Latest news with #Eurozone
BBC News
an hour ago
- Business
- BBC News
French PM looks to scrap two public holidays in bold bid to cut national debt
France's Prime Minister François Bayrou has proposed cutting two public holidays as part of a 2026 budget proposal to slash overall spending while also increasing defence suggested axing Easter Monday and 8 May, a day that commemorates the Allied victory at the end of World War Two in Europe. He said the various bank holidays had turned the month of May into a gruyère - a Swiss cheese full of holes - although he added he was open to other suggestions. Bayrou runs the risk of having his budget voted down in parliament in the autumn, which could eventually cause his government to collapse. But on Tuesday he stressed that France - the eurozone's second economy - was "in mortal danger" of being crushed by debt. Standing in front of a lectern emblazoned with the words "The moment of truth", Bayrou spoke for over an hour outlining a series of daring measures that he said should bring the annual budget deficit under include a freeze on public spending for next year, ending tax breaks for the wealthy and a reduction in the number of civil budget also needs to factor in President Emmanuel Macron's call for France's defence spending to rise by €3.5bn (£3bn) next year and then by a further €3bn in the proposal to cut the two May public holidays was the most eyecatching suggestion. It made headlines immediately - and drew condemnation from several sides. The far-right National Rally (RN) party immediately damned it as an attack on French history and on French workers, while Green party leader Marine Tondelier lamented that the day that commemorated victory against Nazism would no longer be a by reporters after his speech, Bayrou said his proposal was "basic arithmetic". "If we want to stay on course, we need to find more than €40bn," Bayrou argued, referring to the €43.8bn France needs to slash from its budget to rein in debt, which he said grows by €5,000 every second. The French government aims to bring the deficit down from 5.8% last year to below 4.6% next year and to under 3% by 2029, Bayrou said. The embattled centrist prime minister has only been in the job since December, following on from the short-lived premiership of Michel Barnier. Barnier's government used executive powers to push his own bill that sought to rein in France's deficit through an even harsher budget than Bayrou's. The move proved unacceptable to the National Rally and left-wing parties, which all voted against Barnier, causing the government to collapse through a no-confidence vote for the first time since same factions are now threatening to do it again when Bayrou's budget is put to a vote in the autumn. Jean-Luc Mélenchon of the radical left France Unbowed (LFI) said that the PM had to be ousted, while RN leader Marine Le Pen accused Bayrou of preferring to "attack the French, workers and pensioners, instead of slashing wastage", and vowed to bring him down "if he doesn't revise his plans".But Bayrou said his government "wanted to change things" to restore public finances and would do so "despite the risk" of a no-confidence last summer's surprise snap election the French parliament has been deeply divided into three blocs that have resisted working together. Another election may well result in a similar Bayrou's government collapses President Macron will have to choose a successor or appoint an unelected technocrat government - neither of which would be palatable to MPs. His own popularity is under 25% and there has been a clamour for him to step down sooner than the end of his second term in 2027 - something he has consistently resisted.
Finextra
2 hours ago
- Business
- Finextra
Euroclear unveils plan for post-trade infrastructure connecting all 27 EU markets
Euroclear today unveils a comprehensive plan to establish a true single market for post-trade services across asset classes. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. This initiative, aimed at enhancing the efficiency and effectiveness of European market infrastructure, will support the Savings and Investments Union's (SIU) ambitions and ensure Europe remains the 'go-to place' for investors and issuers globally. Euroclear's ambitious project will bring a number of significant benefits, including providing seamless connectivity across the single market, encouraging healthy market competition, promoting financial stability, and fostering innovation and accelerated technology adoption. To do so, Euroclear builds on the know-how, scale and global connectivity of its unique model: combining the leading international Central Securities Depository (Euroclear Bank) with its six local CSDs in Europe. This open-model positions Euroclear as Europe's gateway to the world - enabling it to connect global markets, drive innovation and unlock further efficiency. Euroclear commits to provide a single point of access to all 27 Member States across all financial asset classes – equities, fixed income and all types of funds, by: • Offering both central bank money and commercial bank money access to all EU CSDs by accelerating the full connection of Euroclear Bank to the European Central Bank's Target2-Securities (T2S) platform. • Delivering more efficient and integrated services through enhanced synergies between Euroclear's local CSDs as well as with Euroclear Bank. This action plan will see Euroclear continue to invest in infrastructure and services that contribute to a more efficient single market: • Providing a pan-European infrastructure for issuers