German trade surplus figures, released early this morning, showed that the surplus rose on a seasonally adjusted basis by €2 billion month-on-month, beating the forecast by €0.5 billion. Exports were also positive, surprising observers by not declining but actually growing at 1.5%.
French industrial production is disappointingly down below market expectations, although this negativity was evened out by better-than-expected non-farm payrolls.
Speaking at a summit today, Peter Praet, the ECB’s Chief Economist, said that the eurozone was too disunited, and needed to come together to combat ideas that ‘gaps in our governance framework’ mean the euro is not a stable or secure option for countries with the change coming up. Adoption of the euro is an important bone of contention in countries like Poland in the upcoming election, so the remarks are not unexpected.
