Finance and Monetary Affairs in the EU

Latest news on economic and monetary affairs in the European Union.

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EU warns Latvia about non-resident banking — 16 January 2013, 22:46 CET

The European Commission warned eurozone aspirant Latvia on Wednesday to guard against growing banking sector imbalances and to closely monitor the identity of non-resident account holders.

IMF releases EUR 3.2 bn aid payment to Greece — 16 January 2013, 22:41 CET

The International Monetary Fund said Wednesday it would release 3.2 billion euros in aid to Greece that had been frozen for months amid fears about the country's ability to surmount its debt crisis.

Greek banks regain access to ECB funding — 16 January 2013, 19:49 CET

A number of Greek banks have regained access to regular European Central Bank funding following Athens' implementation of a bank recapitalisation plan, the ECB said on Wednesday.

New rules on credit rating agencies (CRAs) — 16 January 2013, 16:08 CET

New rules on when and how credit rating agencies may rate state debts and private firms' financial health were approved by the European Parliament on 16 January. They will allow agencies to issue unsolicited sovereign debt ratings only on set dates, and enable private investors to sue them for negligence. Agencies' shareholdings in rated firms will be capped, to reduce conflicts of interest.

Euro-Parliament approves tighter ratings agency rules — 16 January 2013, 22:44 CET

The European Parliament on Wednesday voted through tougher transparency standards for the credit rating agencies that many blame for stoking risk and deepening the eurozone debt crisis.

Bundesbank says will bring home gold reserves — 16 January 2013, 22:44 CET

The Bundesbank has decided to bring home to Germany some of its huge piles of gold ingots stashed away in the United States and France, it said on Wednesday after accusations that it has not kept proper track of the reserves.

Eurozone inflation 2.2% in December — 16 January 2013, 12:36 CET

Inflation in the 17-member eurozone was stable at 2.2 per cent in December, official data confirmed on Friday, as the slowing economy took pressure off prices.

Ireland to exit bailout 'before end of year' — 16 January 2013, 12:38 CET

Ireland has met all its obligations to EU and IMF creditors under its 2010 bailout and will exit the aid programme "before the end of this year," Prime Minister Enda Kenny said on Wednesday.

Italy reports EUR 2.4 bn trade surplus in November — 16 January 2013, 12:37 CET

Italy reported on Wednesday a trade surplus of 2.4 billion euros ($3.1 billion) in November, a figure almost unchanged from the October level.

European car sector hits 17-year low, Renault cuts jobs — 16 January 2013, 13:05 CET

European auto sales plunged to the lowest point for 17 years in 2012, trade data shows, revealing the dire state of the sector despite the global strength of German car makers.

Van Rompuy looks for Feb budget summit: sources — 15 January 2013, 17:48 CET

European Union head Herman Van Rompuy is canvassing member states to decide whether to call a summit next month on the bloc's 2014-20 budget after EU leaders dismally failed to reach a deal in November, EU sources said Tuesday.

IMF, Romania start key talks on reforms, draft budget — 15 January 2013, 16:50 CET

IMF and EU experts opened talks with Romanian officials on Tuesday on the 2013 draft budget and progress on reforms, seen as crucial for consolidating investors' confidence.

Bank winding up system priority for this year: Barroso — 15 January 2013, 23:51 CET

Progress on a system to wind-up failing banks before they can wreck the wider economy is of critical importance this year, says the European Commission.

Cameron's deputy warns of uncertainty over Europe — 15 January 2013, 13:34 CET

Deputy Prime Minister Nick Clegg warned his boss David Cameron on Tuesday that a prolonged period of uncertainty about Britain's relationship with the EU would have a "chilling effect" on the economy.

Tunisia's Syphax in $600m deal to buy 10 Airbus A320s — 15 January 2013, 16:04 CET

Private Tunisian airline Syphax said on Tuesday it has signed an accord with European planemaker Airbus to acquire 10 of its A320 aircraft between 2015 and 2020 in a deal worth $600 million.

Eurozone November trade surplus rises — 15 January 2013, 13:30 CET

The 17-state eurozone posted a November trade surplus of 13.7 billion euros, up from a downwards-adjusted 9.3 billion euros in October, official data showed on Tuesday.

British business chiefs urge Cameron to avoid EU isolation — 15 January 2013, 10:58 CET

Prime Minister David Cameron must not risk jeopardising Britain's EU membership and damaging the weak economy, business chiefs warned ahead of the premier's key Europe speech later this week.

Hannover Re hit by 261-million-euro loss from Sandy — 14 January 2013, 15:45 CET

German reinsurance giant Hannover Re said on Monday that it had taken a 261-million-euro ($349-million) hit due to claims from Hurricane Sandy but still expected to reach its annual targets.

Eurozone Nov industrial output down 0.3% — 14 January 2013, 11:19 CET

Industrial output in the 17-nation eurozone fell 0.3 per cent in November compared with output in October, reflecting the continued slowdown in the overall economy, official data shows.

EU must change if it wants Britain as member: Osborne — 11 January 2013, 18:47 CET

Britain's finance minister George Osborne told a German newspaper Friday that the European Union must change the way it deals with its member states if it aims to keep Britain in its ranks.

EU Parliament chief highlights IMF's mixed messages — 13 January 2013, 23:28 CET

European Parliament president Martin Schulz has criticised the IMF for demanding more austerity in Portugal while acknowledging that too much budget rigour can undermine badly-needed economic growth.

Italian borrowing costs drop in EUR 3.5 bn bond sale — 11 January 2013, 13:00 CET

Italy's borrowing costs fell sharply on Friday in an auction of bonds to be redeemed in 2015 which raised 3.5 billion euros, showing increased investor confidence.

Greek parliament to approve tax change under rescue terms — 11 January 2013, 13:00 CET

Greece's parliament was expected late on Friday to approve a new tax bill, part of the latest batch of fiscal reforms tied to the country's next slice of EU loans.

Russia hints at laxer Cyprus debt rules — 11 January 2013, 14:30 CET

Russia said on Friday it was ready to loosen the terms under which debt-ridden Cyprus had to repay loans which Russia had made to its close trading partner.

Romania unveils 2013 budget, eyes 1.8% growth — 10 January 2013, 22:06 CET

Romanian Prime Minister Victor Ponta on Thursday unveiled the 2013 draft budget that targets 1.8 per cent economic growth and a public deficit under 2.0 per cent.