Economy of the European Union
Lithuania passed a key hurdle to adopting the euro on Wednesday, winning the backing of the European Commission to become the 19th state to use the single currency from next year.
The European Union's executive praised the Baltic state's "long-standing support for prudent fiscal policies and economic reforms."
Greeces manufacturing remained in growth territory in May, although the Purchasing Managers Index (PMI) fell slightly to 51 points, according to London-based Markit.
The PMI was at 51.1 in April. The PMI remained on the right side of the 50.0 mark in May, signalling steady albeit unspectacular growth at factories, said Markit analyst Phil Smith.
Financial markets are betting on an interest rate cut from the European Central Bank next week as low inflation, the strong euro and anaemic credit finally spur it into action.
The ECB has held its key interest rates steady at their current all-time lows since November, repeatedly promising to act if necessary to avert deflation in the 18 countries that share the euro.
The European Bank for Reconstruction and Development (EBRD) estimated the damages from the devastating floods in Serbia and Bosnia and Herzegovina at around EUR 3B.
Official estimates of the cost are not available yet, but in its report the EBRD put the damage at around EUR 1.5-2 B in Serbia and about EUR 1.3B in Bosnia and Herzegovina.
LONDON - The devastating floods in Serbia and Bosnia and Herzegovina have already damaged their economies and will hit growth and inflation in the future as well, believes the European Bank for Reconstruction and Development (EBRD), adding that some very rough preliminary estimates put the damage in Serbia at around EUR 1.5-2 billion.
EBRD: Flood damage estimates between EUR 1.5-2 billion
BELGRADE -- The damage from the devastating floods in Serbia could reach between EUR 1.5-2 billion, the European Bank for Reconstruction and Development (EBRD) has said.
In neighboring Bosnia-Herzegovina, it could reach EUR 1.3 billion, according to preliminary estimates.