U.K. Chancellor of the Exchequer Philip Hammond laid out a somber framework for post-Brexit Britain, slashing the forecast for economic growth in 2017 and saying the government will need to borrow more over the next five years partly as a result of the vote to leave the European Union. Source Bloomberg
GEFIRA provides in-depth and comprehensive analysis of and valuable insight into current events that investors, financial planners and politicians need to know to anticipate the world of tomorrow; it is intended for professional and non-professional readers.
Yearly subscription: 10 issues for 225€
The Gefira bulletin is available in ENGLISH, GERMAN and SPANISH.
The European Stability Mechanism (ESM) — the euro zone’s bailout fund — should ultimately be turned into a European version of the International Monetary Fund, the head of euro zone finance ministers said on Monday in a German newspaper. Source: Ekathimerini
German Finance Minister Wolfgang Schäuble has said the European Banking Authority should be merged with the European insurance regulator, with the merged body to be located in Frankfurt. Source: Handelsblatt
Cash-strapped Greek firms have started paying employees in kind, mainly with supermarket coupons. Employees faced with the highest unemployment in the European Union are complaining but often have little recourse. Source Deutsche Welle