Italian manufacturing output slides-Economic data just released shows that the Italian economy is in a bad way - manufacturing activity has fallen for the 19th month in a row, and by more than expected. The monthly PMI survey came in at a mere 45.8 for February, down 47.8 in January -- which means the country's manufacturing sector is shrinking at a faster pace [any number below 50 means contraction].
Other European economies are also reporting PMI data - and it shows that Germany continues to outperform weaker members of the eurozone.
German manufacturing PMI rose to 50.3, from 49.8 in January - meaning it returned to growth.
But France manufacturing sector is still shrinking, but at a slower pace (with a PMI of 43.9, up from 42.9 in January).
With the ESM, the Fiscal Compact and the troika behaviour in Greece, Portugal and Ireland, I absolutely agree on the power grab aspect. The ECB and the EU Commission are unaccountable and going out on a basically unsupported limb. That doesn't mean obviously that the EU parliament is without power or only doing bad things.
I do see the way forward as MORE Europe, but not of the kind we have seen since the crisis. And should such a way forward be found, the UK would make a major mistake in not being a part of it.
Yesterday Belgium's PM was commenting that Europe no longer will decide with unanimity, referring to the banker bonuses. The UK either get with it or are left behind imho.
To be clear, that decision on bonus cap made me pretty happy, as did the discussion on the Guardian - but the basic problems that caused the crisis - the size and interconnectedness of banks, and the mixing of retail and investment - have NOT been adressed.
As much as I think the bonus cap is called or, I fear it's only window dressing.
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