How To Guides
- Childbirth & Education
- Legal Formalities
- Pensions & Benefits
- Property & Accommodation
Did you know...?
- Airports and Airlines Spain
- Paramount Theme Park Murcia Spain
- Corvera International Airport Murcia Spain
- Daily Brief - Friday 19 December 2014
- Mr Grumpy v Angeles Duran
- Meet Wincham at The Homes, Gardens & Lifestyle Show, Calpe
- QROPS 2014
- Spain Increases IHT in Valencia & Murcia
- Removals to Spain v Exports from Spain
- The Charm of Seville
- Gibraltar Relations
- Retiro Park : Madrid
- Wincham announce opening of Marbella office
- Community Insurance in Spain
- Calendar Girls
- Considerations when Insuring your Boat in Spain
- QROPS – HMRC Introduces changes that create havoc in the market place
- QROPS – All Change From April 2012
Euro zone weakness a big risk to UK - Bank's Posen
Britain's economy could be seriously hit by weakness in the euro zone, the country's biggest trading partner, Bank of England policymaker Adam Posen said in the script of an interview for broadcast Tuesday.
Posen said market jitters related to the EU-led rescue package for highly indebted euro zone countries were not surprising and reflected the reality that growth in much of the shared currency bloc would be very slow for several years.
"Sixty percent of our trade is with the euro area. So we view this as a very real risk" Posen told U.S. broadcaster National Public Radio, according to a script provided by the broadcaster.
"If the euro area goes down then that does have a huge impact on us" he said in the interview recorded Friday for NPR's Morning Edition show. Posen was asked about recent comments by former U.S. Federal Reserve Chairman Paul Volcker which cast doubt on the euro zone's future.
"Volcker's comments are looking at a worst-case scenario which I don't think is very likely, but you have to say it's certainly more likely now than it ever was at any point in the previous 11 years (that) the euro existed" Posen said.
NPR said Posen was untroubled by sterling's recent weakness.
"It's just good to keep some perspective that currencies go up, currencies go down. The fundamental thing about Europe is that the euro area is going to be growing slowly the next few years. That's the big news, and that's the sad part" Posen said.
The Bank has previously identified euro zone economic weakness and market worries about sovereign credit risk as a threat to British economic growth, most recently in last week's quarterly Inflation Report.
Few economists expect Bank interest rates to rise from their current record low of 0.5 percent before late this year at the earliest, despite inflation hitting a 17-month high of 3.7 percent last month..
Latest News & Stories
- Countdown to change in UK driving licence law
- Spain gets ready for El Gordo lottery draw
- Ryanair acts on fuel policy defamation
- Spain's DGT clamp down on road safety
- Netflix silent on reported Spain launch
- Lidl celebrates 20 years in spain with new store
- Airline declares 'No interest in flying to Castellon Airport'
- Most Catalans would vote to stay in Spain: poll
- Losses at Spain's 'bad bank' raise prospect of slow turnaround
- Paramount Murcia boss denies importance of Corvera Airport
- Applying for a Business Loan
- Applying for an EU Grant for your Business
- Buying an Existing Business
- Bank Charges in Spain