European Central Bank

European Union countries are buying too much of their defense equipment abroad, almost two thirds of it in the United States, and failing to invest enough in joint military projects, a landmark report on EU competitiveness warned on Monday.

Mario Draghi is calling for up to 800 billion euros a year in additional investment from EU member states so that the EU can regain the competitiveness of its economy and avoid being trapped in the US and China.

The European Central Bank is expected to cut interest rates again this week as inflation drifts back down towards its two-percent target, but policymakers will likely stay tight-lipped on future moves.

The ECB began raising rates sharply in mid-2022 to throttle surging consumer prices but has begun to ease the pressure as inflation rates have fallen.

Morningstar DBRS raised on Friday night its outlook of the Greek economy from Stable to Positive, while affirming the country's credit rating as BBB (low), i.e. investment grade.

Tuesday’s (3/9) session at the Athens Stock Exchange turned into a derby between buyers and sellers. The General Index was limited to a range of about 6 points, changing sign continuously.

The Greek stock market made a strong start to September, recording its third consecutive rise. The General Index closed at the highs of the day, with “heavyweights” on its side, which fell significantly in August, creating the right conditions for buyers to re-enter.

Romania's public debt is nearing the critical threshold of 60% of GDP, as outlined by the Maastricht criteria, further distancing the country from its goal of adopting the euro. According to the "Ziare" information site, cited by BTA, Romania's public debt stood at 52.6% of GDP by the end of May, marking a 3.8% increase from December 2023.

The Athens stock market followed the same pattern Tuesday as previous sessions: trading within a narrow band on low turnover. Although it started positively, with the general index trying to breach 1,440 points, sellers prevailed toward the end.

The "Economist Intelligence Unit" has pushed back Bulgaria's anticipated entry into the Eurozone and full Schengen membership to 2026, citing ongoing political instability as a major factor. According to their August forecast, while adopting the euro could be technically feasible by 2025 if price stability and a stable government are achieved, the prevailing conditions suggest a delay.

Two of the candidates from the president's "home list" have agreed to serve as the next acting Prime Minister. This follows meetings with President Rumen Radev, who is still deliberating on the final decision. The two individuals are current acting Prime Minister Dimitar Glavchev and Petar Chobanov, the Deputy Governor of the Bulgarian National Bank (BNB).