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Core inflation in the eurozone reaches new all-time high of 5.7%

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Core inflation in the eurozone reaches new all-time high of 5.7%

Core inflation throughout the eurozone reached a brand new all-time of 5.7% in March, in accordance with preliminary figures, providing a stark reminder of how entrenched the phenomenon of rising costs has change into.

Core inflation excludes the unstable costs of vitality, meals, alcohol and tobacco, and provides a extra correct prognosis of the present state of the economic system.

The indicator is intently watched by the European Central Financial institution to determine new will increase in rates of interest, which are supposed to curb shopper demand and funky down costs.

Core inflation has by no means been this excessive because the introduction of the euro.

Trying on the broader image, annual inflation throughout the eurozone stood at 6.9% by the top of March, a major lower from the 8.5% charge registered in February, in accordance with the flash estimate launched by Eurostat on Friday morning.

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“Inflation sharply down within the eurozone. Excellent news!” stated Paolo Gentiloni, the European Commissioner for the economic system. “However core inflation stays excessive, pushed by meals and providers.”

For the primary time in months, vitality, one of many fundamental drivers behind hovering costs, skilled a deflationary transfer, falling from 13.7% to –0.9% in March.

Fuel costs have been on a gentle downward pattern because the flip of the yr, providing a much-welcome respite to households and corporations.

Meals and alcohol inflation, nevertheless, noticed a average uptick, from 15% to fifteen.4% in March.

One yr in the past, that very same indicator was hovering across the 5% threshold.

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Out of the 20 international locations that use the one foreign money, six stay within the double-digit territory: Latvia (17.3%), Estonia (15.6%), Lithuania (15.2%), Slovakia (14.8%), Croatia (10.5%) and Slovenia (10.4%).

Luxembourg presently enjoys the bottom inflation within the eurozone, at 3%, whereas Spain’s charge nearly halved, falling from 6% to three.1% in March.

Germany, Europe’s largest economic system, additionally noticed a lower, from 9.3% to 7.8% on annual foundation. France’s inflation charge was 6.6% whereas Italy’s stood at 8.2% in March.

The numbers are nonetheless miles away from the two% annual goal pursued by the European Central Financial institution, whose fundamental mission is to take care of value stability.

The aggressive curiosity hikes launched by the Frankfurt-based financial institution have raised fears of financial misery for debt-ridden firms, establishments and governments.

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However regardless of the most recent turmoil within the monetary markets, ECB President Christine Lagarde has pushed again in opposition to this notion, insisting taming down inflation was paramount.

“There is no trade-off between value stability and monetary stability,” Lagarde instructed MEPs earlier this month.

“We’re not compromising on one due to the opposite. We handle them with completely different units of instruments.”

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Will the EU take a step backwards in evidence-based policymaking?

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Will the EU take a step backwards in evidence-based policymaking?

The opinions expressed in this article are those of the author and do not represent in any way the editorial position of Euronews.

Uncertainty and ‘polycrisis’ call for more use of foresight methods, not less. Being guided by the wealth of evidence available is the best way for the EU to set an agenda for a secure, prosperous, and sustainable future, Elizabeth Dirth and Jonas Gissel Mikkelsen write.

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Responsible policymakers are informed by evidence, especially in times of uncertainty. To navigate complex trade-offs, deal with unpredictability, and balance the interests of the present, the near- and the far-future, evidence-based strategic foresight is a powerful compass to guide decisions. 

Used well, Europe’s advanced foresight tools can give it a long-term competitive edge.

That’s why it’s so alarming that EU heads of state and government appear to be ready to ignore the wealth of evidence at their disposal, if the leaked priority-setting document for the next five years of the EU institutions – the Strategic Agenda – does not change.

The provisional priorities, which have been drafted through a series of consultations with European leaders led by European Council President Charles Michel, are not coherent with the EU’s own foresight intelligence. 

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The most glaring discrepancy is the absence of sustainability. Shifting towards sustainability has been a consistent pillar of future-focused policymaking recommendations, but this does not appear in the draft priorities for 2024-2029.

One leap forward, two steps back?

The evidence at leaders’ disposal has been meticulously assembled. Over the last five years the EU has taken leaps forward in “future thinking” and equipped itself with a vast quantity of information and insights about the possible “futures” we face, summarised in the annual Strategic Foresight reports. Strategic foresight is a serious discipline; a systemic way to help prepare for future shocks and opportunities.

In 2019, European Commission President Ursula von der Leyen created, for the first time, a position dedicated to the task of embedding strategic foresight in the heart of EU policymaking. Executive Vice-President and European Commissioner Maroš Šefčovič has been the face of foresight since then. 

Under his tenure the capacity to deliver future intelligence has been strengthened in the Commission’s in-house science unit, the Joint Research Centre, and in the central Secretariat General which reports directly to von der Leyen. 

In parallel, an internal network of foresight practitioners has been built-up, and a group of Ministers for the Future from the national level has been convened.

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All this has fed into robust annual reports which provide a body of evidence on the threats and trends Europe needs to prepare for and identify “key action areas” to inform the European Commission’s work and the direction of the bloc.

Resilience, sustainability and wellbeing have been constant themes over recent years. As have security and defence, democracy and the rule of law.

But whilst the latter group are well catered for in the new Strategic Agenda, environment and climate considerations and sustainable wellbeing are practically non-existent.

EU leaders ignoring the evidence

Looking at the leaked draft of EU leaders’ top priorities side-by-side with the most recent strategic foresight report, it appears that the insights which the European Commission has invested the last five years in building up are being ignored.

