Against the background of the forthcoming crisis and problems in the leading economies in the Euro area such as Germany and Italy, we find an unexpected example of a booming economy in the Iberian Peninsula – Portugal.
The presentation of the recently published ECB and EC reports was highly anticipated by Bulgarians, as the Bulgarian government’s intention is to officially sign up for the eurozone waiting room by the end of June.
Previous tax cuts released 1% of GDP worth value to taxpayers’ pockets, followed by ongoing red tape cuts and market deregulations. These moderately intensive reform trends have created a methodologically based contribution for slight increase of economic freedom.
Estonia could become the first country in the world with virtual currency, the Estcoin. The problem is that the country’s official currency is Euro and membership in the Eurozone does not allow having any other parallel cryptocurrency.
Back in 2012, Mario Draghi vowed to do “everything in his power” to save the euro. Four years later that promise seems fulfilled – both the recent moves by the ECB and the market reaction that followed suggest that we are reaching the limit of what monetary policy can achieve in the euro area.
Financial crisis with its accompanying factors, including the high rates of unemployment, tax increase and sever cuts in public services led to the increasing popularity of the radical left-wing parties in Greece and Spain, while not rendering the same result in Portugal.
Minister of Finance Andrej Babis suggests that adoption of the euro currency should depend more on a dialogue with citizens of the Czech Republic. Therefore, he would like to organize a referendum on adopting euro. And the referendum should be tentative.
The chairman of the Central Bank of Lithuania will become a member the Governing Council of the European Central Bank, which is responsible for monetary policy for the euro area. Thus, if Lithuania wants to properly represent it‘s interests, it has to join the debate concerning decisions of the ECB.
The government in Lithuania reports a specific euro introduction target date – 2015. National Euro Changeover Plan and Public Awareness and Communication Strategy are being prepared.
Central banks still don’t provide monetary opium, how long will the current illusions last without it? New taxes and economic growth. Milton Friedman would be 100 years old. Crisis is 5 years old. Last week we challenged the governor of the ECB Mario Draghi, who promised the moon to the markets, to stop talking and to show the money instead (Show Me the Money!). This week it turned out that there is no money to cover…