EUR

UniCredit participated in the 2016 stress tests conducted by the European Banking (European Banking Authority – EBA), finishing fourth worst place among the 51 European banks for on a transitional basis the capital, and the sixth worst adverse scenario, surpassing however the exam.
The result has led the leadership to issue a statement reassuring on the next steps that will perform "to understand the extent to which credible management actions can offset part of the scenario adverse impact, to assess the impact of the results on forward looking capital plans UniCredit and its ability to meet the needs of their own funds and to determine whether additional measures or changes in the UniCredit capital plan are necessary".

The 85-year-old financier George Soros, interviewed by the Italian newspaper Corriere della Sera, has intervened in the debate on the situation of Italian banks: "I agree that Italy represents a question mark to the euro in this moment. In particular, it is for the weakness of its banking system. It is something that Matteo Renzi must find a way to solve. I believe there is the will, certainly on the part of Germany, to be cooperative. Germany supports the efforts of Italy and this is important to get to a solution. "

The ECB announced that, in the first half of 2016, it had withdrawn from circulation about 331,000 counterfeit euro banknotes, 25% less than in the second half of 2015. The data covers the entire Eurozone.
In relation to the increasing number of genuine banknotes in circulation (over 18.5 billion in the first half of 2016), the proportion of counterfeits remains at very low levels. About 80% of counterfeits concerned the 20-euro and 50-euro banknotes.

Today the ECB board should not disclose specific news. Analysts do not expect it new monetary stimulus, especially after not even the Bank of England cut rates, postponing the loosening of its monetary policy probably in August. The press conference of the Governor Mario Draghi will be important, however, because his words will express the intentions for September, when it is expected the strengthening of the apparatus of stimulus already being implemented.

For the Germans, the old love, D-mark, you never forget. In a note, the Bundesbank announced that, although 14 years have passed since the introduction of the single currency, 12.8 billion D-marks (6.53 billion euro) are still in the homes of the population in the form of banknotes and coins.

Hot Ecofin meeting for the Italian Finance Minister Padoan, who wanted to intervene in defense of the Italian system: "There is a perception of the Italian banking system that is totally distorted in terms of numbers, of suffering, of what you need to capitalize", and "the fact that someone says that is generated as high risk is totally unfounded."

Ireland is definitely a new phase of economic development: according to data provided by the Central Bureau of Statistics of Dublin, the country has grown in 2015 to an astonishing percentage of 26.3%. The increase in GDP was revised from + 7.8% as previously reported, which had already been considered as far better than the results recorded in Europe and the West even more than an economic power like China.

Philipp Hildebrand, vice president of the American asset manager Blackrock and former president of the Swiss National Bank, is afraid that Brexit is the prelude of a "catastrophe" in European financial markets.

"Nine years after the financial crisis now is coming the second wave," Hildebrand said in an interview with "Süddeutsche Zeitung". To worsen the scenario is the fact that Europe, at this time, has not healed their own banking system and "it was a big mistake." An unforeseeable event such as voting and unwanted output from Britain by the EU, leading financial markets to question the actual stability of European banks.