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☆ EU economics chief says the region needs a 'more assertive' industrial policy and competitiveness
▼ + stars: | 2024-04-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEU economics chief says the region needs a 'more assertive' industrial policy and competitivenessPaolo Gentiloni, Commissioner for Economy, European Commission joins CNBC's Karen Tso on the sidelines of the International Monetary Fund Spring Meetings.

Persons: Paolo Gentiloni, Karen Tso Organizations: EU, Economy, Commission, International Monetary

FRANKFURT, Germany (AP) — The European Union's executive commission lowered growth its expectations for this year and next, saying the economy “has lost momentum” as inflation discourages consumers and higher interest rates deter borrowing for purchases and investment. And the outlook is exposed to risks of trouble spreading from Russia's ongoing war against Ukraine and the Israel-Hamas war in Gaza. Nevertheless, “the main risk that we see is energy prices,” said Paolo Gentiloni, the EU's commissioner for economy. Meanwhile, government deficits and debt have declined after a burst of stimulus spending during the COVID-19 pandemic. "Importantly, this forecast foresees wage growth exceeding inflation, finally allowing workers to at least partially recovery purchasing power, Gentiloni said.

Persons: “, ”, Paolo Gentiloni, Gentiloni Organizations: United Arab, European Central Bank Locations: FRANKFURT, Germany, Ukraine, Israel, Gaza, Saudi Arabia, United Arab Emirates, Brussels

The planned tariff has caused disquiet among trading partners and at a forum last month, China's top climate envoy Xie Zhenhua urged countries not to resort to unilateral measures such as the EU levy. The bloc will not begin collecting any CO2 emission charges at the border until 2026. Importers will from 2026 need to purchase certificates to cover these CO2 emissions to put foreign producers on a level footing with EU industries that must buy permits from the EU carbon market when they pollute. Companies in the European Union, Britain and Ukraine have told Reuters they expect little initial impact during the trial phase. Among Europe's significant trade partners, China's foreign ministry, Turkey's trade ministry and a U.S. official declined to comment on the launch.

Persons: Xie Zhenhua, Paolo Gentiloni, Gentiloni, Philip Blenkinsop, Kate Abnett, Valerie Volcovici, Nevzat, David Stanway, Barbara Lewis Organizations: European Union, Companies, Reuters, European Commission, World Trade Organization, U.S, Thomson Locations: BRUSSELS, Britain, Ukraine, Europe, Washington, Ankara, Beijing

"Weakness in domestic demand, in particular consumption, shows that high and still increasing consumer prices for most goods and services are taking a heavier toll than expected," a commission statement said. The commission cut its forecast for Europe's largest economy this year to minus 0.4%. The economic rebound from the pandemic sent consumer prices higher as demand for goods created bottlenecks in supplies of raw materials and parts, which have now mostly eased. Higher prices spread to food and then services, a broad category ranging from haircuts and hotel stays to medical treaments and car repairs. Prospects of weakening economic growth have led some economists to predict the European Central Bank may avoid raising interest rates Thursday following nine straight hikes.

Persons: Paolo Gentiloni, ”, Alexander Valentin, Gentiloni, Christine Lagarde Organizations: European Union, European Commission, European Central Bank, EU, ECB, Oxford, International Monetary Fund, U.S . Locations: FRANKFURT, Germany, —, China, Ukraine, Russia, Europe, U.S

☆ EU economics chief says Europe can avoid a recession
▼ + stars: | 2023-09-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEU economics chief says Europe can avoid a recessionEuropean Economic Commissioner Paolo Gentiloni believes Europe can avoid a recession even as the region faces the impact of a “double crisis.”

Persons: Paolo Gentiloni, ” Organizations: EU Locations: Europe

☆ EU economics chief says only a minor risk of growing support for Eurosceptic parties at elections
▼ + stars: | 2023-09-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEU economics chief says only a minor risk of growing support for Eurosceptic parties at electionsEuropean Economic Commissioner Paolo Gentiloni says there is a risk of a surge in support for Eurosceptic parties at upcoming elections, but he believes it is only a “minor one."

