executive officer at TD Ameritrade Singapore, told Bloomberg TV. "You saw the jobs report last Friday, which was a perfect scenario -- you had an uptick in wages, but not too much. Investors have taken that opportunity to buy the market dips and we look for the bull market to continue." European shares shot up across the board, following their Asian counterparts, while emerging market currencies strengthened as investors bought up so-called riskier assets and sold safe haven securities such as gold and government bonds. After the S&P surged 1.7% on Friday - its second best day of the year - S&P futures have continued to levitate overnight, and are back above 2,800 and fast approaching their late January all time highs of 2,883. The Stoxx Europe 600 Index rose for a sixth day, poised for the longest winning streak since October as utility companies set the pace following a bid by EON for RWE’s Innogy. Germany’s DAX led gains in Europe, rising 0.9% while MSCI’s world equity index hit a two-week high. Concerns over tariffs have been weighing on European stocks, with the main European stock index hitting a seven-month low at the start of the month. It has recovered somewhat from that trough to rise 0.3% on Monday. Earlier, the MSCI Asia-Pacific ex-Japan Index climbed 1.4 percent, poised for a third session of gains. South Korea rose 1%, while Australia’s main index added 0.7 percent, boosted by mining shares on news that Australia could be exempt from new U.S. trade tariffs on steel and aluminum imports.  Hong Kong stocks climbed with other Asian markets after Friday’s U.S. jobs report showed an increase in hiring without rapid wage gains: the Hang Seng gained 1.9%, its third day of gains, and the highest since Feb. 5. The Hang Seng China Enterprises Index jumped 2.1%, also up for third session, while on the maindland, the Shanghai Composite added 0.6% and the ChiNext Index of smaller shares rose 1.4%. In global FX, investors shifted their focus to politics sending the Aussie higher after the country secured an exemption from U.S. tariffs on steel and aluminum and as politicians from a wide range of other countries joined the chorus to also be on the list of Trump tariff exemptions. Meanwhile, as noted last night, the yen jumped after Japan’s Finance Minister Taro Aso refused to step down despite news that his name and that of Prime Minister Shinzo Abe were removed from documents connected with a land-sale scandal, creating uncertainty around the future of Abenomics. The advance however was pared after Aso said he won’t resign. Commenting on the USDJPY, Masashi Murata, a currency strategist at Brown Brothers Harriman in Tokyo said that "The theme for 2018 is the risk of the dollar-yen breaking 100,” adding that the yen above that level “wouldn’t look excessive from the perspective of its fundamentals.” Separately, Goldman analysts said that the BOJ and the Japanese government have “very limited” policy options for reining in yen appreciation, and they are most likely to take a wait-and-see stance until the latest round of gains comes to an end. Investors had trimmed holdings of yen last week on news U.S. President Donald Trump was prepared to meet with North Korean leader Kim Jong Un, a potential breakthrough in nuclear tensions in the region. U.S. officials on Sunday defended Trump’s decision, saying the move was not just for show and not a gift to Pyongyang.  “Now the U.S. is back to goldilocks at least for now, the tariffs are less severe, and Kim and Trump are to meet,” said Shane Oliver, Sydney-based chief economist at AMP.  “We still expect more volatility this year as many of these issues have further go run, but the broad trend in shares likely remains up.” The dollar edged lower a second day as markets digested Friday’s jobs report, which kept stocks in Asia and Europe underpinned. In geopolitical news, North Korea reportedly wants a peace treaty and to build ties with US, while its leader Kim also wants a US embassy in Pyongyang. In Brexit news, UK and EU companies reportedly could face an additional GBP 58bln in annual costs in the event of a no-deal Brexit. Meanwhile, UK consumer spending suffered its weakest start to the year since 2012, according to data compiled by Visa. In rates, the yield on 10-year Treasuries climbed less than one basis point to 2.90%,the highest in more than two weeks. Germany’s 10-year yield dipped one basis point to 0.64%, while Britain’s 10-year Gilt rose less than one basis point to 1.493 percent. Today, US rates traders will have a very busy day with the US set to sell $145BN in sells 3- and 6-month bills, as well as a 3-year notes and 10-year notes reopening. Big concessions into the auctions are expected to help soak up the massive supply. As a reminder the last time that the market faced a 3y and 10y auction on the same