The most important events and reports on the economy, central banks and politics from the Dow Jones Newswires program.
Federal government: EU approves funding guidelines for commercial vehicles with alternative drives
The funding guidelines for commercial vehicles with alternative drives submitted by the Federal Ministry of Transport for notification have received the green light from Brussels. After this approval by the EU Commission, it can start, the ministry in Berlin announced.
Scheuer estimates the damage to the infrastructure at 2 billion euros
Roads washed away and “pulverized” railway lines: Federal Transport Minister Andreas Scheuer (CSU) has estimated the temporary damage to the infrastructure after the flood disaster in North Rhine-Westphalia and Rhineland-Palatinate at 2 billion euros.
NRW provides EUR 200 million as emergency aid for flood victims
After the devastating flood disaster last week, the state of North Rhine-Westphalia is providing 200 million euros as emergency aid for affected citizens, companies and municipalities. This was announced by Prime Minister Armin Laschet (CDU) after a cabinet meeting.
Merkel: The die was cast for Germany when it came to phase out nuclear power
Chancellor Angela Merkel (CDU) has ruled out a return to nuclear power for climate neutrality, but has called for “more speed”, especially in the expansion of renewable energies. Overall, “not enough” had happened in climate protection during her term in office, said Merkel at a press conference. The pace must be “tightened”.
ECB confirms interest rates and changes forward guidance
As expected, the Council of the European Central Bank (ECB) has left its key interest rates unchanged and has also confirmed the total volume of the PEPP pandemic purchase program. As the committee announced after two days of deliberations, the forward guidance for key interest rates will be changed, which will also affect the possible duration of the bond purchases under the APP program.
Lagarde: Meaning of “moderate” when overshooting is a matter of opinion
According to its President, the European Central Bank (ECB) has Christine Lagarde no fixed definition of what a “moderate overshoot” of inflation means. “What moderate means is a matter of opinion,” said Lagarde. It will not give a numerical estimate of what a moderate overshoot is versus an excessive overshoot. “What matters is that we accept it, it is not done on purpose,” she said.
Lagarde: Governing Council approves interest rate guidance with an overwhelming majority
The Council of the European Central Bank (ECB) continues to regard the risks to the growth outlook for the euro area as largely balanced and has approved the new interest rate guidance with an “overwhelming” majority. ECB President Christine Lagarde said in her press conference that the Governing Council assumes that the euro area economy will have recovered in the second quarter and will grow strongly in the third quarter.
Consumer sentiment in the euro area is deteriorating
Contrary to economists’ expectations, consumer confidence in the euro area deteriorated in July. The index determined by the EU Commission decreased by 1.1 to minus 4.4 points. Economists polled by Dow Jones Newswires had forecast a level of minus 2.5.
Human rights court condemns Poland again for judicial reform
The European Court of Human Rights (ECHR) has sentenced Poland for the third time in three months for its judicial reforms. The Strasbourg judges found that the appointment of members of a controversial disciplinary body at the Polish Supreme Court was “unduly influenced by the legislative and executive branches”.
Johnson insists on renegotiating Northern Ireland Protocol
In the dispute over the application of the Brexit agreement, the British government insists on renegotiating the Northern Ireland Protocol. In a telephone conversation with EU Commission President Ursula von der Leyen, Prime Minister Boris Johnson called for Brussels to “seriously” examine the British proposals, the government announced in London.
Chicago Fed: US growth slowed in June
The US economy lost momentum in June compared to the previous month, data from the Federal Reserve Bank of Chicago showed. The Chicago Fed National Activity Index fell to 0.09 in June from 0.26 in May. Economists, on the other hand, had expected a slight increase to 0.30.
Initial claims for US unemployment benefits unexpectedly and significantly increased
The number of initial claims for US unemployment insurance benefits increased significantly in the week ending July 17, while economists had expected a further slight decline. Compared to the previous week, the number of applications on a seasonally adjusted basis rose by 51,000 to 419,000, according to the US Department of Labor in Washington. Economists polled by Dow Jones Newswires had predicted a decline to 350,000.
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(END) Dow Jones Newswires
July 22, 2021 13:00 ET (17:00 GMT)
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