The trade deficit increased by more than expected and the details aren’t pretty either with exports falling by 4.9% m/m while imports declined by 0.6% m/m in June. If anything, it highlights sluggish trade conditions in the euro area. Source: Forexlive
Brussels will call for new environmental taxes and corporate levies as it looks for innovative ways to finance €500bn in debt as part of its post-coronavirus recovery plan.
Ursula von der Leyen, the European Commission president, will unveil proposals this week for the EU to backstop shattered national economies by Brussels borrowing on the capital markets at low rates and then passing the money on. Source The Financial Times
Four EU countries have teamed up, rejecting Macron and Merkel’s persistent lobbying for a €500 billion rescue fund. Instead, they have their own scheme on how to save Europe from economic fallout amid the pandemic. Source Deutsche Welle
The more than a century old car rental firm Hertz Global Holdings Inc (HTZ.N) filed for bankruptcy protection on Friday after its business was decimated during the coronavirus pandemic and talks with creditors failed to result in much needed relief. Source Reuters
