EUR

Italian Economy Minister Pier Carlo Padoan defends the government estimates the country’s economy. And in testimony before the House Budget Committee, it stressed that the "recovery will increase and with it employment. The public finances improved, the tax burden falls" through "a strict fiscal policy and expansionary measures and structural reforms" that continue despite the worsening of the international and geopolitical "framework" of which our forecasts take into account. "

The minister recalled that "in 2015 after three consecutive years of contraction, the Italian economy returned to growth in 2016 and the recovery will continue and be strengthened. In the first quarter of the growth appears to have regained momentum."

Christine Lagarde, via Twitter, responded publicly to the applications received. At the end of the IMF and World Bank work, the general manager of the Fund is entrusted to the popular social network to explain the IMF recipes. On the possibility that Britain bait by the European Union, Lagarde reiterated that creates ” uncertainty ”: ” We have already revised down its UK growth forecasts, there is already uncertainty ” and there will also after the pending referendum for the definition of relations between Great Britain and Europe. An uncertainty which has a ” impact ” on the economy but also on the European English, dealing with the political crisis and social refugees. ” It ‘a global humanitarian issue that, if not managed well, can worsen. If managed well can lead ” economic benefits declared the number one of the IMF. ” In Europe need more cooperation, serves a real banking union ”.

Finance ministers of the European Union will discuss next week put limits on exposure that banks have to sovereign debt, according to an EU document.

The EU countries have debated for months whether they review the status enjoyed by public debt used to finance the states, but during the financial crisis of the eurozone joined a "vicious circle" of dependence between states and banks. Sovereign bonds are considered risk-free and are exempt from the limits that banks have over other types of corporate or personal debt. EU countries have been cautious about their treatment for fear of affecting markets and financial stability of the institutions.

he EU finance ministers will discuss in the summit next week five different options to reduce the exposure of banks to sovereign debt.

According to Reuters from official EU sources, noting that on the table there will be cases such as the imposition of ceilings or financial disincentives to the holding of government bonds, currently considered as risk-free asset and therefore exempt from such imposed limits on debt of companies or families.

One option is to limit the exposure of banks to a single sovereign issuer, said one of the sources. Another is to introduce a weighting nothing for the risk on the sovereign, but also on the table the proposal to impose a combination of the two elements.

They could come as early as next week in parliament two bills, one on the much-discussed reform on pensions and the other on the income tax, as called for by the creditors ( European Union , International Monetary Fund , European Central Bank , the European Stability Mechanism ). Question of unpopular measures which it was feared could be applied in Greece and resulting in clashes and turned strong controversy in recent months .

After announcing the postponement until after the spring meeting of the International Monetary Fund ( IMF), the negotiations with international creditors on the revision of the bailout , the Greek Finance Minister , Euclid Tsakalotos states that the agreement is close.

– Gold’s bullish momentum faded ahead of key resistance at 1253. The metal is pushing slightly higher. Hourly supports lies at 1211 (26/02/2016 low). Daily resistance can be found at 1263 (11/02/2016 high).
– In the long-term, the technical structure suggests that there is a growing upside momentum. A break of 1392 (17/03/2014) is necessary ton confirm it, A major support can be found at 1045 (05/02/2010 low).

Money markets will be focused not only on the ECB’s decision in March on the depo rate but also on any suggestion of further actions later in the year, given the current expectation of a cumulative 25-30bp cuts by year-end.

European markets maintained early gains yestarday afternoon trading after ECB President Mario Draghi talked up the prospect of Euro under pressure on rumors of further ECB stimulus amidst talk that the […]