day last year Treasuries sold off following weak demand in the latter auction. Oil prices pared back gains seen on Friday with WTI (-0.5%) and Brent (-0.6%) seen lower amid concerns of rising US output looming in the market despite a slowdown in rig drilling activity recorded at the back end of last week. In the metals complex, following the US steel and aluminium tariffs, Chinese iron ore future fell for a 3rd straight session hitting near four-month lows closing down 2.6%. The steelmaking raw materials are under pressure from softer demand and high product inventories held by trading companies. The WSJ reported that OPEC is reported to be divided regarding views on the right price of oil with Iran said to prefer USD 60/bbl, while Saudi Arabia would prefer prices to be at USD 70/bbl. There were also reports that Iran Oil Minister Zanganeh stated that OPEC could agree in June to begin relaxing oil output cuts for 2019. Bulletin Headline summary from RanSquawk DAX outperforms amid multi-billion revamp in German utility sector. USD-index hovers around 90, having trimmed earlier losses. Looking ahead, highlights include the Eurogroup meeting, 3- and 10-year note auctions from the US Market Snapshot S&P 500 futures up 0.3% to 2,798.25 STOXX Europe 600 up 0.3% to 379.19 MXAP up 1.6% to 178.46 MXAPJ up 1.4% to 588.82 Nikkei up 1.7% to 21,824.03 Topix up 1.5% to 1,741.30 Hang Seng Index up 1.9% to 31,594.33 Shanghai Composite up 0.6% to 3,326.70 Sensex up 1.2% to 33,713.20 Australia S&P/ASX 200 up 0.6% to 5,996.12 Kospi up 1% to 2,484.12 German 10Y yield unchanged at 0.649% Euro up 0.2% to $1.2328 Italian 10Y yield rose 2.5 bps to 1.753% Spanish 10Y yield unchanged at 1.436% Brent futures down 0.6% to $65.10/bbl Gold spot down 0.3% to $1,320.39 U.S. Dollar Index down 0.1% to 89.98 Top Overnight News North Korean leader Kim Jong Un wants to sign a peace treaty and establish diplomatic relations with the U.S., which includes having a U.S. embassy in Pyongyang, Dong-A Ilbo newspaper reports, citing an unidentified senior official at South Korean President Moon Jae-in’s office China’s trade minister Zhong Shan warned that a trade war with the U.S. would bring disaster to the global economy, but said his nation won’t start one and that talks with the Trump administration continue China, Canada and Hong Kong are among the economies most at risk of a banking crisis, according to early-warning indicators compiled by the Bank for International Settlements Add one more thing to the list of worries for the world’s most indebted nation: weakening demand at its bond auctions. While there’s no danger of the U.S. being unable to borrow as much as it needs, over the past two years, the drop-off has been unmistakable Britain may soon start to see the beginning of the end of austerity, as the Chancellor of the Exchequer prepares to announce the smallest deficit in a decade during his Spring Statement on Tuesday London house prices are falling at the fastest pace since the depths of the recession almost a decade ago, with the capital’s most expensive areas seeing the biggest declines, according to a report published by Acadata on Monday Asia stocks were higher across the board as the region took its first opportunity to react to Friday’s rally on Wall St and jobs data from US where NFP smashed expectations, but wage growth slowed which in turn provided a goldilocks backdrop for stocks. ASX 200 (+0.6%) was led by commodity names after crude rallied over 3% on Friday and PM Turnbull confirmed Australia is to be exempted from US tariffs. Nikkei 225 (+1.6%) outperformed but closed off its best levels as the cronyism scandal continued to haunt PM Abe after Japan’s Finance Ministry confirmed documents had been doctored in a land-sale to a school operator which allegedly used ties to PM Abe’s wife to get a cheap deal on state-owned land. Elsewhere, Hang Seng (+1.5%) and Shanghai Comp. (+0.7%) also gained although the mainland got off to a slow start as US-China trade war concerns somewhat lingered and as participants also mulled over Xi’s power consolidation after China’s legislature voted to formally scrap presidential term limits from its constitution. Finally, 10yr JGBs are flat with demand constrained amid the heightened appetite for risk, while the BoJ were also in the market but kept its Rinban amounts unchanged from the prior.  