The European Commission sent a letter of formal notice to the UK yesterday, indicating that they will be taking legal action against the Internal Market Bill, which seeks to change the Withdrawal Agreement and break international law. Despite this, they are giving the UK one more month to amend the bill.
Despite this, if a trade deal can be reached between the two sides, the controversial parts of the Internal Market Bill shouldn’t come into play.
Meanwhile, the ECB are making strides on introducing a ‘digital euro’, which is designed to be used instead of digital money such as Bitcoin. Other central banks, including the Federal Reserve, are working on similar projects for their own currencies.
Data released yesterday revealed that the Euro Area unemployment rate increased to 8.1% in August, matching market expectations.
Today, inflation rate figures will be released for the Euro Area. They are expected to come in at -0.4% month-on-month and -0.2% year-on-year.
