Key Economic News to Watch this Week: June 25

Last Updated: 25, June 2012

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After the Fed declared that it ‘stands ready’ to protect the US economy from the eurozone debt crisis, all eyes will turn to the EU Summit later this week. The G20 meeting failed to deliver any insights but EU leaders have promised bolder actions to fight the debt crisis, including the possibility of a debt redemption fund.

Monday, June 25

The Parliamentary Assembly of the Council of Europe begins in Strasbourg and will bring together 636 members from the national parliaments of the 47 member states of the Council of Europe. The meeting, which runs through Friday, will address human rights issues across Europe, as well as the economic crisis.

EU-Gulf Cooperation Council ministerial meeting takes place in Luxembourg.

Tuesday, June 26

The summit of the Black Sea Economic Cooperation will be held in Istanbul, with Serbian president Tomislav Nikolic and Turkish president Abdullah Gul presiding over the meetings. The meeting is the 20^th anniversary of the organisation’s founding and environmental and energy issues are expected to top the agenda.

Mercosur summit takes place in Mendoza, Argentina, to June 28. Mercosur is a regional trading block between the four sovereign member states, Argentina, Brazil, Paraguay and Uragray. However, the Mercosur has suspended Paraguay’s right to attend the summit, after a congressional coup that saw the dismissal of former president Fernando Lugo.

Wednesday, June 27

The OECD releases its 2012 International Migration Outlook, which studies how governments can better respond to labour needs through migration and integration policies at a time of heightened global economic uncertainty.

Monsanto, the world’s largest seed-producer, reports its third quarter financial earnings. However, its results are unlikely to be affected by the crisis in the eurozone, a market it has been locked out of because of laws that ban the sale of genetically modified foods.

Thursday, June 28

The EU Summit is held in Brussels and European leaders will discuss specific steps towards a cross-border banking union, closer fiscal integration and the possibility of a debt redemption fund. However, Greece’s new Prime Minister Antonis Samaras will not be attending the crucial summit as he recuperates from a detached retina operation.

Friday, June 29

The two-day Turkish-Arab Economic Forum takes place in Istanbul, focusing on business and investment opportunities in Turkey and Arab countries including Libya and Iraq.

The World Banking Summit opens in London and will pay particular attention to prospects in the fast-growing economies of Asia, the Middle East, Africa and Latin America. The agenda will also explore the new international standards under the G20 process, as well as consider the outlook for new business models in light of the new Basel III rules on capital.

Sunday, July 1

Mexicans vote for a new president and Enrique Peña Nieto, candidate for the opposition Institutional Revolutionary party, is the favourite to succeed Felipe Calderón.

A wide range of EU sanctions on Iran come into full effect today.

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