Persons: Paolo Gentiloni Organizations: EU, European

☆ EU's Gentiloni confident over budget rule deal by year-end deadline
▼ + stars: | 2023-09-02 | by ( ) www.reuters.com time to read: +2 min

EU Economic Commissioner Paolo Gentiloni holds a news conference on the European Commission's economic forecasts for the EU for 2023 and 2024 on GDP and inflation, in Brussels, Belgium February 13, 2023. REUTERS/Johanna Geron/File Photo Acquire Licensing RightsCERNOBBIO, Italy, Sept 2 (Reuters) - European Union Commissioner for Economy Paolo Gentiloni said on Saturday he was confident an agreement over re-implementing EU budget rules would be reached by year-end, ruling out an extension of their suspension into 2024. "I'm confident, I'd say I have to be confident, that a deal (over the new budget rules) can be reached by year-end," Gentiloni told reporters on the sidelines of the European House Ambrosetti economic forum in Cernobbio. Italy is preparing a difficult 2024 budget in which it will seek to meet Prime Minister Giorgia Meloni's tax-cutting promises while at the same time reducing the deficit while faced with an economic slowdown. Gentiloni said failing to reach a deal on reviving the rules would mean a return to previous budget rules that did not help promote economic growth and cut sovereign debt in the bloc.

Persons: Paolo Gentiloni, Johanna Geron, Gentiloni, Giancarlo Giorgetti, Giorgia, Christine Lagarde, Elvira Pollina, Giselda, Tomasz Janowski, Helen Popper Our Organizations: EU, REUTERS, Union, House, Italian Economy, European Commission, European Central Bank, ECB, Thomson Locations: Brussels, Belgium, Italy, Ukraine

☆ U.S. Inflation Reduction Act is ‘a real challenge’ for Europe, EU economics chief says
▼ + stars: | 2023-09-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. Inflation Reduction Act is ‘a real challenge’ for Europe, EU economics chief saysEuropean Economic Commissioner Paolo Gentiloni discusses U.S. President Joe Biden’s landmark Inflation Reduction Act and its ramifications on Europe.

Persons: Paolo Gentiloni, Joe Biden’s Organizations: U.S, European Locations: Europe

☆ EU economics chief says Europe is gripped by a ‘double crisis’ — but it can avoid a recession
▼ + stars: | 2023-09-02 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Europe is facing the impact of a "double crisis," but the region can avoid a recession, Paolo Gentiloni, the European Commissioner for economic affairs, told CNBC on Saturday. "I think we are we facing the impact of the double crisis," Gentiloni said in reference to the geopolitical impact from Russia's full-scale invasion of Ukraine and the subsequent economic hit to the European continent. Russia's invasion of Ukraine in February last year sparked serious fears in Europe that the region would enter a significant economic slowdown. The euro area, in the end, grew at a rate of 3.5% in 2022, according to the International Monetary Fund. "The slowing down started from the last quarter of 2022 and it is there, but please don't call this a recession, because I think we can avoid a recession, we are avoiding recession," he said.

Persons: Paolo Gentiloni, Gentiloni, CNBC's Steve Sedgwick Organizations: CNBC, International Monetary Fund, Ambrosetti Locations: Europe, Ukraine, U.S, Germany, Russia, China

☆ How Europe can square the circle on green economy: podcast
▼ + stars: | 2023-08-01 | by ( John Foley | ) www.reuters.com time to read: 1 min

NEW YORK, Aug 1 (Reuters Breakingviews) - Shifting away from fossil fuels is an opportunity for the bloc, argues economy tsar Paolo Gentiloni in this Exchange podcast. But it will have to overcome challenges, such as US competition for investment and the EU’s own narrow set of financial tools. Listen to the podcastFollow @johnsfoley on TwitterSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. Editing by Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Paolo Gentiloni, Oliver Taslic Organizations: Reuters, Twitter, Thomson

☆ EU has to come clean on costs of green transition
▼ + stars: | 2023-07-18 | by ( Pierre Briancon | ) www.reuters.com time to read: +8 min

European Union governments have agreed on the strategy, but they tend to paper over the short-term economic costs of the green transition. French economist Jean Pisani-Ferry has compared the impact of the green transition to an economic shock equivalent to the sharp spikes in oil prices in the 1970s. But unlike previous shocks triggered by geopolitical instability or trade wars, the green transition has been initiated and managed by governments, and largely financed by them. Germany looks like the country most able to afford the green transition, but its over-emphasis on regulation on environmental matters is running into fierce opposition. On Sunday Paolo Gentiloni, the EU economy commissioner, told the Financial Times that Europe will have to fund its own industrial green transition.

