U.K. Scars, Draghi’s Familiar Helper, Japan Aftershock: Eco Day

Welcome to Monday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the week.

  • More than 10% of the U.K. workforce is out of a job and struggling to tap government benefits, exposing economic scars set to remain long after the coronavirus fades
  • When Mario Draghi needed someone to convince Prime Minister Silvio Berlusconi that Italy needed to reform during the euro crisis, he sent Daniele Franco, a longtime confidante. A decade later, Draghi himself is in charge of rebuilding Italy’s economy and has turned again to Franco for help
  • Japan’s economy clocked another quarter of double-digit growth and finished the pandemic year in better shape than initially expected. Meanwhile, recovery efforts are underway after a 7.3-magnitude earthquake off Fukushima, considered an aftershock from the devastating 2011 temblor that sparked a nuclear emergency
  • The U.K. will set up green finance hubs in Leeds and London as part of efforts to encourage lenders and insurers to invest in renewable energy and sustainable agriculture
  • India may be home to the world’s second-largest Covid-19 outbreak but life there is almost back to normal, with shopping mall parking lots full again, stores buzzing and long lines for hair salons and restaurants
  • Prime Minister Boris Johnson will call for global cooperation on vaccine distribution at the first meeting of Group-of-Seven leaders since the U.K. assumed its rotating presidency
  • South Africa is apprehensive about striking a new trade deal with the U.S. and would rather maintain existing relations with the world’s largest economy, the nation’s top trade official said
  • Signs of a widening embrace across the financial services industry sent Bitcoin to new heights, with the cryptocurrency closing in on $50,000 for the first time
  • Climate activists are warning that central banks are taking a “risky gamble” with their strategies for addressing the financial risks from global warming

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