This week's view from Europe, courtesy of Edith Rigler :
Michel Barnier advocates EU banking union - Business Week, 29 May 2012
The EU Commissioner for the Internal Market said the EU should seek to create a “banking union” in which lenders face tough, common rules allowing them to be wound down without recourse to taxpayer bailouts. Barnier’s proposals would apply across the EU’s 27 Member States, and must be agreed on by governments and by the European Parliament before they can enter into force.
Inflation down across eurozone and the EU - Eurostat, April 2012
Eurostat´s April numbers show that euro zone annual inflation is down to 2.6% and across the EU down to 2.7% . A year earlier the EU rate was 3.3%. The UK´s annual inflation rate is 3.2%. Eurostat is the statistical office of the European Union.
Commission launches 'Your First EURES job' project to help young people find jobs - European Commission , 21 May 2012
More than 5.5 million young Europeans are currently looking for a job. A pilot project to help young people find a job in another EU country has been launched by the Commission. In its initial phase it will aim to improve cross-border mobility for 5,000 people. It will also serve as a testing ground for transforming EURES - the network of Member States' employment services – towards a pan-European employment service.
Harsh criticism of Deutsche Bank for its alarming investments - Bankmagazin, 31 May 2012
As Joe Ackermann leaves Deutsche, the bank has come under heavy criticism for financing and investing in arms and ammunitions deals. The bank is reported to have excellent relationships to the top 5 ammunition producers in the world, for a total of at least 3 billion euro.
No credit squeeze for German medium-sized businesses, despite the euro crisis - Kreditanstalt fuer Wiederaufbau, 31 May 2012
A survey by KfW in Germany reports that medium-sized businesses have access to financing without difficulty. The situation is as positive as it was before the crisis in 2007. Partly businesses have increased equity and are thus more attractive to banks. Partly banks themselves have been supported by the European Central Bank and can thus provide credit.
Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...
