The recent Greek capitulation under pressure from other euro member countries, led by Germany, demonstrates that euro members have de facto ceded sovereignty over fiscal policy to the EU.
“Make no mistake, this is the start of something big, something ugly.”
Fresh jobs and wages data for the UK will be closely scrutinised by the Bank of England and the City for evidence that the surprise jump in unemployment reported last month was a blip.
Technical talks over a third bailout between Greece and its lenders have concluded, a spokesperson for the European Commission said Tuesday.
The US economy added 215,000 jobs in July, while the unemployment rate remained steady at 5.3%, meeting expectations.
Just one member of the Bank of England’s rate-setting committee voted to raise interest rates from their record low of 0.5%, confounding City expectations that Threadneedle Street would use “Super Thursday” to send a strong signal that the era of ultra-low borrowing costs is coming to an end.
The Bank of England will consider the first interest rate cut for more than seven years this week, as it seeks to contain the economic fallout from the Brexit vote.
The Brexit vote has battered consumer sentiment in the UK, a survey has found, highlighting worries about the economic outlook and fears over inflation.