Blog posts tagged by tag: European Union
On 26 October, President of Catalonia Carles Puigdemont put the decision of independence in the hands of the region's parliament. The move almost guarantees that the Spansh Senate will decide on 27 October to approve measures that will allow Spain to take complete control over the semi-autonomous region's government, as Spanish Prime Minister Mariano Rajoy's conservative party holds a majority. How this all affects the economy of both the region and the country as a whole is uncertain, however, cracks have begun to show recently as the Spain-Catalonia situation has escalated.
Avindar Mohamad was 18 years old when he was forced to flee with his family from his hometown of Aleppo after the Syrian civil war broke out in 2011. Until then, he had led a relatively comfortable life: His father worked as a baker, and his mother had a job at a large pharmaceutical company. When the conflict started, his father flew ahead to Denmark, while Avindar sought refuge in neighboring Lebanon along with his mother and two sisters. It was only several months later that the family finally found itself together again, this time on Danish soil, under Denmark’s family reunification program.
In recent years, the number of people like Avindar seeking asylum in the European Union has skyrocketed, from around 200,000 in 2006 to around 1.3 million in both 2015 and 2016 according to Eurostat figures. The continent has witnessed one of the largest forced migrations since World War II, as civil war in Syria and Iraq and instability in Afghanistan have led to a wave of refugees moving westwards in search of safety. Unlike Avindar and his family, many have been forced to make the journey on foot. The potential effect of this surge in refugees on the economies of European countries is still very much up in the air, with a multitude of factors at work.
Over the last year and change, the economic outlook for the Eurozone has improved dramatically while in that same time the UK economic outlook has left much to be desired. A little over a year ago, Brexit campaigners proclaimed that if the UK did not leave the European Union it would be "shackled to a corpse." A year on from the Brexit-vote and that looks far from the truth as the health of the Eurozone economy looks better than it has in some time.
Recently released economic forecasts from the European Commission project the UK economy growing the slowest of almost any EU country in 2019 when the country is set to leave the bloc. Read our latest economic outlooks for the UK and the Eurozone below to find out what we project.
One of the original PIGS, the Spanish economy continues to silence its critics, growing quarter after quarter. And in what is starting to become familiar territory for the Southern European country, the economy started 2017 off with a bang, dispelling fears of an abrupt slowdown in economic activity that some had expected due to the fading of several tailwinds.
”If I cannot have you the way I want you, I do not want you at all” Dr. Feelgood
Brexit has been launched. Mainstream consensus is going through the typical phases of anger (“this cannot be”), shock (“only uneducated, old, and fascists have voted exit”), denial (“it will be stopped by parliament or the commons”) and now we approach, slowly, to the phase of acceptance.
And there it is: Article 50.
*Guest blog post from El Blog Salmón
60 years ago the seed of the European Union was sown, these are the economic milestones that have taken place since…
Dutch Prime Minister Mark Rutte’s liberal VVD party has won again despite losing seats, keeping the far right in a largely ineffectual position. The Netherlands is one of Europe’s best performing economies, which surely helped see reason ultimately triumph over populism after a campaign dominated by much political noise from Geert Wilders’ anti-immigration party. And yet voters still punished the outgoing coalition heavily. Rutte’s party lost about a quarter of its support and its traditional coalition partner all but collapsed, with the Green-Left party making substantial gains to emerge as an unexpected victor of the night and a potential kingmaker in coalition negotiations. On the face of it the Dutch economy is doing remarkably well, yet voters were clearly not entirely happy with the political status quo. While the Liberals do battle behind the scenes to form a working majority in the fragmented Dutch parliament, we take a look at the economic situation that the new government will inherit.
After a year characterized by Brexit, a migrant crisis, populist movements and the election of Donald Trump, uncertainty in the European Union economy is high. While economic data has remained resilient thus far, politics will likely stay in the spotlight this year and threaten confidence as a number of high profile economies hold elections, including France, Germany, The Netherlands and Italy. In a context of waning support for the status quo and recent election polls failing to predict results, Senior Economist Angela Bouzanis takes a look at the upcoming votes we are keeping an eye on and why.
Italy's and Prime Minister Matteo Renzi’s constitutional referendum was met with a resounding ‘no’ on Sunday.
The referendum was aimed at greatly simplifying the currently cumbersome relationship between the two chambers of Italian parliament to ultimately create a more efficient decision-making system and boost competitiveness. However, Beppe Grillo and his populist anti-EU Five Star Movement, was critical in delivering the ‘no’ vote, which highlights the continent’s rising tide of populism.
The outcome of the referendum marked the beginning of a very important year for the European Union and could, in the very worst case scenario, lead to the demise of the common currency bloc.
The European Union is facing an unprecedented amount of uncertainty. Brexit, a migrant crisis, elevated security concerns, a slowdown in China and unpredictable elections in the United States are all threatening the Union’s economic and political outlook. On top of this, members within the Union are facing a jam-packed election cycle. In a context of waning support for the status quo, this could lead to shifts in the balance of power. Senior Economist Angela Bouzanis takes a look at the upcoming votes we are keeping an eye on and why.
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