EU’s Rescue, U.K. Influence, Africa’s Second Thoughts: Eco Day

Welcome to Wednesday, Europe. Here’s the latest news and analysis from Economics to help you start the day:

  • The 750 billion euro ($865 billion) stimulus agreed by Europe’s leaders could take many months to start arriving but the assurance it shows of the European Union’s resolve is aid in itself
  • In a world upturned by the pandemic, the U.K. is viewed having lost influence shorn of its EU membership and economically vulnerable, according to interviews with senior policy makers past and present from allies and rivals alike
  • Torrential rains in much of China will hurt economic output and drive up consumer prices in the near term, but the impact will be short-lived, according to economists
  • U.S. Secretary of State Michael Pompeo praised Britain’s tougher stance on China the transatlantic allies signaled they are planning more coordinated action against Beijing
  • A growing number of African activists and policymakers are questioning the deluge of Chinese credit – some $150 billion in 2018, according to researchers at Johns Hopkins University- that has fueled a debt crisis aggravated by the new coronavirus
  • Judy Shelton, President Donald Trump’s contentious pick for the Federal Reserve’s Board of Governors, cleared a key hurdle to confirmation by winning the approval of a majority on the Senate Banking Committee. Economics’ view is that the immediate impact on Fed policy will be minimal
  • Indian companies are pushing back big-ticket investment plans in another sharp blow to an economy that is hurtling toward first contraction in more than four decades.

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