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The EU and U.K. reached a new Brexit deal that will let Britain depart on orderly terms, European Commission President Jean-Claude Juncker and U.K. Prime Minister Boris Johnson said Thursday.
Word of an agreement came as EU leaders were en route to Brussels for a crucial European Council summit. Negotiators have worked intensively in recent days hoping to clinch a new divorce decree before Thursday’s summit, and it seemed they had met that deadline just under the wire.
Once the text of the deal is agreed by EU27 leaders, it must then be ratified by both the U.K. and European parliaments. (Politico – Continue Reading)
In the trendy Malasaña neighborhood of Madrid, Ramon G. del Pomar’s rent tripled to 3,500 euros ($3,900) per month when his contract came up for renewal. It was the kind of bumper increase that’s become a scourge of up-and-coming areas across Spain in recent years -- all while official inflation averages about 1%.
“When I hear 1%, I laugh,” the 69-year-old Del Pomar said in an interview. “The figure must be false, because many, many people now pay more than half their income just for an apartment.” The apparent disconnect between official statistics and real-world costs hints at a problem at the heart of European monetary policy.
Despite the best efforts of the central bank and quantitative easing totaling 2.6 trillion euros, inflation remains stubbornly low. If the experiences of people like Del Pomar are anything to go by, gauges of consumer price growth could be undershooting because they’re missing important inputs -- meaning European Central Bank policy is calibrated incorrectly. (Bloomberg - Continue Reading)
President Donald Trump has touted a preliminary agreement with China as a “massive” deal, but even some of his staunchest supporters aren’t hiding their skepticism.
“You shouldn’t be thrilled,” said Michael Pillsbury, a senior fellow at the Hudson Institute and outside adviser to Trump. “The tactic here is to postpone the harder issues until phase two, but phase one isn’t even locked up yet and it could explode in our faces.”
Pillsbury was responding to a skeptical Lou Dobbs, a Fox Business host who routinely provides Trump affirmation on his trade strategy. (Politico - Continue Reading)
Chinese telecoms manufacturer Huawei Technologies sought on Wednesday to assuage European concerns that it is a cyber security risk, saying it wants to help make the continent a world leader in next generation mobile networks.
“We have to find a ‘European way.’ So let’s do it together,” said Abraham Liu, Huawei’s representative to the European Union told a debate organised by four main political groups of the European Parliament on Wednesday.
Two outspoken skeptics of the European Central Bank’s stimulus policy on Wednesday demanded a radical rethink of the ECB’s strategy under incoming President Christine Lagarde.
The central bank governors of Austria, Robert Holzmannn, and the Netherlands, Klaas Knot, questioned the ECB’s revered inflation target of just under 2%, which has proven elusive for nearly a decade despite an ultra-easy policy under President Mario Draghi.
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