BBVA Research | For 2017, the economic cycle is expected to continue correcting the deterioration in Spain’s public accounts, but in a scenario without changes in fiscal policy, the shortfall would decline only to 3.6% of GDP, and would exceed the budgetary target set at 3.1%. Further adjustments will be required to ensure a durable correction.
A recent European Commission report on innovation indicators highlights that Spain is the third country, along with Lithuania, which has fallen behind the most in matters of innovation – after Romania and Hungary. Since the start of the crisis in 2008, Spain has lost an average of 0.8% annually in R&D output.
Julius Baer Research | | Marketplace companies active in the Sharing Economy such as Uber and AirBnB (both not listed) are combining social networks, Big Data analytics and mobile accessibility. Last week, the European Commission (EC) issued guidelines to harmonise the often wildly different treatment faced by businesses trying to shake up sectors ranging from accommodation to transport across the Eurozone.
ViEUws | In November 2014, Jean-Claude Juncker became leader of the EU’s most powerful body – the European Commission. Backed by a large majority of MEPs, the former Luxembourg Premier promised an “agenda of reform”.
BRUSSELS | By Alexandre Mato | The European Commission has finally launched its promised €315bn plan to revive the continents stagnating economy. With concerns abounding about creating more debt within Members States, Brussels has turned to financial engineering to fill the investment gap with a very modest €21bn. The aim of the Juncker plan is to ultimately produce 1.3 million new jobs over the next three years.
MADRID | The Corner | The European Commission said on Tuesday it had found no serious fault with eurozone member states’ 2015 budget plans, clearing France and Italy after they made last-minute changes to meet EU demands. The budget review covered all 18 eurozone countries, with the focus on struggling France and Italy after Brussels told them that their original plans fell well short of what was required to meet European Union norms.
ATHENS | Via Macropolis | Greece has decided to nominate current Defense Minister Dimitris Avramopoulos as its representative for the new European Commission after he proved to be the most appropriate compromise candidate. Avramopoulos’s nomination was confirmed on Sunday after Prime Minister Antonis Samaras spoke to one of the frontrunners for the job, ex-Foreign Minister Dora Bakoyannis to inform her that she would not get the nod.
MADRID | The Corner | President elected of the European Commission Jean-Claude Juncker will officially start his mandate on November 1. He describes himself as a “champion of the social market economy” –although he says it would only work with social dialogue, insists that he is not a federalist and calls for a “re-industrialisation of Europe.” What else should we know about him.
MADRID | By Ana Fuentes | Despite British PM David Cameron’s intense campaign against him, Jean-Claude Juncker was chosen as European Commission new president on Friday with 26 out of 28 heads of states’ votes. Candidate of the centre right European People’s party, the largest group in the parliament, and a veteran EU deal-broker, Luxembourg’s former PM vows for increasing the power of Brussels and reducing the voice of nation states. He’ll be officially appointed on July 16 with the strong opposition of the EU’s financial centre.
SANTANDER | By Ana Fuentes | European Commission President José Manuel Durao Barroso chose his last days in the job to dot the i’s and cross the t’s. Surprising many by his candor, he directly accused the Bank of Spain of making “important mistakes” supervising the financial sector. “It was not the EU nor Ms Merkel who originated the crisis,” he said.