EUROPE

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Germany's economy shrank for a second year in a row in 2024, official figures showed Wednesday. Europe's largest economy saw a 0.2 percent contraction in Gross Domestic Product (GDP) after a 0.3 percent fall in 2023, and is currently grappling with a political crisis, dimming hopes for a fast recovery.

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The pound has fallen to its lowest level in over a year, while UK borrowing costs have surged to their highest for 16 years. The pound fell by 0.9% to $1.226 against the dollar on Thursday and borrowing costs rose further.

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The UK has implemented a ban on imports of pigs, sheep, and cattle from Germany, following confirmation of a foot-and-mouth disease case in that country. The government announced on Tuesday that it will cease approving health certificates for animals, fresh meat, and animal products susceptible to the disease, in order to prevent its spread within the UK, where there are currently no confirmed cases.

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Elon Musk, owner of X and an ally of US President-elect Donald Trump, has sparked outrage across Europe with his attacks on the continent's leaders. Spanish Prime Minister Pedro Sanchez responded Wednesday, warning that Musk's "open attacks on our institutions" and "stirring up hatred" could lead to a return of fascism. The criticism comes as Musk is slated to take on a role in Trump’s administration.

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Croatia's opposition-backed President, Zoran Milanović, secured a resounding victory in Sunday's runoff election, winning a second five-year term with over 74% of the vote. He defeated Dragan Primorac, the candidate from the ruling conservative party, who received nearly 26%, according to official results released after more than 99% of ballots were counted.

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Turkey's central bank implemented its first interest rate cut in almost two years on Thursday, lowering the key rate from 50% to 47.5% amidst ongoing double-digit inflation. The monetary policy committee cited improved "inflation expectations and pricing behavior" as reasons for the reduction, which is the first since February 2023.