Persons: Jean Pisani, won’t, Pisani, Selma Mahfouz, Paolo Gentiloni, Bruno Le Maire, Christian Lindner, Keir Starmer, –, Francesco Guerrera, Oliver Taslic Organizations: Reuters, Union, Reuters Graphics Reuters, International Energy Agency, Ferry, Social Democrats, Greens, Opposition, Financial Times, French Finance, German, Labour Party, Twitter, Southern, European Commission, Deal, Zero, Thomson Locations: Europe, France, Italy, Germany, EU, Paris, Southern Europe, Spain, Greece

Italian premiers have been given state funerals in the past, but this is the first time a national day of mourning has been called for one. Italy is ruled by a right-wing coalition of Prime Minister Giorgia Meloni's party Brothers of Italy, Matteo Salvini's League and Berlusconi's former party Forza Italia. Bindi, a woman often targeted by Berlusconi's sexist jibes, said the national day of mourning was "disrespectful towards the majority" of Italians who opposed the late leader. WREATHS AND SOCCER BANNERS[1/9] People wait for the funeral of former Italian Prime Minister Silvio Berlusconi, in Milan, Italy June 14, 2023. Hungarian Prime Minister Viktor Orban was also confirmed, but few other senior European politicians were expected.

Persons: Silvio Berlusconi, Berlusconi, Giuseppe Conte, Rosy Bindi, Giorgia, Matteo Salvini's, Donald Trump, Tomaso Montanari, Nardi, Lucia Adiele, Sergio Mattarella, Elly Schlein, Mario Draghi, Mario Monti, Paolo Gentiloni, Emir Sheikh Tamim bin Hamad, Mohammed Shia, Al Sudani, Viktor Orban, Cristiano Corvino, Angelo Amante, Alvise Armellini, Federico Maccioni, Alexandra Hudson, Gavin Jones Organizations: MILAN, Italian, Reuters, Matteo Salvini's League, Forza Italia, European Commission, Siena's University for Foreigners, REUTERS, Democratic Party, Thomson Locations: Milan's Cathedral, Milan, Italy, Altamura, Thani

CNN —Mourners gathered in Milan on Wednesday for the state funeral of Silvio Berlusconi, the divisive and domineering former premier who remained omnipresent in Italian public life for decades until his death this week. Berlusconi’s coffin left Villa San Martino in Arcore, outside Milan, and was transported through the city center to Milan’s gothic Duomo cathedral for Wednesday’s service. Berlusconi, who had a lengthy, scandal-ridden career, died at a Milan hospital on Monday aged 86. But Lana opposed the award of a state funeral to Berlusconi, citing the many trials against him. Widely regarded as Italy’s most colorful public figure, Berlusconi was elected prime minister three times and served for a total of nine years, longer than anyone since fascist dictator Benito Mussolini.

Persons: Silvio Berlusconi, Villa, Berlusconi, –, Sergio Mattarella, Giorgia Meloni, Viktor Orbán, Paolo Gentiloni, Monsignor Mario Delpini, ” “ Silvio Berlusconi, ”, “, Italy …, Jessica Lana, Lana, Guglielmo Mangiapane, Tomaso Montanari, Monatanari, Milan’s, Marina, Benito Mussolini, Matteo Salvini, Italy’s Organizations: CNN, Villa San, SkyTG24, Forza Italia, AC Milan football team, EU, Reuters, University for Foreigners of, Milan’s San Raffaele, Milan, Bloomberg Locations: Milan, Arcore, Italian, Rei, Alessandria, Piedmont, Italy, Milan’s, University for Foreigners of Siena

☆ European Union upgrades outlook for economy as energy prices retreat
▼ + stars: | 2023-05-15 | by ( Julia Horowitz | ) edition.cnn.com time to read: +2 min

Yet Europe’s economic prospects have brightened in recent months, according to the European Commission. It now expects the EU economy to expand 1% this year, up from an estimate of 0.8% in February. But it reflects sharply lower energy prices, which are reducing costs for businesses and easing the strain on households. Even so, the Commission acknowledged that higher borrowing costs aimed at taming rising prices will weigh on growth in the months to come. Growth in Germany, the bloc’s biggest economy, is expected to slow sharply to 0.2% in 2023.

