During the meeting held on 16 March, the Fed did not touch upon the rates, as expected, but instead reviewed the profile expected for 2016 (and beyond) of 50 basis points as compared to the December projections (0.9 at the end of the year as opposed to 1.4), though with unchanged expectations on the core inflation and unemployment rates.
Modernisation and rationalisation are the
principles behind the reform of the Public Administration in the last few
months, that also concerns the chamber system. After the regulatory
intervention that for the 2015-2017 three-year period reduces the annual fee
for enterprises, a Government decree is expected in the coming weeks. Aside
from resources, duties and functions of the new Chambers of commerce will be
Residential investment has positively contributed to growth in most European countries, with the significant exception of France. Prospects remain favourable, however, there is no shortage of risk factors.
The steelworkers' demonstration in Brussels
requesting measures aimed at protecting the European steel industry turned the
spotlight on one of the most controversial topics connected to the economic
slowdown in China: the distortive behaviour of public industry whenever
domestic demand proves insufficient for ensuring a high level of utilisation of
the production capacity.
Small-sized banks are facing new challenges posed not
only by the effects on the balance sheets produced by the extended economic
crisis, but also by the changes in the supervisory institutional set-up, by the
evolution of prudential regulations and lastly by the repercussions and
innovations of the resolution regime.
How important are specific categories of local
spending in affecting municipalities' defaults? This study considers Italian
municipalities and examines which of the main indicators (debt repayments, current
budget balance, amount of residuals and personnel costs) affect their
probability of default. Results suggest that a 10pp rise in the share of loan
repayment over total spending leads to an average increase in default
probability of 2.6%–2.9%. No significant role is found for other budget
The many crises affecting the emerging countries are hitting Italian
exports badly, both because of excessive specialisation in capital goods (the most
penalised demand component in this phase) and a Made in Italy supply that is
qualitatively at odds with the current composition of consumption.