Week of July 24thPosted: July 24, 2010
For your pleasure and information, here is a summary of the European news this week:
The big thing of the week, is, again, economy:
- First, at the beginning of the week, the rating agency Moody’s, downgraded the Irish debt by a notch [*,*,*] following uncertainty on growth in Ireland which had dramatically slowed down. This news didn’t triggered panic – or other visible effects – on the markets.
- The private sector in the eurozone shows a strong growth; industrial production gained almost 1% in a month [*,*,*]
- For most of the week, the results of the bank Stress Tests have been expected. Those tests aim to show the solidity of the European banks in the event of an hypothetical financial crisis. The Euro was also in uncertainties this week, leaded by questions on the nature, accuracy and toughness of the tests [*].Finally, 7 out of 91 banks fail the test[*,*,*,*]. Those results are in agreement with what the markets were expecting and therefore are fairly well received, but don’t renew any enthusiasm toward the euro. Moreover, the raw data of the test are to be made available to allow anyone who wants to check the results by themselves to do so.
- The euro had a bumpy week, but got back Friday at its Monday level ($1.29) and don’t seems to be ready to pass above $1.30. [*]
In the domain of sciences, the commission announced an increase by 12% of the budget for scientific research, in order to create science jobs and boost the research for green energies.[*] The experimental reactor ITER will have to fill its budget gap by using cash left of other programs, there won’t be new funds for the project[*].
Let’s remind that the European Parliament is in summer recess, which reduce the Euro news by as much – and leave some rest to the eurobloggers who can devote themselves to themselves work on a makeover to the Euroblog world (see this post with all the links)
On this blog in particular, and to continue my addiction habit of giving the latest €/$ exchange rate on twitter, I open a new page EuroWatch that will give regularly the value of the Euro and the different news and economic events that influence the trend
Finally, as I give you the summary of the past week, euroblogelin.eu give you, at the beginning of the week, the agenda of the euroblogs for the days to come.