Draghi's Number Two, Mnuchin's Earful, Japan's Spending: Eco Day

(Bloomberg) -- Happy Friday, Europe. Here’s news from Bloomberg Economics to help get your day started:

• Former Spanish Finance Minister Luis de Guindos starts his new job at the ECB today as the man who would step into Mario Draghi’s shoes in an emergency
• That’s as a Scandinavia-based hedge fund run by former central bankers cuts its bet on the timing of the ECB’s first interest-rate increase
• A timely warning: Danish central bank governor Lars Rohde reckons some bankers are forgetting the lessons of the financial crisis
• On the trade front, America’s closest allies plan to slap billions of dollars in tit-for-tat tariffs on U.S. goods after the Trump administration announced it’s imposing steel and aluminum duties on them
• Treasury Secretary Steven Mnuchin received an earful from global finance chiefs, while Japan’s Haruhiko Kuroda warned protectionism can backfire
• Meantime, small firms across the U.S. face persistent vacancies or are turning away customers because they lack enough staff in a tight job market
• South Korea’s exports rebounded in May as shipments of semiconductors hit a record high, a positive sign for global growth
• Japan looks set to surrender one of its most effective tools for curbing social spending as aging pushes up health, pension and eldercare costs

©2018 Bloomberg L.P.