The PBoC injected CNY 50bln via 7-day reverse repos and CNY 40bln via 28-day reverse repos; the PBoC also set CNY mid-point at 6.3333 (Prev. 6.3451). As reported last night, Japanese Finance Minister Aso is under pressure to resign over a report regarding alleged favours to a school with connections to the Japanese PM Abe. The prime minister told parliament in February last year that he’d resign if any link emerges between himself or his wife Akie and the land deal. Top Asian News China Banking Crisis Warning Signal Still Flashing, BIS Says JPMorgan Sees Busiest Mideast Year With IPOs, M&A Driving Deals Japan Finance Minister Under Fire as Abe School Scandal Deepens; Stock Investors Are Nonchalant for Now as Abe’s Scandal Deepens China’s Mystery Russia Oil Partner Seen Delaying $9 Billion Deal The European cash open mimicked the strong positive sentiment seen in Asia and in the US on Friday following US NFP data beating expectations but wage growth slowing down providing a goldilocks backdrop for stocks. Major bourses are in the green (Euro Stoxx 50 +0.45%) with the exception of the FTSE 100 underperforming weighed down by a strong sterling. DAX 30 is supported by the utilities sector outperforming following reports of RWE (+8.8%) agreeing to swap control of Innogy (+12.9%) for renewable assets with rival E.ON (+5.4%). E.ON has agreed to purchase Innogy from RWE as part of a deal valuing at EUR 20bln, marking one of the largest shake-ups of the European power supply market. This could however place doubt on the deal between Innogy’s Npower and UK listed SSE (-2.2%). Following months of attempted takeover, Melrose (-2.9%) has submitted their final offer to engineering group GKN (+0.8%) of GBP 8.1bln following their previous offer of GBP 7.4bln which GKN described as “fundamentally” undervaluing its business and the approach as “entirely opportunistic”. Top European News Elkem to Raise $670 Million in Biggest Norway IPO Since 2010 May Faces Calls to Retaliate Against Russia After Spy Attack Ruble Is Top Pick for $25 Billion Investor After Czech Bonanza In FX, it has been a quiet start to the week, but the Greenback is weaker vs all G10 counterparts bar the Loonie, as Usd/Cad hovers above 1.2800 after last Friday’s mixed US and Canadian jobs data (to recap, the former blew away forecasts at 300k+, but latter just missed and would have been negative without part-time workers). The Kiwi is outperforming amidst equity market gains and mostly risk-on trade as it regains 0.7300 status vs the Usd, but Usd/Jpy has pulled back from marginal 107.00+ highs post-NFP to around 106.50 on the land sale scandal involving PM Abe and Finance Minister Aso. Note also, tech resistance around the 21 DMA at 106.79 is capping the pair, but hefty option expiries at 107.00 run off this Thursday and could keep the headline afloat. Aud another relative gainer and firmer within a 0.7845-80 range as Australia negotiates a security deal with the US to avoid aluminium and steel tariffs. Usd/Chf is probing back below 0.9500, Eur/Usd is sitting in a tight band above 1.2300 and Cable is holding between 1.3850-80 ahead of Tuesday’s UK Budget. Back to option expiries, but for today there is 1 bn either side of 1.2300 in Eur/Usd at 1.2275 and 1.2330 and just over 300 mn in Nzd/Usd at 0.7300.  In commodities, oil prices pared back gains seen on Friday with WTI (-0.5%) and Brent (-0.6%) seen lower amid concerns of rising US output looming in the market despite a slowdown in rig drilling activity recorded at the back end of last week. In the metals complex, following the US steel and aluminium tariffs, Chinese iron ore future fell for a 3rd straight session hitting near four-month lows closing down 2.6%. The steelmaking raw materials are under pressure from softer demand and high product inventories held by trading companies. The WSJ reported that OPEC is reported to be divided regarding views on the right price of oil with Iran said to prefer USD 60/bbl, while Saudi Arabia would prefer prices to be at USD 70/bbl. There were also reports that Iran Oil Minister Zanganeh stated that OPEC could agree in June to begin relaxing oil output cuts for 2019. Looking at the day ahead, as is the norm post payrolls, it’s a quiet start to the week on Monday with the only data of note being the US monthly budget statement for February. Politics should remain at the forefront, however, with Germany's Chancellor Merkel expected to sign a coalition pact with the Social Democrats in Berlin and Italy's Democratic Party due to hold a leaders' meeting to replace Matteo Renzi. EU government officials will also kick off the four-day meeting to discuss  the EU's Brexit position. US Event Calendar 10:30am: U.S. to Sell USD45 Bln 6-Month Bills 10:30am: U.S. to Sell USD28 Bln 3-Year Notes 12pm: U.S. to Sell USD51 Bln 3-Month Bills 12pm: U.S. to Sell USD21 Bln 10-Year Notes Reopening 2pm: Monthly Budget Statement, est. $216.0b deficit, prior $192.0b deficit DB concludes the overnight wrap So, another week and another hotly anticipated US inflation print for markets to be wary of. In fact, it should be a fairly busy week ahead with plenty of US data despite it being a post payrolls week, bumper Treasury supply which should be a decent test for bond markets and of course unpredictable politics