Finance and Monetary Affairs in the EU

Latest business news about Finance and Economic and Monetary Affairs in the European Union

EU backs plans to more than double bailout fund — 02 December 2008, 23:50 CET

EU finance ministers adopted on Tuesday a proposal to more than double the amount of loans available to the bloc's non-eurozone members in case they run into economic troubles.

EU gives lukewarm backing to 200-billion-euro stimulus target — 02 December 2008, 23:53 CET

EU finance ministers gave cautious backing on Tuesday to plans for a joint 200-billion-euro economic stimulus plan without making formal commitments to the package in the face of reservations.

Latvia restricts withdrawals from bank, government may up stake — 02 December 2008, 23:33 CET

The Latvian government may raise its stake in Parex, the nation's second-largest bank which is already being taken into state hands, a top official said on Tuesday, as authorities slapped restrictions on cash withdrawals.

Under fire, EU offers softer line on bank bailouts — 02 December 2008, 23:39 CET

The European Commission, accused of being too "bureaucratic," caved into pressure from EU governments on Tuesday to take a softer line on state bailouts of troubled banks.

Austrians' confidence in EU grows in wake of financial crisis: poll — 02 December 2008, 13:45 CET

The notoriously euro-sceptic Austrians have regained confidence in the European Union as a result of the global financial crisis, a new survey showed Tuesday.

EU struggles to get stimulus package on the rails — 02 December 2008, 23:49 CET

The European Union struggled on Tuesday to get a sweeping economic recovery package on the rails, with Member States giving lukewarm backing to a proposed 200-billion-euro stimulus plan.

Germany, Sweden blast 'bureaucratic' EU for over bank bailouts — 02 December 2008, 11:21 CET

German and Swedish finance ministers blasted the European Commission on Tuesday for being too "bureaucratic" in assessing whether state bailouts of troubled banks are in line with EU rules.

Eurozone backs away from EUR 200bn stimulus target — 02 December 2008, 00:49 CET

Eurozone finance ministers failed on Monday to commit to a proposed 200-billion-euro economic stimulus target while agreeing they need a joint anti-recession package.

Aer Lingus rejects EUR 748m bid from Ryanair — 02 December 2008, 00:46 CET

Irish airline Aer Lingus rejected Monday a 748-million-euro cash takeover offer from Ryanair, Europe's biggest budget airline, saying it was way below its real value.

Slovak euro fever breaks out month before currency switch — 02 December 2008, 00:32 CET

Slovaks took post offices and banks by storm on Monday, chasing after packs containing the first euros with Slovak emblems a month before the former communist country switches to the single European currency.

Eurozone's Juncker sees room for ECB rate cut — 01 December 2008, 23:57 CET

The head of the Eurogroup of eurozone finance ministers, Jean-Claude Juncker, urged the European Central Bank on Monday to cut its interest rates.

EU increases duty-free for travel into Europe — 02 December 2008, 13:40 CET

The European Union on Monday increased its duty-free allowances for travellers arriving in the 27-nation bloc, with rules eased for wine and perfume but not for cigarettes.

EU mulls 200-billion-euro stimulus package — 02 December 2008, 00:09 CET

European finance ministers grappled on Monday with how to coordinate their efforts to ward off recession, with Germany sounding reservations about EU plans for a EUR 200bn stimulus.

Britain says no change on euro after EU chief's claim — 01 December 2008, 23:49 CET

Britain has denied that plans are afoot to adopt the euro currency after the European Commission president said it was considering joining.

Barroso says crisis has brought Britain closer to euro — 01 December 2008, 01:30 CET

The international financial crisis has set off a radical change in thinking in Britain about the euro, EU commission chief Jose Manuel Barroso said on Sunday.

EU chief says he expects cut in European interest rate — 01 December 2008, 01:35 CET

European Commission president Jose Manuel Barroso said in Paris on Sunday that he expects the European Central Bank to make a "very clear" move to cut interest rates to counter the economic crisis.

Poland adopts EUR 24bn economic aid package — 01 December 2008, 01:34 CET

Poland adopted Sunday an economic package for 2009-2010 valued at 24 billion euros to help weather the global financial crisis, as it revised downwards its growth forecast.

Crisis forces Europe to break economic taboos — 30 November 2008, 14:00 CET

The growing severity of the economic downturn is forcing the European Union to break its taboos about letting deficits swell and loosening up state-aid rules.

German state leader hits out at EU official over 'Volkswagen Law' — 30 November 2008, 00:17 CET

A German regional government chief hit out Saturday at European Commissioner Charlie McCreevy, accusing him of spending too much time on the golf course, in a row over the future of Volkswagen.

German regional bank seeks 10-billion-euro bailout — 29 November 2008, 01:39 CET

German regional bank BayernLB said on Friday it needed a 10-billion-euro (13-billion-dollar) public bailout, 3.6 billion euros more than it originally asked for a month ago.

Barroso urges 'human rescue' on top of cash bailouts — 28 November 2008, 14:57 CET

World leaders should try to carry out a "human rescue" with their financial rescue packages, European Commission president Jose Manuel Barroso said on Friday.

Latvian economy set to shrink 5 per cent in 2009 — 27 November 2008, 18:06 CET

Latvia's recession is set to be deeper than feared in 2009, with output per cent rather than the previously-forecast 3.5-3.9 per cent, Prime Minister Ivars Godmanis warned on Thursday.

Spanish government launches EUR 11bn stimulus package — 27 November 2008, 23:25 CET

Spain will spend an extra 11 billion euros on public works and other recession-busting measures to fight a spike in unemployment after the global financial crisis, Prime Minister Jose Luis Rodriguez Zapatero said Thursday.

Porsche suffers court ruling setback in bid for control of VW — 27 November 2008, 18:09 CET

Luxury sports car maker Porsche suffered a setback Thursday in its battle for control of Volkswagen when a German court upheld the state of Lower Saxony's blocking minority over strategic VW decisions.

The EU and Germany's Volkswagen law - briefing — 27 November 2008, 14:29 CET

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