☆ Ukraine war live updates: Russia digitizes draft system to target dodgers; World Bank announces $200 million for Ukraine repairs
▼ + stars: | 2023-04-13 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

The European Commissioner for the economy, Paolo Gentiloni, has hailed the EU's swift transition away from its dependency on Russian gas and said next winter will be less challenging. "We were expecting a terrible winter, a winter of recession and problems with energy supplies, blackouts," he told CNBC's Joumanna Bercetche in Washington, D.C. on Wednesday. "We didn't have recession and we were able to go out from dependency from Russian gas in eight months. He said the EU would be refiling storage from the end of April without Russian gas and said it was important to diversify pipelines, noting increased Chinese demand following its lockdown reopening may bring liquefied gas prices up. "More optimistically, the big, big challenge was last winter, next winter will also be challenging but we already know we were able to do something amazing," Gentiloni said.

☆ EU's Gentiloni sees no risk of systemic banking stress
▼ + stars: | 2023-04-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEU's Gentiloni sees no risk of systemic banking stressPaolo Gentiloni, European Commissioner for the economy, on his optimism for energy sourcing next winter, why the EU is calling on countries to target energy price support, and the risks to EU banks.

☆ Europe risks migrant surge without aid to Tunisia, Italy PM warns
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, March 24 (Reuters) - Europe risks seeing a huge wave of migrants arriving on its shores from North Africa if financial stability in Tunisia is not safeguarded, Italian Prime Minister Giorgia Meloni said on Friday. Tunisia has been gripped by political upheavals since July 2021, when President Kais Saied seized most powers, shutting down parliament and moving to rule by decree. "Maybe not everyone is aware of the need to preserve the financial stability in a country which has severe financial problems," Meloni told reporters following a summit of European Union leaders in Brussels. Earlier on Friday Italian Foreign Minister Antonio Tajani told RAI public radio Europe could see "tens, maybe hundreds of thousands" of boat migrant arrivals if economic aid is not granted soon to Tunisia. According to United Nations data, at least 12,000 of those who have reached Italy this year set sail from Tunisia, against 1,300 in the same period of 2022.

☆ "Calm down!" EU finance ministers play down SVB contagion despite banking shares rout
▼ + stars: | 2023-03-13 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +3 min

SummarySummary Companies European bank shares down nearly 10% over two daysMinisters try to soothe markets as investors dump bank stocksFrance's Le Maire: "calm down!" BRUSSELS, March 13 (Reuters) - European finance ministers and the EU's economics commissioner played down the contagion risk of the collapse of U.S. Silicon Valley Bank (SVB) while European bank shares saw their biggest rout since the start of Russia's invasion of Ukraine. At the start of a Eurogroup finance ministers meeting in Brussels, French Finance Minister Bruno Le Maire called on markets to "calm down" and European Economic Commissioner Paolo Gentiloni stressed he did not see a risk of contagion for European banks following SVB's collapse (SIVB.O). France's Le Maire and his Belgian counterpart Vincent Van Peteghem also said they saw no specific concern for their country's banks, as investors were dumping their financial institutions' shares. Belgian finance minister Vincent Van Peteghem also poured oil on the waters.

☆ Further sanctions on Russia are being discussed, says European Commissioner for Economy
▼ + stars: | 2023-02-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFurther sanctions on Russia are being discussed, says European Commissioner for EconomyPaolo Gentiloni, European Commissioner for Economy, says Brussels is discussing the 10th package of sanctions against Russia.