to keep everyone on their toes. Indeed, no doubt the uncertainty fuelled by steel and aluminium tariffs tit-for-tat could continue, while markets will also be waiting for potential further details about President Trump’s meeting with North Korea leader Kim Jong Un. One of the big question marks is where they’ll meet exactly and we can’t help but feel that we could see some sort of Olympics style pitch between nations to host this hotly anticipated event. On a more serious note the reaction to the proposed meeting has actually been fairly mixed. The optimistic view is that a summit between the US and North Korea could offer a genuine opportunity to reduce tensions on the Korean peninsula, particularly in light of the failures of past agreements. However there appears to be an equal amount of scepticism with some suggesting that it could be an opportunity for North Korea to secure sanctions relief and buy time on nuclear efforts. Only time will tell but it’s clearly a very significant moment for geopolitics globally. Over the weekend CIA Director Mike Pompeo confirmed that the US will be making no concessions to North Korea and that discussions, if they do indeed occur, “will play out over time”. Back to that big data release for this week, as of this morning the market consensus is for a +0.2% mom headline reading and +0.2% core reading for US CPI on Tuesday. Our US economists expect +0.1% mom and +0.2% mom respectively. The latter should hold at +1.8% yoy should we see that, and in fact our colleagues add that the annual growth rate of core CPI will mechanically rise by around 20bps in the March data release just from annualizing the -10% decline in wireless telephone services. Meanwhile, also due tomorrow is the Special Congressional election in Pennsylvania which shouldn’t be underestimated as it will likely be seen as a decent bellwether for the prospect of Republicans holding onto majorities in the House and Senate at the November midterms. So that should be interesting. On the same day we’ll have the UK Spring Statement although our rates team and economists aren’t expecting any big policy announcements. The market should instead be focused on the publication of the 2018-19 Gilt remit. You can see a preview of the Statement here. In terms of other snippets, Germany’s Merkel and the Social Democrats are expected to sign a coalition pact today, while Italy’s Democratic Party will also start the search for their new party leader. Brexit related newsflow should also continue with the European Council and European Commission expected to make a statement on Tuesday while the four-day EU ambassadors meeting kicks off today. All that to look forward to then. Over the weekend it’s actually been fairly quiet for newsflow with the most notable coming from China with the – as expected – announcement that the presidential term limit has been repealed, which in turn will allow President Xi Jingping to in theory hold onto power indefinitely. The other story worth noting is the latest BIS quarterly report which notes that China, Canada and Hong Kong are among those economies most at risk of a banking crisis, based on early warning indicators. The report also pointed towards the dangers of increased passive investing, particularly with regards to “encouraging aggregate leverage”. Elsewhere, on the big protectionist theme reverberating through markets at the moment, China’s trade minister Zhong noted “there are no winners in a trade war…China does not wish to fight a trade war, nor will China initiate one, but we…will resolutely defend the interests of our country”. In Germany, Economy Minister Zypries noted “Trump’s policies are putting the order of a free global economy at risk” and that Europe needs to avoid being divided by Trump’s offer to exempt some countries such as Canada, Mexico and Australia. So, with the likely highlight for markets this week being Tuesday’s CPI report, it of course follows the softer than expected average hourly earnings data from Friday’s employment report. In fairness, it only just missed consensus as  the unrounded +0.1498% mom compared to expectations for +0.2% mom however downward revisions to prior months meant the annual rate dropped to +2.6% yoy from +2.8% and back to the lowest since November. On the other hand, the other big takeaway from the report was the bumper payrolls number. The 313k print not only smashed expectations for 205k but was also the highest since July 2016. The two prior months were also revised higher by a cumulative 54k. Away from those usual headline grabbers’ one interesting aspect of the report, and which typically flies more under the radar, that our US economists pointed out was the increase in prime-age participation. Fed Chair Powell previously noted in his testimony that still low prime-age labour force