European financial elite appear to discuss the conduct of bank stress tests in the coming year, although in many respects there is no agreement, they will be. One camp supports the broader and more open tests, but others suggest that the results should not be public. We are at the first camp. If you run stress tests, make sure that an unfavorable scenario really poor, and make it public. All other options would be banal stucco.Spain announces additional saving measures, sells assets. Spain frightening vision of the debt infection swept Europe. Against this backdrop, Prime Minister Zapatero announced that they would not renew expiring in February, bonuses for long-term unemployed, and that sells stake in 49% of the national lottery.
Recovery in the UK is pretty good going. Final reading of the CIPS manufacturing PMI for November was 58, and was the highest in 16 years, which confirms the confident reconstruction of Britain. Strong export orders through competitive pound gave support to the manufacturing industry. Employment component was the highest since the beginning of this statistic in 1992. Separately, research YouGov, conducted for Citigroup showed inflation expectations for next year to 3,3% last month, compared to 3,0% in October.
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