NAPLES Italy (Reuters) – The European Central Bank will present details on Thursday of a new asset-buying plan with which it hopes to revive the flagging euro zone economy and see off the specter of deflation.
The ECB plans to buy asset-backed securities (ABS) – packages of reparcelled loans – with a view to spurring the market for such credit and supporting lending to the small- and mid-sized firms that form the backbone of the euro zone economy.
ROME, Sept 26 (Reuters) – Recent disruptions to economic
data releases by Italy’s official statistics bureau ISTAT are
the latest symptom of tough budget constraints of Matteo Renzi’s
government and the urgent need for reform of the labour market.
ISTAT workers occupied the press room of the institute three
times this week, preventing the normal briefings and causing
delays to the publication of data including gross domestic
product, retail sales and business confidence.
ROME, Sept 24 (Reuters) – Employment agency Adecco’s
profitability target for next year requires a pick-up
in European economic growth, the company said after reporting
disappointing trading in key markets.
Companies such as Adecco and Dutch rival Randstad
are viewed as barometers of economic health, given that
businesses tend to hire temporary workers at the start of a
recovery before it gathers sufficient momentum to prompt them to
take on more full-time staff.
ROME, Sept 18 (Reuters) – Italy’s economy will shrink in
2014 for a third year running, while the public debt will
continue to rise, the International Monetary Fund said on
Thursday, calling on Matteo Renzi’s government to follow through
on promised reforms.
Gross domestic product will fall this year by 0.1 percent
following declines of 1.9 percent in 2013 and 2.4 percent in
2012, the IMF said, cutting its previous forecast for growth of
0.3 percent, made at the end of July.
ROME (Reuters) – When Italy’s center-left Prime Minister Matteo Renzi took power in February by ousting his predecessor Enrico Letta in an internal party coup, he was expecting to benefit from a strengthening economic recovery.
After dismal data in recent weeks, that assumption now looks badly wrong and on Monday the Organisation for Economic Cooperation and Development forecast the economy would shrink for the third consecutive year and stagnate in 2015 as well.
MILAN (Reuters) – Spain called on Saturday for the euro zone to find a common stance on whether to provide guarantees for the European Central Bank’s debt-buying program after governments dragged their feet and the ECB said the program risked being less effective.
As part of efforts to spur lending in the euro zone and revive its stagnating economy, the ECB has pledged to buy senior tranches of repackaged debt issues, or asset-backed securities (ABS).
MILAN Italy (Reuters) – European Central Bank President Mario Draghi promised on Friday that the ECB’s planned asset purchase program would be “big” but stressed that only structural reforms by governments could revive the moribund euro zone economy.
The ECB has committed to buy asset-backed securities (ABS)and covered bonds as well as offering more cheap loans to banks targeted at boosting lending to companies.
ROME, Sept 9 (Reuters) – Italian Prime Minister Matteo Renzi
said on Tuesday that the country’s economic growth would be
about “zero” this year, a sign the euro zone’s third-biggest
economy is struggling to climb out of its third recession in six
Renzi’s forecast is far lower than the government’s
previous prediction for a 0.8 percent increase. Renzi also
signalled that Spending Review Commissioner Carlo Cottarelli
would likely be leaving his post soon.
ROME, Aug 31 (Reuters) – Federica Mogherini must show she
has the experience and clout to succeed as the European Union’s
new foreign policy chief, just as her predecessor had to
overcome a reputation as a diplomatic lightweight.
The 41-year-old career politician, who became Italian
foreign minister only in February, has been seen throughout her
career as a politician who prefers to skirt controversy rather
than take tough policy stands.
ROME, Aug 29 (Reuters) – Prime Minister Matteo Renzi on
Friday presented a plan to quicken the pace of Italian justice
and break down bureaucratic obstacles to investment as fresh
data pointed to a further deterioration in Italy’s recession
The 39-year-old prime minister, due to attend a European
Union summit in Brussels on Saturday, needs to restore
international confidence in Italy and show he can make good on
repeated pledges to revive growth and turn ambitious reform
promises into concrete results.