participation is one remaining potential source of labour market slack. However, it was noticeable to see this climb four-tenths last month and to the highest since mid-2010. The bottom line is that this could still lend argument to the fact there is still some slack left in the labour market. All-in-all a bit of a double-edged sword sort of report then. Markets certainly appreciated the goldilocks nature of it with the S&P 500 rallying to a +1.74% gain by the close of play – and touching the highest level since February 1st -and 10y Treasuries climbing to 2.895% (+3.7bps). Fed Funds contracts are now implying odds of just under 25% for 4 rate hikes this year. We’ll of course find out in 9 days time at the next FOMC meeting if the data is enough to support an increase in the median dot to 4. Speaking of bond markets, it’s worth noting that the Treasury market is likely to face a bit of a supply test today as we’ll get both a 3y and 10y auction. As a reminder the last time that the market faced a 3y and 10y auction on the same day last year Treasuries sold off following weak demand in the latter auction. This morning risk assets are broadly higher in Asia following the positive US lead, with the Nikkei (+1.49%), Kospi (+0.99%), Hang Seng (+1.48%), ASX 200 (+0.55%) and China’s CSI 300 (+0.49%) all up as we type. Markets in Japan have pared back gains slightly following news that Finance Minister Taro Aso is supposedly coming under pressure to quit according to Bloomberg due to his involvement in a scandal related to the sale of public land to a school. Moving on. In terms of other markets on Friday. The Nasdaq rose +1.79% and to a fresh record high. European equities were broadly higher with the Stoxx 600 up for the fifth straight day (+0.43%) while the DAX was the laggard (-0.07%). Government bonds were weaker with core 10y bond yields up 2-3bp (Bunds & Gilts +1.9bp) while  peripherals slightly underperformed. In FX, the USD dollar index fell 0.10% while the Euro was marginally down and Sterling gained 0.28%. Finally, WTI oil was up for the first time in three days (+3.19% to $62.09/bbl) while precious metals gained slightly. Away from markets, three unnamed sources told Reuters that ECB staff put forward a scenario to policy makers at last week’s ECB meeting suggesting the bank will end QE this year after winding down for three months followed by a rate increase in the middle of next year. One source noted these are “assumptions…. (and they) don’t have policy relevance because they are not commitments”.  Notably, sources noted the hypothesis was met favourably by policy makers from the Euro area’s richer Northern countries, but less so by the Southern neighbours. On Friday we also heard from a couple of Fed speakers post the  employment report. The Fed’s Rosengren noted that “I expect that it will be appropriate to remove monetary policy accommodation at a regular but gradual pace – and perhaps a bit faster than the three (rate hikes) envisioned for this year”. He also added that as the labour market continues to tighten “….one would expect to see continued upward pressure on wages”. Elsewhere, the Fed’s Evans noted the payroll report was a “very strong number” and was “looking forward to strong wage growth”. On rates, he noted that he continues to be nervous about inflation running below the Fed’s 2% target and believes “…we have the ability to be cautious”. With regards to the other economic data on Friday. In the US, the unemployment rate was steady mom at its 17 year low and slightly higher than expected at 4.1% (vs. 4.0%). Elsewhere, the final reading for January wholesale  inventories was revised up 0.1ppt to 0.8%. Factoring in the above, the Atlanta Fed’s estimate of Q1 GDP growth was revised down 0.3ppts to 2.5% saar. In Europe, the January IP was broadly lower than expectations. In Germany, it was -0.1% mom (vs. +0.6% expected) weighted down by lower activity in the construction sector. Notably, annual growth is still solid at +5.5% yoy. France and the UK’s IP were both lower than expected at +1.2% yoy (vs. +3.8% expected) and +1.6% yoy (vs. +1.9% expected) respectively. Elsewhere, Germany’s January trade surplus was less than expected at €17.4bln (vs. €18.1bln) as exports weakened in the month, while the UK’s January trade deficit was -£3.1bln (vs. - £3.4bln expected). As is the norm post payrolls, it’s a quiet start to the week on Monday with the only data of note being the US monthly budget statement for February. Politics should remain at the forefront, however, with Germany's Chancellor Merkel expected to sign a coalition pact with the Social Democrats in Berlin and Italy's Democratic Party due to hold a leaders' meeting to replace Matteo Renzi. EU government officials will also kick off the four-day meeting to discuss  the EU's Brexit position.

