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

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