Europe Must Look Inward to Drive Growth, ECB’s Lagarde Says

Donald Trump's peace plan for Ukraine outlines key points regarding the ongoing conflict, including potential territorial concessions from Ukraine to Russia. The plan aims to facilitate peace negotiations and includes security guarantees. Responses from Ukraine and its European allies are anticipated as they assess the implications of the proposal.

Moody's Ratings has upgraded Italy's credit rating by one level to Baa2, reflecting an expectation of declining debt. The agency has also revised its outlook for Italy from positive to stable.

Details of President Donald Trump's 28-point peace plan for Russia and Ukraine have raised alarms in Kyiv and across Europe. The plan reportedly includes significant territorial concessions from Ukraine to Russia, restrictions on Ukraine's NATO membership, and security guarantees from the U.S. These developments have sparked concerns regarding Ukraine's sovereignty and the implications for regional stability.

Carl-Oskar Bohlin, Sweden's first civil defence minister since 1947, emphasizes that every Swede has a role in the nation's total defence concept. As threats to Europe escalate, including grey zone aggression and cyber attacks, Bohlin advocates for increased civilian preparedness among European allies. His remarks come amid the ongoing war in Ukraine, which is entering its fourth year without resolution.

Polish MP Maciej Konieczny has claimed that Europe is unable to supply sufficient TNT for its defense or for Ukraine due to a monopoly supplier in Poland, Nitro-Chem. This company, owned by the Polish Armaments Group, is reportedly contracted to send much of its production to the US, where it is then exported for use by Israel in Gaza.

The leaked US-Russia peace plan has sparked outrage in Europe, despite a diplomatic statement from Brussels reaffirming its commitment to peace. The anger arises from the US's confirmation that the plan, drafted by Marco Rubio and Donald Trump, includes provisions for the EU to contribute millions for Ukraine's reconstruction without consulting European governments. This has led to significant frustration among EU officials.

Total borrowing by the U.K. government for the first seven months of the fiscal year has reached £116.8 billion, exceeding projections made in March by £9.9 billion. This increase in borrowing comes as the government prepares for an upcoming budget announcement.

Japan has approved a $135 billion stimulus package aimed at supporting households facing financial difficulties, a significant concern for voters in the country. This measure is expected to bolster the economy and provide relief to those in need.