HSBC is out with a note this morning warning about the consequences of the UK voting to leave the European Union.
It’s a 50-page, hefty bit of research spanning FX, economics, banks, real estate, gilts and equities. The headline figures: Read more
Something to keep in the back of your mind as once remote political events become everyday, is that the Catalan question still lingers.
Here’s Citi’s recent assessment of the local but in no-way endorsed by Madrid poll set for the Autumn:
Catalonian independence (due in November 2014).
Some charts from Pew’s latest survey of 8,000 people across eight EU countries, most of whom are increasingly *insert euphemism* with Europe:
On Thursday, ECB president Mario Draghi was in Milan to give a speech at Università Bocconi. It’s a charming read, as the policymaker reviews the eurozone crisis in pleasantly digestible terms even by Friday morning standards.
Once the crisis was underway, and sovereign spreads had widened out, a debate started: Read more
There was good news for eurosceptics on Tuesday, as the European Court of Auditors (ECA) published its report into last year’s EU budget. The audit is already being used as yet another reason to push for a real-terms cut in the EU’s future budgets later this month.
The ECA is charged with assessing how Brussels spends its money, and its report for 2011 showed, once again, that the EU’s financial management leaves something to be desired. It found that a host of payments to EU-funded projects were affected by “material error”, with an estimated error rate of 3.9 per cent for the EU budget as a whole. Read more
An enormous hat-tip to Vilde Helljesen…
The press release is here and the unsurprisingly politicised bottom line from the committe is:
The work of the EU represents “fraternity between nations”, and amounts to a form of the “peace congresses” to which Alfred Nobel refers as criteria for the Peace Prize in his 1895 will.