Daily digest: Polands economy growing faster than expected

Posted on | August 31, 2011 | No Comments

Poland was the only country of the 27 EU countries to avoid recession two years ago, and yesterday they could announce GDP growth on 4,3 % in the second quarter. Bloomberg had on beforehand surveyed 30 economist who guessed 4,2 % growth in an estimated forecast. Poland is now fifth-fastest growing economy in the European Union.

Spain has started a parliamentary procedure to enshrine in its constitution a “golden rule” to ensure budgetary stability. The “golden rule” is designed to set limits to public spending, and was approved by a huge majority in the Spanish parliament. There will be a second debate in the parliament the 2. September before proposals will be sent to a vote in the Senate on the 7. September. Both Berlin and France has discussed to start an alike procedure.

Billionaire investor Wilbur Ross predict Ireland to become the first European nation to recover from the debt-crisis. “Ireland will be the first of the euro countries to recover because they really bit the bullet,” he is quoted. Willbur Ross has just joined four other investors in buying 34,9 % stake in Bank of Ireland Pic.

The euro is strong despite this is the gravest economic crisis for several decades, European Central Bank president Jean-Claude Trichet determine. “It is the gravest financial crisis, economic crisis, since World War II, so it is something which is big. It is big in Europe, it is big in the US, big in Japan, big in the rest of the world,” Trichet says. Yesterday the European Central Bank and its leaders meet a lot of recognition from MEP’s for their handling of the crisis.

Yesterday the EU Commission president Barosso announced a conference on the EU 2014-2020 budget to be held in October. ”Let’s make it a good example of European spirit, to have focused discussions on the (budget), not as discussions for Brussels, but for the budget for the whole of Europe,” he said.

Category: Daily Digest
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