11 июня 2015, 07:44

Россия и Ватикан устроили независимый обмен мнениями

Россия и Ватикан устроили независимый обмен мнениями Партия "Вперёд, Италия" хочет поставить в парламенте вопрос об отмене санкций против России. Такая политика наносит значительный ущерб Италии, заявил бывший премьер страны Сильвио Берлускони после короткой беседы с Владимиром Путиным. Будьте в курсе самых актуальных новостей! Подписывайтесь на офиц. канал Россия24: http://bit.ly/subscribeRussia24TV Вести недели с Д.Киселёвым - http://bit.ly/VestiNedeli2015 Вести в субботу - http://bit.ly/VestiSubbota2015 Большие вести в 20:00 - http://bit.ly/Vesti20-00-2015 Воскресный вечер с В.Соловьёвым: http://bit.ly/VoskresnyVecher Специальный корреспондент - http://bit.ly/SpecKor Последние новости - http://bit.ly/LastNews1 АвтоВести - http://bit.ly/AvtoVesti Интервью - http://bit.ly/InterviewPL Реплика - http://bit.ly/Replika2015 Авторские передачи Н.Михалкова - http://bit.ly/Besogon Россия и мир в цифрах - http://bit.ly/Grafiki Hi-Tech - http://bit.ly/Hi-TecH Вести.net - http://bit.ly/Vesti-net Наука - http://bit.ly/NaukaNovosti Документальные фильмы - http://bit.ly/DocumentalFilms Познавательные фильмы - http://bit.ly/EducationalFilm Россия и Ватикан устроили независимый обмен мнениями

11 июня 2015, 07:44

Россия и Ватикан устроили независимый обмен мнениями

Россия и Ватикан устроили независимый обмен мнениями Партия "Вперёд, Италия" хочет поставить в парламенте вопрос об отмене санкций против России. Такая политика наносит значительный ущерб Италии, заявил бывший премьер страны Сильвио Берлускони после короткой беседы с Владимиром Путиным. Будьте в курсе самых актуальных новостей! Подписывайтесь на офиц. канал Россия24: http://bit.ly/subscribeRussia24TV Вести недели с Д.Киселёвым - http://bit.ly/VestiNedeli2015 Вести в субботу - http://bit.ly/VestiSubbota2015 Большие вести в 20:00 - http://bit.ly/Vesti20-00-2015 Воскресный вечер с В.Соловьёвым: http://bit.ly/VoskresnyVecher Специальный корреспондент - http://bit.ly/SpecKor Последние новости - http://bit.ly/LastNews1 АвтоВести - http://bit.ly/AvtoVesti Интервью - http://bit.ly/InterviewPL Реплика - http://bit.ly/Replika2015 Авторские передачи Н.Михалкова - http://bit.ly/Besogon Россия и мир в цифрах - http://bit.ly/Grafiki Hi-Tech - http://bit.ly/Hi-TecH Вести.net - http://bit.ly/Vesti-net Наука - http://bit.ly/NaukaNovosti Документальные фильмы - http://bit.ly/DocumentalFilms Познавательные фильмы - http://bit.ly/EducationalFilm Россия и Ватикан устроили независимый обмен мнениями