Mario Draghi faces one of the most contentious policy meetings of his European Central Bank presidency on Thursday as he prepares to ramp up monetary stimulus again despite skepticism from the euro area’s biggest economies.
Europe has done it again. Despite French President’s Emmanuel Macron’s reluctance to give the UK a long Brexit extension, the EU leaders have agreed the apparently interminable process can be delayed until October 31, with a school report on Britain’s behavior in June.
Gold Silver Reports (GSR) – Britain would only be granted an extension to the Article 50 Brexit negotiation period if its parliament passed the deal on the table or if a clear alternative plan emerged by next week’s EU summit, a French official said on Friday.
Theresa May struck a deal to revise the terms of the U.K.’s divorce from the European Union but it’s unclear whether she’s done enough to win Parliament’s support.
Gold Silver Reports (GSR) – Some European Central Bank policymakers are reluctant to alter their guidance on interest rates as a move could tie the hands of the bank’s next president many months before an appointment is even made, four sources close to the matter said.
Growing concern about the impact of trade tensions on the economic outlook, another spike in Italian borrowing costs, fraught Brexit talks and volatility in world markets make for a colorful backdrop to Thursday’s European Central Bank meeting.