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Michel Barnier, newly appointed French Prime Minister, confronts immediate challenges including government formation and budget legislation. With a fragile parliamentary situation, Barnier must navigate political complexities.
France may see a larger budget deficit than anticipated due to tax revenue shortfalls. The finance ministry has implemented protective measures as political challenges complicate the situation.
Italy plans to reduce its deficit-to-GDP ratio below 3% by 2026, aligning with EU rules. The government faces challenges in balancing deficit reduction with proposed tax cuts and social contribution extensions.
Bulgaria's president announces October elections, marking the country's seventh vote in three years. Political instability continues to hinder EU integration and economic reforms, while voter turnout declines.
Russia plans to counter Latvia's stricter residence permit regulations for Russian citizens. The new rules, including a Latvian language test, are criticized by Moscow as arbitrary and contradictory to human rights treaties.
Germany's tax revenue declined sharply in July 2023, reflecting broader economic struggles. The government's economic package aims to stimulate growth, with analysts forecasting improved revenue for 2024.
Kosovo's president announces parliamentary elections for February 9, 2024, amidst strained relations with Serbia and internal ethnic tensions. The vote will be a crucial test for Prime Minister Albin Kurti's leadership.
European banks are increasingly setting aside funds for potential climate change losses, responding to ECB pressure. 55% now consider climate risks in provisioning, up from 16% last year.
European stocks fell as LVMH's weak Q2 sales hit luxury sector. Tech shares slumped following poor U.S. earnings, while mixed corporate results and stalled Euro zone growth added to market caution.
Euro zone's economic growth halts in July, with services sector slowing and manufacturing declining further. PMI data shows business expectations at a six-month low, potentially influencing ECB's September decision.