seeking access to a broad investor ecosystem, deep liquidity and cost-effective issuer services. • Enhancing post-trade infrastructure to channel retail and institutional investment towards equities, mutual and alternative fund products. • Building on our leading collateral management solutions to enhance liquidity and stability in global financial markets. • Working with central banks and market participants on the development of next-generation digital infrastructure. To implement this action plan, Euroclear's focus will be to complete Euroclear Bank's commercial bank money access to all 27 EU Member States by 2026. In parallel, we will accelerate Euroclear Bank's connection to T2S to offer Central Bank Money access thereafter. Valérie Urbain, Euroclear's CEO, commented: "The key to more liquid and effective capital markets in Europe is through driving market openness, interconnectivity and maximising choice for users. Only under these conditions can European markets truly thrive and remain competitive at a global level. Today, we are committed to making Euroclear the single-entry point for all asset classes including funds, fixed income and equities across the 27 Member States." Euroclear has been actively contributing to the financing of the European economy and integration of European markets over decades. Today, as the largest CSD group in Europe, Euroclear holds over 50% of all securities issued in the EU and represents over 60% of EU settlement turnover. To support these efforts, Euroclear has outlined several policy priorities and recommendations [ for European policymakers and market participants. These include enabling FMI group integration and regulatory simplification, strengthening open access and competition, fostering legal and regulatory convergence, optimizing settlement and asset servicing, scaling digital assets and DLT infrastructures, and enhancing supervisory consistency.
Zawya
6 hours ago
- Business
- Zawya
OPEC says world economy may do better in second half of year
OPEC said the global economy may perform better than expected in the second half of the year despite trade conflicts and that refineries' crude intake would remain elevated to meet the uptick in summer travel, helping to support the demand outlook. In a monthly report on Tuesday, the Organization of the Petroleum Exporting Countries left its forecasts for global oil demand growth unchanged in 2025 and 2026 after reductions in April, saying the economic outlook was robust. "India, China, and Brazil are outperforming expectations so far, while the United States and the Eurozone are experiencing a continued rebound from last year," OPEC said in the report. "With this, the second-half 2025 economic growth may turn out better than currently expected." The OPEC+ producer group, comprising the 12 OPEC members plus allies including Russia, is pumping more barrels to regain market share after years of cuts to support the market. The report also showed that in June, OPEC+ pumped 41.56 million bpd, up 349,000 bpd from May. This is slightly less than the 411,000 bpd hike called for by the group's increase in its June quotas. ( Editing by Kirsten Donovan)
Arab News
7 hours ago
- Business
- Arab News
OPEC says world economy may do better in second half of year
LONDON: OPEC said the global economy may perform better than expected in the second half of the year despite trade conflicts and that refineries' crude intake would remain elevated to meet the uptick in summer travel, helping to support the demand outlook. In a monthly report on Tuesday, OPEC left its forecasts for global oil demand growth unchanged in 2025 and 2026 after reductions in April, saying the economic outlook was robust. 'India, China, and Brazil are outperforming expectations so far, while the United States and the Eurozone are experiencing a continued rebound from last year,' OPEC said in the report. 'With this, the second-half 2025 economic growth may turn out better than currently expected.' The OPEC+ producer group, comprising the 12 OPEC members plus allies including Russia, is pumping more barrels to regain market share after years of cuts to support the market. The report also showed that in June, OPEC+ pumped 41.56 million bpd, up 349,000 bpd from May. This is slightly less than the 411,000 bpd hike called for by the group's increase in its June quotas.
Yahoo
7 hours ago
- Business
- Yahoo
OPEC says world economy may do better in second half of year
LONDON (Reuters) -OPEC said the global economy may perform better than expected in the second half of the year despite trade conflicts and that refineries' crude intake would remain elevated to meet the uptick in summer travel, helping to support the demand outlook. In a monthly report on Tuesday, the Organization of the Petroleum Exporting Countries left its forecasts for global oil demand growth unchanged in 2025 and 2026 after reductions in April, saying the economic outlook was robust. "India, China, and Brazil are outperforming expectations so far, while the United States and the Eurozone are experiencing a continued rebound from last year," OPEC said in the report. "With this, the second-half 2025 economic growth may turn out better than currently expected." The OPEC+ producer group, comprising the 12 OPEC members plus allies including Russia, is pumping more barrels to regain market share after years of cuts to support the market. The report also showed that in June, OPEC+ pumped 41.56 million bpd, up 349,000 bpd from May. This is slightly less than the 411,000 bpd hike called for by the group's increase in its June quotas.
