Eurozone industrial orders up 3.8% in May

Eurozone industrial orders up 3.8% in May
Eurozone industrial new orders gained 3.8 percent in May month on month, and soared 22.7 percent year on year, according to data released Thursday by the European Union’s statistical bureau Eurostat.
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The worsening of the Greek crisis pushed eurozone leaders meeting in Brussels yesterday (7 May) to send markets and citizens a message of unity as they agreed to set up an intervention mechanism to shelter the euro from speculators. An extraordinary meeting of economic ministers on Sunday (9 May) will flesh out the details of a rescue plan for failing states. For more: www.euractiv.com The leaders of the 16 countries which use the euro debated calling for a permanent system to rescue members who fall into financial difficulties at a tense emergency summit, five days after finance ministers offered Greece a massive bailout. EU President Herman Van Rompuy, French President Nicolas Sarkozy, German Chancellor Angela Merkel and the heads of the European Commission and Central Bank, Jose Manuel Barroso and Jean-Claude Trichet, were locked in talks well beyond the planned 7 pm opening time as they debated the declaration. The content of the declaration is close to a letter from Merkel and Sarkozy which called for tougher eurozone supervision and policing and tighter regulation of financial markets. Herman Van Rompuy: in the context of the task force headed by the President of the European Council we are prepared to broaden and strengthen economic surveillance and policy coordination in the euro area, including by paying close attention to debt level and competitiveness developments, reinforce second the rules and procedures for surveillance of euro area member States including …
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