The European Parliament will come to a summer recess this week and the absence of MEPs who have taken their holidays early has not gone unnoticed. President of the European Commission Jean-Claude Juncker called the Parliament ridiculous when he spoke in front of barely 30 MEPs, which is normally full of 750 plus.
Whilst Parliament was quiet so has data for the EU, with only a few further releases expected to end the week. Markit Services Purchasing Managers Index will be released tomorrow which will provide insight into business confidence. There will also be retail sales figures which will essentially be the final data release for the week.
ECB Members speak
Two members of the European Central Bank Monetary Policy Committee spoke today revealing their latest thoughts into the Eurozone economic conditions. Chief Economist for the ECB Peter Praet emphasised the need for ultra-easy financial conditions. This essentially means the stimulus is not going to be reduced anytime soon and the interest rate is not going to be increased according to Praet.
The Eurozone has been going from strength to strength with economic data in the last few months. Indicating some of the main countries are demonstrating strong signs of industrial growth. However whilst the main economies are on the up, there Eurozone is not without its concerns.
There have been bank bailouts in Italy and one of Spain’s biggest banks was bought out for €1 in the last few weeks. Whilst another Greek bailout crisis isn’t thought to be imminent the positive news appears to be making more headlines than the negative.