When an economy is suffering, one of the first cutbacks people make is on leisure. This includes fashion. So the fact that there is currently strong indication that European interest rates “will be raised next month” has to be bad news for fashion houses around the world….or does it? Spain’s fashion house MANGO, for example, might be able to quell this bitterness. For the fourth time, Spain’s “most international designer fashion brands” will be launching the El Botón-MANGO Fashion Awards, which seeks to put new fashion talent out there. Through this event, young and hopeful fashion designer wannabees will be able to show their work to a jury as well as compete for EU$300,000 (making it the biggest amount of money offered in such a competition).
ECB Stamping Down on Inflation
So despite the European Central Bank’s insistence that it will be “strongly vigilant” vis-à-vis inflation, countries around the European globe are somehow managing to cope, as evidenced by MANGO. Nonetheless, in general, this isn’t making European financiers particularly happy. Even though a recent article in El País, was entitled “The ECB complicates the crisis in Spain,” MANGO fashion house has not succumbed and continues to escalate the country’s economy. Still, Europe will not be left to fend for itself as the ECB has promised to “provide European banks with as much liquidity as they need, at least until the middle of the year.”