Frankfurt Letter, week beginning June 13
-The European Central Bank
Member of the Governing Council of the European Central Bank (ECB) Jens Weidmann said "the current monetary environment requires no further easing,” adding that there is no current need for more stimulus.
"One thing I want to stress; our definition of price stability requires that the targeted inflation rate is achieved in the medium term," Weidmann said at a conference in Frankfurt this week.
Seasonally adjusted GDP rose by 0.6 percent in the euro area and by 0.5 percent in the European Union (EU) during the first quarter of 2016, compared with the previous quarter, according to an estimate published by Eurostat, the statistical office of the EU.
Household final consumption expenditure had a positive contribution to GDP growth in both the euro area and the EU, as did gross fixed capital formation. The contribution of the external balance to GDP growth was negative for both zones, while the contribution of changes in inventories was positive.
-News from Germany
Germany exported goods to the value of €104.3 billion and imported goods to the value of €78.7 billion in April 2016.
Based on provisional data of the Federal Statistical Office (Destatis), German exports increased by 3.8 percent in April 2016 year on year while imports remained almost unchanged.
However, after calendar and seasonal adjustment, exports did not change from March 2016 while imports fell by 0.2 percent.
Women earn on average about 21 percent less than men in Germany, according to an analysis of the Cologne Institute for Economic Research.
Despite being one of the worst discrepancies in gender-based wages in Europe, the institute claims that the differences in the wage gap have arisen mainly out of individual choice.
-The week ahead
This week on the data side, the global markets will monitor the Eurozone's industrial production, employment (national accounts), international trade in goods and a second estimate of euro area inflation as well as the news from the ECB.