Indonesia: Indonesia No Longer a Fragile Five: Finance Minister
In an interview with CNBC, the Finance Minister Chatib Basri declared that the situation in Indonesia has improved after an uncertain year last year and should no longer be considered on the of the ‘Fragile Five’ countries.
Portugal: Portugal to Emulate Ireland in Exit From Bailout Program
Bloomberg reports that Portugal will exit its three-year bailout program on 17 May without a precautionary credit line. The new was announced on 4 May after the country last month held its first bond.
Eurozone: European Commission Sees Very Low Deflation Risk in Eurozone
According to Reuters, the European Commission expects the risk of deflation in the euro area to be very low. The European Commission expects annual inflation in the Eurozone to be at 0.8% in 2014 and at 1.2% in 2015, which is lower than February’s inflation forecast that had projected 1.0% and 1.3% for 2014 and 2015, respectively. The European Commission indicated that the stronger euro and a weaker than expected recovery will lead to the lower than previously expected inflation rates.
China: Putting Government Spending Power into Cage
According to Caixin, the third draft amendments to the budget law, which was submitted this month to the 12th National People’s Congress Standing Committee, makes progress in putting government spending under better scrutiny, but the next step is to hand the key to the people.
France: France Set to Miss Key Deficit Target: European Commission
As reported by Reuters, France will miss its 2015 budget deficit target unless it makes rapid policy adjustments, the European Commission warned on Monday as it unveiled its latest economic forecasts for the 28 countries in the European Union.