The European Commission has released its European Financial Integration Report (EFIR), an annual analysis of integration of the EU financial services sector. EFIR is a new step in the monitoring of European financial integration, merging in two former reports: the Financial Integration Monitor and the Single Market in Financial Services Progress Report.
In 2008, for the first time ever, the largest share of the EU budget - 45% of all EU spending – will go on measures to boost economic growth and greater cohesion in the EU-27. The move to spend more on competitiveness reflects Europe's commitment to prosper in a constantly evolving global economy, while ensuring stable support for farming. Agriculture will continue to receive over 40% of EU cash.
Total hourly labour cost in the euro area (EA13) rose at an annual rate of 2.5% in nominal terms up to the third quarter of 2007, compared with 2.4% for the previous quarter. In the EU27, the annual rise was 3.7% up to the third quarter of 2007, compared with 3.3% for the previous quarter.
The European Central Bank (ECB) publishes its December 2007 Financial Stability Review. The Review, which has been published semi-annually since December 2004, assesses the stability of the euro area financial system both with regard to the role the system plays in facilitating economic processes and to its ability to prevent adverse shocks from having inordinately disruptive impacts.
Corporate earnings in the US, Europe, and Japan will weaken and stock market volatility will increase, according to a majority of investment professionals surveyed in New York, London, Melbourne, and Tokyo by AXA Rosenberg in October and November.
The USA is losing its status as a globally active world power more and more. In contrast, China, India and, more recently, Russia once again, have managed to significantly increase their superpower images.
Fitch Ratings has said that the European automotive supply industry continues to face material challenges, but at the same time provides promising opportunities for suppliers with strong positions in growth areas such as environmental-friendly technology, safety, electronics and comfort.
Although the housing market has been in turmoil for much of 2007, most borrowers have not been negatively impacted and overall satisfaction across the mortgage lending industry has remained stable since 2006, according to the J.D. Power and Associates 2007 Primary Mortgage Origination Study(SM).
Restaurant industry sales are expected to reach $558 billion in 2008 - a 4.4 percent increase over 2007 - and the industry will employ 13.1 million individuals in 945,000 restaurant-and-foodservice outlets, according to the National Restaurant Association's 2008 Restaurant Industry Forecast.
