February 2017-Euro area international trade in goods surplus €17.8 bn-€1.7 bn surplus for EU28

The first estimate for euro area (EA19) exports of goods to the rest of the world in February 2017 was €170.3 billion, an increase of 4% compared with February 2016 (€163.2 bn). Imports from the rest of the world stood at €152.6 bn, a rise of 5% compared with February 2016 (€144.9 bn). As a result, the euro area recorded a €17.8 bn surplus in trade in goods with the rest of the world in February 2017, compared with +€18.2 bn in February 2016. Intra-euro area trade rose to €149.1 bn in February 2017, up by 5% compared with February 2016.

Full text available on EUROSTAT website



Results of the March 2017 survey on credit terms and conditions in euro-denominated securities financing and over-the-counter derivatives markets (SESFOD)

PRESS RELEASE

19 April 2017

  • Less favourable non-price terms for secured funding and for non-cleared OTC derivatives
  • Worsened market liquidity for underlying collateral
  • Less favourable credit terms than one year ago for most counterparty types

Survey respondents reported that credit terms offered to counterparties, both in the provision of finance collateralised by euro-denominated securities and in OTC derivatives markets, tightened for all counterparty types when comparing the three-month reference period from December 2016 to February 2017 with the previous three months. By and large, the tightening of non-price terms was as important as the tightening of price terms. Worsened market liquidity and functioning, the reduced availability of balance sheet or capital and increasing internal treasury charges for funding were the most frequently cited reasons why overall credit terms had become less favourable, in addition to the tightening of non-price credit terms due to the implementation of new regulatory requirements on margins for non-cleared OTC derivatives. Credit terms are expected to tighten further for all types of counterparty over the next three-month reference period between March and May 2017.

Regarding the provision of finance collateralised by euro-denominated securities, survey respondents indicated that credit terms such as the maximum amount and maximum maturity of funding decreased somewhat and that financing rates/spreads had increased for many collateral types, but particularly when government bonds were used as collateral. The liquidity and functioning of markets for the underlying collateral (as opposed to the securities financing market itself) deteriorated, on balance, for nearly all types of euro-denominated collateral, although the deterioration was most pronounced for government bonds.

Looking at patterns in credit terms over a longer horizon, compared with one year ago responses indicated less favourable overall credit terms for all types of counterparty except for banks and dealers. The tightening of credit terms was more pronounced with respect to non-price terms than for price terms. Also, overall credit terms for secured funding tightened year-on-year when government bonds, high-yield corporate bonds or equities were used as collateral. Survey respondents also reported less favourable non-price credit terms applied to OTC derivative counterparties relative to one year ago, in particular in the case of interest rate and foreign exchange derivatives.

The SESFOD survey is conducted four times a year and covers changes in credit terms and conditions over the three-month reference periods ending in February, May, August and November. The March 2017 survey collected qualitative information on changes between December 2016 and February 2017. The results are based on responses from a panel of 28 large banks, comprising 14 euro area banks and 14 banks with head offices outside the euro area.

For media enquiries, please call William Lelieveldt on +49 69 1344 7316.

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Nicola Sturgeon statement at Westminster on the General Election

I’m joined here today by the SNP MPs who, for the past two years, have been the real and only effective opposition to the Conservatives in the House of Commons.



Nick Clegg confirms he will stand in Snap General Election

Nick Clegg, the Liberal Democrats’ European Union spokesperson, has confirmed he will be standing again in Sheffield Hallam.

In a statement Mr Clegg said: “Theresa May has called a General Election out of opportunism and intolerance: opportunism in seeking to exploit the weakness of Jeremy Corbyn’s leadership of the Labour party; and intolerance in seeking a landslide majority to bring about ‘unity’, by which she means the ability to impose whatever interpretation of Brexit she wishes without meaningful scrutiny from Parliament.

“Meanwhile, her Brexit-obsessed Government is failing to provide the decent schools, hospitals and social care which communities, including those I represent in Sheffield, rightly deserve.

“This General Election once again places the interests of the Conservative Party ahead of the daily needs of the British people.

“I will be re-standing as the Liberal Democrat Parliamentary Candidate in Sheffield Hallam – a constituency I have had the immense privilege to represent in Parliament for twelve years – because I vehemently oppose the direction that Theresa May wishes to drag our wonderful country.

“When I was Leader of the Lib Dems, our key task was to provide responsible Government; today, our key task is to provide effective opposition and lead the fight against the Conservative’s damaging approach to Brexit.

“My constituents, and millions of people across the country, deserve a better choice than Theresa May’s hard Brexit and Jeremy Corbyn’s hapless leadership.”



Labour Pledges to Defend International Development

Labour Pledges
to Defend International Development

Shadow
Secretary of State for International Development Kate Osamor will today say a
Labour Government would defend international development, clampdown on tax
havens and end the self-regulation of DFID private contractors.

In a
passionate defence of international development, Kate Osamor will say:
“Development aid is not a dirty word… it is not a blank cheque. It is a
question of social justice and human rights.”

Speaking to an
audience at Chatham House, in London, Kate Osamor will say a Labour Government
would:


  • ‘Remain
    profoundly committed’ to spending 0.7% of Gross National Income on
    international development



  • Take
    decisive action on tax havens. All territories which enjoy the protection
    of the UK for their financial stability, foreign policy and/or security
    policy must adhere to a minimum standard of transparency in relation to
    company and trust ownership



  • End
    the self-regulation of DFID private contractors



  • Reinstate
    the Civil Society Challenge Fund, abolished by the Tories. This fund
    supported trade unions, women’s associations and other civil society
    organisations in the Global South to mounting their own advocacy
    challenges in defence of human rights, including workers’ rights



  • Pledge
    to put conflict resolution, human rights and social justice at the heart
    of British Foreign Policy


Kate Osamor
will tell the audience:

“Labour and the
UK have a proud record on International Development. But I’ve seen the Tory approach
to international development and it’s not Priti. 

“This Tory Government has turned aid into a dirty
word. Its agenda is to politicise, privatise and securitise development aid.

“The Tories and their friends in the right wing
press are doing to development aid what they did to welfare. They highlight
isolated case studies of bad practise to whip up public anger against the poor.
These countries are not ‘benefit cheats.’ They’re our partners and friends.

“Development aid has become a punch bag for the
conservative media and Brexiteer Tory MPs. The same people who campaigned to
take us out of the EU now want us to exit out of our commitment to the
developing world.

“Labour made meeting the UK’s aid obligations a
permanent feature of British politics, and the development and improvements in
hundreds of millions of peoples’ lives has been a credit to humanity.

“But for an incoming Labour Government, under
Jeremy Corbyn we will go further and have pledged to put conflict resolution,
human rights and social justice at the heart of British Foreign Policy.

“So there is a stark choice at this imminent
general election for the direction of development and Britain’s role on the
global stage.

“Labour’s approach to international development is
the same as our approach to economic development at home. Tackle poverty,
uphold human rights and deliver social justice.

“Labour will not only defend development aid… but
our approach will advance development assistance. Because poverty is political.
Human rights are political and must be fought for.

“Development aid is not a dirty word… it is not a
blank cheque. It is a question of social justice and human rights.”

Ends