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Free AccessBRUSSELS WATCH: More Confidence In EU Future, Economy - Survey
By Tara Oakes
BRUSSELS (MNI) - Increasing numbers of EU citizens are confident in the
future of the bloc and their national economies, the latest Eurobarometer showed
Wednesday.
The number of Europeans reporting that the state of their respective
national economy was currently "good" increased 5% since the last survey,
published in autumn 2016 -- but still only hit 46%, less than half of those
surveyed. The figures nevertheless represent a marked increase since spring
2009, when only 20% responded with "good".
PORTUGAL
Portuguese respondents represented one of the biggest jumps in national
economic confidence, leaping 18 points to 33%. While still below the EU average,
the increase reflects the improving economic conditions for the country, who
left the Union's Excessive Deficit Procedure on June 16. The European
Commission's recommendation that Portugal be allowed to leave the EDP came on
May 22, partway through the survey period of May 20-29.
Although unemployment was still the key concern for those asked, increased
positivity for the country's future was evident from the 45% in Portugal who
said they believed the national economic situation would be "better" in the next
12 months, an 18% rise from the last survey and higher than the EU average,
which stood at 26%.
GREECE
Greece, who have also now exited the EDP, did not share Portugal's bright
vision of the future.
A whopping 98% of those surveyed believed during the May questioning that
the economic situation of their country was "bad", a 1% increase since autumn
2016. Only 7% believed it would get better in the next 12 months, another 1% dip
from the last survey. 62% believed it would get worse.
The Greek figures come from 1,010 responses and indicate a disparity
between the generally positive mood music from the EU on Greece after the latest
bailout approval and the situation on the ground for the Greeks themselves after
years of austerity.
FRANCE
France's figures showed a clear bump in economic positivity and pro-EU
sentiment following the election of President Emmanuel Macron. General
negativity about the current state of the economy lurked at a high 72%, but 38%
of respondents foresaw it getting better in the coming 12 months - 16% higher
than the last survey taken.
Trust in the EU itself jumped most considerably in France of all member
states, rising 15 points to 41% -- in line with Macron's avowedly pro-European
stance. It was even higher as an average across member states, hitting 42%.
UK
The UK's distrust in the EU unsurprisingly lingered higher than the average
at 51%. This was still a 5% drop from the last survey, with the corresponding
rise not in those who said they trusted the bloc but in those who reported that
they "don't know".
Confidence in both the UK's current and future economic situations both
took a knock as the country wrestles with Brexit negotiations. The next round is
set to start in the week beginning August 28.
--MNI Brussels Bureau; +44 203-865-3851; email: tara.oakes@marketnews.com
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
[TOPICS: M$E$$$,MC$$$$,MI$$$$]
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.