☆ This number shows that high inflation is sticking around
▼ + stars: | 2023-02-17 | by ( Julia Horowitz | ) edition.cnn.com time to read: +5 min

London CNN —The latest inflation figures from the United States, the United Kingdom and the European Union are feeding hopes that the worst is over and some relief for struggling households could arrive soon. Annual inflation in the United States slowed to 6.4% in January, easing for the seventh consecutive month. In the United Kingdom, which faces weaker economic prospects than its peers, the rate of price increases is also falling: In January, annual inflation dipped to 10.1% from a recent high of 11.1% this past fall. “The bottom line is inflation is still a problem,” said Torsten Slok, chief economist at Apollo Global Management. In the United States, the Federal Reserve Bank of Atlanta publishes a version of the Consumer Price Index that tracks “sticky” prices.

☆ Europe is looking to tackle sky-high debt loads after signs it will dodge a recession
▼ + stars: | 2023-02-13 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

The euro zone is now expected to have reached a GDP (gross domestic product) rate of 3.5% in 2022, rather than the 3.2% estimated in November. BRUSSELS — European officials sighed with relief Monday after new data suggested the region will avoid an economic recession. The euro zone is now expected to have reached a GDP (gross domestic product) rate of 3.5% in 2022, rather than the 3.2% estimated in November. The outlook for this year is also better with an expected GDP rate of 0.9%, compared to the 0.2% growth rate forecast just three months ago. So we need to steer the course and we need to make choices, some of them are difficult," she said.

☆ Biden's IRA has left Europe blind-sided. And playing catchup could lead to 2 big mistakes
▼ + stars: | 2023-02-02 | by ( Silvia Amaro | ) www.cnbc.com time to read: +5 min

"U.S. legislation doesn't pass overnight," Emre Peker, director at the consultancy group Eurasia, told CNBC, adding that the EU could have acted faster. Luisa Santos, deputy director at BusinessEurope, a group of business federations, told CNBC that "it is still a bit early to say who will invest where." watch nowBelgian Prime Minister Alexander de Croo told CNBC that more state aid "is not a good answer." Several other experts have also raised concerns about easing state aid rules. Slow to respondIn addition to challenges with state aid relaxation, timing is also a risk.

☆ Investors are piling the most cash into European stocks in nearly as year as recession outlook fades
▼ + stars: | 2023-01-27 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

European stock funds drew in $3.4 billion last week, the largest inflow since early 2022. Investors want exposure to the euro area as it looks increasingly likely it will avoid a recession. Investors poured in $3.4 billion into European equity funds over the past week, Bank of America said in its Flow Show note published Friday. But demand has been weaker than anticipated, leading to a roughly 70% crash from highs for natural gas prices. EU Economic Commissioner Paolo Gentiloni said this week there's "a chance to avoid a deep recession," for the bloc.

☆ Analysis: Italy's Meloni belies radical image in cautious first 100 days
▼ + stars: | 2023-01-26 | by ( Crispian Balmer | ) www.reuters.com time to read: +6 min

But almost 100 days since Meloni took office at the head of the most right-wing government Italy has seen since World War Two, these concerns have largely melted away. "We have seen something of a metamorphosis," said Sofia Ventura, a political science professor at Bologna University. Friend and foe alike say a significant reason for the softly-softly approach is money -- or rather a lack of it. "What happened in the UK shows ... how cautious we have to be with our fiscal and monetary policy mix," EU Commissioner Paolo Gentiloni, a former Italian prime minister, said at the time. VITAL FUNDSAdding to the pressure on Meloni is Italy's dependence on the European Union's recovery and resilience fund.

☆ Davos 2023: Europe must seize catch-up chance - EU's Gentiloni
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +3 min

[1/2] The logo of the World Economic Forum (WEF) 2023 is seen at Davos Congress Centre, in the Alpine resort of Davos, Switzerland, January 16, 2023. REUTERS/Arnd WiegmannDAVOS, Switzerland, Jan 18 (Reuters) - An improved economic outlook gives Europe the chance to double-down on efforts to boost its industrial competitiveness in key sectors from clean energy to semiconductors, EU Economy Commissioner Paolo Gentiloni said on Wednesday. Speaking on the sidelines of the World Economic Forum in Davos, Gentiloni said the bloc could avoid an all-out recession this year and get away with what he called a "limited contraction" of the economy in the first quarter. Gentiloni said that was leading to a new readiness to envisage industrial cooperation at EU level to make the bloc less dependent on others. Reporting by Mark John in Davos; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

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