The biggest policy decision of the year? The first U.S. interest rate rise may trump it whenever it comes and the Swiss National Bank has set the bar pretty high but an awful lot hangs on what the European Central Bank comes up with today.
The prospect of dramatic European Central Bank action – coupled with the deflationary threat posed by a plunge in the price of oil and the pain it inflicts on oil producing countries – is putting the financial system under growing stress.
Since few nations can go it alone militarily, alliances are now crucial for ensuring security. To mount a common defense, allies need weapon systems that can operate together. In military parlance, the ability to work with other systems and share data with them as if they were one system is known as “interoperability.”
Italian Prime Minister Matteo Renzi will spell out to the European Parliament his priorities for Italy’s six-month tenure of the EU presidency.
Emboldened by a strong showing in May’s EU elections, Renzi is pressing for a focus on growth rather than austerity and has even managed to get Germany to talk the talk.
Iraq is going up in flames and there appears to be no question of the West putting boots back on the ground in contrast to 2003 when the United States and Britain invaded to topple Saddam Hussein and set in train a decade of chaos that has now exploded again.
Euro zone inflation – due at 0900 GMT - is forecast to hold at a paltry 0.7 percent in May, in what European Central Bank President Mario Draghi has labelled the danger zone below 1.0 percent for the eighth successive month.