Europe

Commerzbank expects first quarter results are worse than those of the last part of 2015, in light of the low interest rates and the volatility of the market at the beginning of the year. It was the AD Marting Blessing to declare the annual meeting of the bank’s shareholders. "This will have an effect on the entire year. It will be clearly more difficult to achieve the results achieved in 2015".

The Blessing sentences prompted the title in the negative to the Frankfurt Stock Exchange. At around 11.10 Commerzabank yields 2.74% to 8.23 euro, while the price yields 0.4%

Google is abusing its dominant position. The EU Commission for Competition, Margrethe Vestager does not mince words and points the finger at the American giant: "A year ago – he says – we announced the opening of an investigation on Google and Android, today we can say that its practices they are contrary to European law in terms of free competition ". In fact for Brussels on Google behavior denies consumers a wide selection of apps and services and prevents innovation of the other competitors, in violation of EU rules.

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."

It improves beyond expectations the confidence of analysts and investors in Germany in April, despite persistent concerns about the consequences of the weakening of growth in China and other emerging countries in particular, German exports.

The ZEW economic expectations index rose to 11.2 points in a decisive manner, a leap considering that departed from 4.3 in April. Expectations, elaborated in a Reuters poll, showed a more modest increase, at an altitude of 8.0.

Severe judgment by the European Court of Auditors concerning the work of the EU Commission: lack of rigor and consistency in the practical application of the excessive deficit procedure, in particular as regards the monitoring of structural reforms, focusing more on the legal aspects than on ‘ effective implementation of reforms.

The reference is to the EDF procedure (excessive deficit procedure) governing compliance with the rules on deficits and debt of EU countries.

Governed by Article 126 of the Stability Pact, the procedure provides for the satisfaction of a dual criteria – deficit and debt of EU countries must not be greater than 3% and 60% of gross domestic product. Otherwise, the ‘corrective arm’ of the fixed repayment terms precise procedure for the correction of the public finances.

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 ”.

The UK national income could lose 6% by 2030 if the UK really leave the EU in a referendum on Brexit of 23 June. In late hours Ministry of the Treasury’ s report of 200 pages, anticipated by the media and already contesato by Eurosceptics, has released the alarm. The traces the relationship of Britain shock scenario, hit in its vital business interests and impoverished its people for decades, once consumed the hypothetical divorce from Brussels.

The growth of the German GDP has proceeded at a fast pace in the first three months of the year, thanks mainly to the positive trend in domestic demand which offset the weakness of exports. For the next quarter, which ends in late June to see economic expansion slowing.

This was stated by the Bundesbank in the April newsletter, explaining that the German economy has benefited in the first quarter from the good weather conditions that favored the construction industry, while consumption benefited from the favorable situation on the labor market and low inflation . The contribution from exports was however not very high.