“Resilient EU” to escape recession in 2023


The European Commission has announced that the EU is on a ‘healthier footing’ than expected in 2023, and may escape recession, experience growth and see prices fall. 

The dire warnings of early autumn have been toned down with the release of the European Commission’s Winter 2023 Economic Forecast.  

EU Commissioner for the Economy Paolo Gentiloni held a press conference on Monday that set out a fairly rosy picture, compared to the doom and gloom of last year.  

His key messages included word that the EU’s economy was looking better than anticipated and is expected to avoid recession this year. This is mainly due to positive developments, including gas prices falling to below pre-war levels, a mercifully mild winter and better growth than previously thought.  

The EU’s growth forecast is now set at 0.8%, a full 0.5 points above the autumnal projection, and the 2022 numbers have been revised up by 0.3% to 3.5%.  

Additionally, inflation, according to Gentiloni, has peaked and is now set to decline. This is mainly credited to fast-declining energy prices. As a result, the inflation forecast is falling from a terrifying 9.2% in 2022 to a more modest 6.4% in 2023, and a manageable 2.8% expected for 2024.  

Of particular interest is the stabilisation of wages versus inflation by 2024. This year will see a continuation of less purchasing power for employees due to higher costs, but nominal wage growth is anticipated to pick up by 2024 and, coupled with higher minimum wages in several member states, this will give the economy a boost with consumers opening their wallets more freely than is the current case.  

Past risk factors, such as the pandemic and gas shortages, have diminished, but this is counter-balanced by the continuing uncertainty caused by the war in Ukraine as well as weaker demand for trade. Labour shortages and job vacancy rates are also to remain tight for the next two years, though with growth picking up, this should change.  

In general, the future is looking significantly brighter in economic terms for the EU, with growth percentages in 2022 outstripping the world’s usual powerhouses of the USA and China.  


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Photo by Mathieu Stern for Unsplash 

Proud Pink Ribbon Monaco association makes generous donation to Princess Grace Hospital

pink ribbon monaco

After a weekend of charity walks and a gala dinner, Pink Ribbon Monaco has made an important donation of €25,000 to Monaco’s Princess Grace Hospital, which will fund vital medical research into the detection of lobular breast cancer. 

The €25,000 cheque handed to the Centre Hospitalier Princesse Grace on Monday 13th February by founder Natasha Frost-Savio (second from right in photo) was the product of a successful charity auction during the association’s Dare to Bear gala dinner at the Hotel Hermitage over the weekend. It was part of a number of events run by the charity this month, which included the popular Pink Ribbon Walk.

“These funds will be put to work immediately, beginning medical research led by Doctor Florent Hugonnet that will improve the detection of lobular breast cancer, one of the most difficult breast cancers to detect,” says Frost-Savio. “After 12 years of working to raise awareness of breast cancer screening, Pink Ribbon Monaco is very proud to start a new chapter by raising funds for science.” 

The new method of medical imagery studied by Doctor Hugonnet will ultimately better doctors’ abilities to identify and target cancerous cells quicker and more efficiently while improving survival and recovery rates among patients.  

To learn more about the association and its work, please click here.


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Photo source: Monaco Communications Department

The Sea is Green: SBM launches cultural season with evening of art and gastronomy at the Hotel Hermitage

the sea is green

A season of art de vivre begins on 11th March with a prestigious dinner recital, Musique de l’Eau, at the Hotel Hermitage.

The Winter Garden will host this exceptional night of culture – one that combines music with haute cuisine and an art exhibition – described by SBM as a “tribute to a more gentle way of life”.  

The event is entitled Musique de l’Eau and Monegasque pianist Stella Almondo is to perform while Michelin-starred chef Yannick Alléno will provide the gourmet accoutrements in the form of a four-course meal alongside a display of sea-themed creations by ceramist Jean Boghossian.  

Tickets to the event, which marks the beginning of SBM’s The Sea is Green programme, cost €410. Reservations are required and can be made here.  


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Photo by Société des Bains de Mer