Last year’s foresight communication was titled “Sustainability and people’s wellbeing at the heart of Europe’s Open Strategic Autonomy”. 

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The 21-page document names “sustainable” or “sustainability” no fewer than 80 times. Of its 10 priority areas for action, six are actions about delivering a sustainable transition – through a net-zero economy, shifts in production and consumption, financial flows, public budgets, indicators, and by making sure all Europeans can contribute to the transition.

The draft five-year agenda relegates resilience, a goal for which the current Commission mobilised €648 billion, to one narrow reference in relation to resource-use. Climate is mentioned only two times – once in connection to innovation, and once in the bullet point: “Prepare for the new realities stemming from climate change”. 

Neither decarbonisation nor net-zero were worthy of mention by heads of state, despite the binding goal of a net-zero Europe by 2050.

In other words, key priorities from the EU’s official unit for future-preparedness are largely missing from guidance issued by EU heads of state.

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And whilst the leaked Strategic Agenda overlooks key aspects of the EU’s own research and evidence, neither is it informed by public opinion.

Recent EU Barometer polls tell us 85% of EU citizens think climate action leads to greater wellbeing and more jobs, 78% think climate action will help the economy, and 83% agree that the EU should invest massively in renewable energies. (The EU Barometers are another rich source of evidence – this one focused on public attitudes and citizens’ support for policies – which EU leaders appear to be opting to disregard.)

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We need a foresight-based strategy for Europe

Aligning the EU priorities 2024-2029 with foresight and public opinion is crucial, and still possible. The key areas of action flowing from the foresight reports can complete the draft Strategic Agenda with missing elements, primarily sustainability.

Uncertainty and “polycrisis” call for more use of foresight methods, not less, for example via a “chief foresighter” at EU level to embed the practice across policy areas and institutions. 

Being guided by the wealth of evidence available is the best way for the EU to set an agenda for a secure, prosperous, sustainable future.

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Elizabeth Dirth is Managing Director at the ZOE Institute for Future-fit Economies, and Jonas Gissel Mikkelsen is Director and Futurist at the Copenhagen Institute for Futures Studies.

Contact us at view@euronews.com to send pitches or submissions and be part of the conversation.

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US Supreme Court justices in Trump case lean toward some level of immunity

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US Supreme Court justices in Trump case lean toward some level of immunity
The Supreme Court’s conservative justices signaled support on Thursday for U.S. presidents having some level of protection from criminal charges for certain acts taken in office as it tackled Donald Trump’s claim of immunity from prosecution for trying to undo his 2020 election loss.
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Mexico City seeks to downplay the case of a serial killer suspect who kept women's bones in his room

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Mexico City seeks to downplay the case of a serial killer suspect who kept women's bones in his room

Mexico City prosecutors sought Thursday to downplay the case of a suspected serial killer who kept women’s bones and a saw in his room, and apparently targeted women over the course of more than a decade.

The city’s head prosecutor said the remains of six women were found in the suspect’s rented room, “not 20 as some unfounded reports have suggested.”

POLICE FIND 7 BODIES, 5 OF THEM DECAPITATED AND 1 DISMEMBERED, IN MEXICO’S FIFTH LARGEST CITY

City prosecutor Ulises Lara stressed that only three of his crimes occurred during the present administration, which took office in late 2018. He said the others apparently occurred in 2012, 2015 and 2018, meaning the killer went uncaught for at least 12 years.

Lara slammed reports that all the crimes took place in 2023 and 2024 — during the term of ex-Mayor Claudia Sheinbaum, who is now running for president — as “absolutely false and unfounded.”

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Mexico City prosecutors are seeking to downplay the case of a suspected serial killer who kept women’s bones and a saw in his room. (Fox News)

And Lara claimed the killer was essentially unstoppable because “he showed no signs of violent or aggressive behavior in his daily life.”

Lara did not specify the nature of the remains found in a search of the suspect’s rented rooms last week, but local media reported they were skulls. Under Mexican law, the suspect can only be identified by his first name, “Miguel.” Local media reported he worked as a chemist.

Investigators also found blood stains, bones, a saw, cellphones and missing women’s ID cards, as well as other “biological material” in the rooms. Lara said five of the ID cards belonged to women who have been located alive, but did not say how many belonged to women who are still missing or among the dead.

Last week, Lara said investigators also found “a series of notebooks that may well be narrations of the acts that Miguel carried out against his victims.”

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Lara rejected criticisms that Mexico City authorities do little to investigate the cases of missing women until their bodies pile up, saying the number of reported women’s killings have declined.

But the suspect in this case wasn’t caught until he broke into a neighbor’s apartment to kill his seventh victim last week, was interrupted and left a surviving witness.

According to prosecutors, the suspect apparently waited for a woman to briefly leave her apartment last week and then rushed in and sexually abused and strangled her 17-year-old daughter.

The mother returned and saw him leaving, but he slashed her in the neck and fled. The mother survived but her daughter did not.

Because the suspect lived near the scene of the crime, he was quickly identified and caught.

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The suspect has been held over for trial on charges of murder and attempted murder, both related to his latest victims.

Without proper funding, training or professionalism, prosecutors in Mexico’s capital have routinely failed to stop killers until the bodies pile up so high they are almost unavoidable.

In 2021, a serial killer in a Mexico City suburb was only caught after years of alleged crimes — 19 bodies were found hacked up and buried at his house — because of the identity of the final dismembered victim: the wife of a police commander.

In 2018, a serial killer in Mexico City responsible for the deaths of at least 10 women was caught only after he was found pushing a dismembered body down the street in a baby carriage. He dumped most of the bodies of his victims in vacant lots.

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