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There was some economic good news for eurozone companies and politicians on Monday as the latest business surveys revealed elements of a recovery – albeit a rather lopsided one with Germany…
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On December 12 the Financial Times reported EU reaches landmark deal on failed banks with a "common rule book for handling failed banks".Gunnar Hökmark, the lead negotiator for the parliamentary side, said: “We now have a strong bail-in system which sends a clear message that bank shareholders and creditors will be the ones to bear the losses on rainy days, not taxpayers. At the same time we also established clear rules to deal with the most exceptional cases in which overall financial stability is in danger.”The next day, a friend commented the banking union agreement proved me wrong. I replied "wait for the details".
The European Central Bank (ECB) has released an online game to explain the features of a new 10 euro note.
It is similar to the game Tetris, except every time you complete a level it tells you about a security feature.
The top 20 highest scoring players will win a 5 euro VIP banknote from the Europa series, personally signed by the president of the ECB.
A further 80 runners up will receive a commemorative 10 euro banknote from the first series.
Europe's youngest foreign minister has taken office, after Austria swore in its new coalition government.
Aged 27, Sebastian Kurz was one of 12 ministers confirmed by Austrian President Heinz Fischer in the capital Vienna.
Before taking up his new role, Mr Kurz was state secretary for integration.
Austria's ruling bloc, the Social Democrats and the conservative People's Party, won the election in September.
The Social Democrats came top with 27.1%, while the People's Party got 23.8%.
ROME (Reuters) - President Giorgio Napolitano warned on Monday that Italy could be plunged into violent social unrest unless the government swiftly introduced reforms to help struggling citizens, following...
Is Europe’s economic crisis mutating once again? If debt fears are now being superseded by the danger of deflation, as recent data suggest, the European Central Bank has its work cut out for it – and there is nothing to suggest that it is up to the task.CommentsView/Create comment on this paragraphThe numbers are alarming. Core inflation (the consumer price index after excluding volatile food and energy prices) in the eurozone fell to an annual rate of 0.8% in October – a 47-month low – while producer prices fell by 0.5%, suggesting that deflation is already in Europe’s economic pipeline. Annual growth of M3 money supply, meanwhile, dropped to 1.4% in October, from an already dismal 2% in September, while loans to the private sector contracted by 2.9% year on year. All of this makes it remarkable that the best the ECB could do at its December meeting was stand pat.
Breathtaking sums totaling one billion euro was given by several Greek governments to banks, law firms and financial advisers during the years of loan agreements 2010-2012 . Alexis Tsipras, leader of main opposition party left-wing SYRIZA posed an official question to Finance Minister Yiannis Stournaras.Citing figures from the state budget, Tsipras said that the relevant expenditure “has risen sharply during the years of loan agreements, while the country has been excluded form the markets. Specifically, the cost has more than tripled in the first two years of memoranda and has increased tenfold by 2012. ”
Finance officials said they had agreed on the basic principles on how to treat sick institutions, but not everyone was pleased with the compromises.
This column argues that the legacy of public debt resulting from the crisis in the Eurozone is a serious threat. Both the size of the problem and the options to address it make life much more difficult for policymakers than was the case in the late 1930s after the collapse of the gold standard. For some countries, a ‘subservient’ central bank might be preferable to the ECB.
German Finance Minister Wolfgang Schaeuble has been tapped to stay on in the job during Chancellor Angela Merkel's third term, a regional newspaper reported Friday citing party sources.
Finland's sluggish economy continues to be held back by the permanent decline of major industries, high labor costs and an aging population, highlighting the urgent need for major economic reforms, the country's central bank said Thursday. In its biannual forecast, Bank of Finland said it now expects gross domestic product to shrink 1.0% this year compared with the 0.8% contraction it expected in June. The central bank also cut its forecast for GDP growth in 2014 to 0.6% from 0.7%.
In its biannual forecast, Bank of Finland said it now expects gross domestic product to shrink 1.0% this year compared with the 0.8% contraction it expected in June.
The central bank also cut its forecast for GDP growth in 2014 to 0.6% from 0.7%.
The bill that would make Belgium the first country to remove any age limit to legal euthanasia is expected to pass easily in the Lower House and become law
DUBLIN (Reuters) - Three years after going cap in hand to international lenders to avert bankruptcy, Ireland has officially ended its bailout in a landmark for the euro zone's efforts to resolve its debt...
BRUSSELS, Dec 18 (Reuters) - Euro zone finance ministersagreed early on Wednesday how to ensure financing for closingdown banks in a deal that boosts chances of an agreement on theoverall blueprint
* Nov inflation up from 3-yr lows, still well below ECBtarget * Q3 labour costs rise slowest since Q3/2010 * Euro zone countries regain competitiveness By Martin Santa BRUSSELS, Dec 17
LISBON (Reuters) - Portugal's international lenders have approved the country's progress in the latest review of its bailout, pushing the euro zone member closer to a smooth exit from the lending program...
The bank deposits haircut and the EU’s ambiguous position on Turkey are to blame for the growing euroscepticism in Cyprus, according to Greek Cypriot MEPs who spoke to EurActiv Greece  in Nicosia.
It has taken three years, but many analysts believe Ireland is ready to stand on its own again.
Nobel laureate Christopher Pissarides was once a passionate believer in the benefits of European monetary union. In light of the damaging effects of the Eurozone crisis, he now writes that the euro requires urgent reforms to restore its credibility. He argues that the single currency should either be dismantled in an orderly way, or the direction of economic policy should be altered substantially to promote growth and employment.
One of the most exciting things about working at the LSE is that we get to hear some of the world’s top thinkers and policy-makers. One occasion that I recall vividly is the visit of two great Europeans – Valerie Giscard d’Estaing and Helmut Schmidt. Europe had already completed the single market, the Berlin wall had fallen and the European Union was preparing to embrace new members and adopt a single currency.
The European Unionon Friday added to a string of recent warnings about the safety of using and investing in Bitcoin, the virtual currency that is not issued by any government.
The union’s banking authority said consumers needed to be aware that they were not protected through regulation when paying with Bitcoins. The digital currency is vulnerable to hackers, might lose its value and any misuse could prompt law enforcement agencies to close Bitcoin exchange platforms and keep consumers from accessing their investment, the European regulator said.
From Celtic Tiger to a property crash, harsh austerity measures and the agony of recession
Spain's plans for a gambling-fuelled exit from its economic crisis have been thwarted after the US group behind the Eurovegas mega-casino project in Madrid deci
LJUBLJANA (Reuters) - Charging banks to deposit money at the central bank is a very difficult concept and any move in that direction is very far away, European Central Bank Governing Council mem'ber Bostjan...
The Netherlands will borrow about 4 percent less next year than in 2013 as the fifth-biggest euro-area economy implements austerity plans and returns to growth. “The total funding need in 2014 is foreseen to be about 4 billion euros ($5.5 billion) lower than in 2013,” the Dutch State Treasury Agency, known as the DSTA and based in The Hague, said today in a statement. The debt office estimated its 2014 external funding will be 93.7 billion euros, unchanged from a September forecast.
The Netherlands will borrow about 4 percent less next year than in 2013 as the fifth-biggest euro-area economy implements austerity plans and returns to growth.
“The total funding need in 2014 is foreseen to be about 4 billion euros ($5.5 billion) lower than in 2013,” the Dutch State Treasury Agency, known as the DSTA and based in The Hague, said today in a statement. The debt office estimated its 2014 external funding will be 93.7 billion euros, unchanged from a September forecast.
Demonstrations point to frustration with traditional politics, with minister warning parliament of a country in 'spiral of rebellion'