Yesterday, Greece submitted new reform proposals to the European Commission. A new element in the proposal is to have the European Stability Mechanism (ESM) pay the EUR 6.7 billion which Greece owes to the ECB. According to Greek media, Greece would be slightly more willing to implement spending cuts. The country aims to have a budget surplus of 0.75% in 2015 and 1.75% in 2016.
The average daily output of the Dutch industry increased in April 2015 by 0.9% compared to April 2014, according to figures from Statistics Netherlands (CBS). In March 2015, industrial production was 1.6% higher than a year earlier. The production in the pharmaceutical industry and the transport industry increased by 16% and 9% respectively. In contrast to these industries, the chemical industry produced 8% less. Industrial production is still negatively affected by the loss of production capacity in the tobacco industry.
The Dutch government will hand in its unused emission rights, as announced yesterday by the Dutch State Secretary for the Ministry of Infrastructure and the Environment. About 10% of the obtained rights by the Kyoto Protocol will be handed in. With this, the Dutch government tries to stimulate other European countries to do the same.
The 6M Euribor remained unchanged at 0.05%. The 10Y Swap increased by 9 basis points to 1.28%.
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