Finance and Monetary Affairs in the EU

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

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EU urges Finland to cut public debt — 19 December 2012, 10:54 CET

The European Commission on Wednesday urged Finland to rein in its public debt amid forecasts that it could rise to 60 percent in the next five years.

Cyprus living hand to mouth until EU bailout comes — 19 December 2012, 10:54 CET

Cyprus has taken the extraordinary step of dipping into public authority pension funds to pay salaries for December but it still teeters precariously on the brink while waiting for EU bailout money.

Tunisia 'desperately' seeking EU economic cooperation — 18 December 2012, 23:59 CET

Tunisia is "desperately" seeking closer economic cooperation with Europe two years after the Arab Spring uprising to help tackle frustration at its failure to raise living standards, the head of the EU parliament said on Tuesday.

Disputed fish quota cuts lead to tough EU talks — 19 December 2012, 00:03 CET

EU fishery ministers began difficult talks Tuesday on the vexed question of 2013 quotas as they sought to balance conflicting demands from environmentalists and fishermen alike.

Greece says to receive full EU-IMF loan payment by Wednesday — 18 December 2012, 11:35 CET

Greece will receive all of a long-awaited 34.3-billion-euro loan tranche from the EU and the IMF by Wednesday, a Greek official said on Tuesday, hours after an initial payment was carried out.

Enhanced administrative cooperation in the field of (direct) taxation — 17 December 2012, 23:11 CET

On 6th December 2012 the European Commission adopted a Regulation laying down detailed rules for implementing Council Directive 2011/16/EU (Commission Implementing Regulation 1156/2012). It includes various provisions on the standard forms and means of communication that Member States will use when exchanging information. The national laws, regulations and administrative provisions transposing the Directive will enter into force on 1.1.2013, with the exception of the provisions relating to automatic exchange of information which will enter into force on 1.1.2015. Council Directive 2011/16/EU is based on a proposal presented by, the European Commission on 2 February 2009 to replace Council Directive 77/799/EEC concerning mutual assistance by the competent authorities of Member States in the field of direct taxation and taxation of insurance premiums (COM(2009)29 final pdfand the press release IP/09/201 Choose translations of the previous link). The ECOFIN Council of 15th February 2011 formally adopted the new Council Directive 2011/16/EU on administrative cooperation in the field of taxation and repealing Directive 77/799/EEC. The Directive was published in the Official Journal on 11 March 2011 (Council Directive 2011/16/EU and the press release).

Bank supervisor will restore trust in eurozone: Draghi — 17 December 2012, 18:50 CET

European Central Bank President Mario Draghi said Monday that the creation of an EU-wide banking supervisory authority would help restore confidence in crisis-wracked eurozone.

Eurozone October trade surplus edges higher: Eurostat — 17 December 2012, 18:53 CET

The 17-nation eurozone posted an October trade surplus of 10.2 billion euros, up from 9.5 billion euros in September, official data showed on Monday.

Ireland to focus on growth as EU president — 20 December 2012, 14:04 CET

The way forward out of the crisis for Europe is to secure growth and jobs, Irish Deputy Prime Minister Eamon Gilmore said on Monday as his country prepares to take over the rotating EU presidency.

EU gives temporary approval to rescue of Italy's MPS — 17 December 2012, 17:56 CET

The European Commission on Monday gave temporary approval "for reasons of financial stability" to the recapitalisation of Italy's third-biggest bank, Monte dei Paschi di Siena (MPS).

Europe must work hard to maintain welfare system: Merkel — 17 December 2012, 11:00 CET

Europe will have to work "very hard" to maintain its generous welfare system and remain competitive, German Chancellor Angela Merkel said in a newspaper interview Monday.

Italy nettled by European ploy to meddle in election — 16 December 2012, 18:18 CET

Left to its own devices, could Italy slide back into the debt crisis mire after the upcoming elections, dealing a knock-on blow to the eurozone, or vote party-loving Silvio Berlusconi back into power?

Bundesbank hits out at ECB's banking supervisory role — 14 December 2012, 16:47 CET

The head of the German central bank or Bundesbank, Jens Weidmann, hit out Friday at the decision by EU leaders this week to make the European Central Bank Europe's new banking supervisor.

Slovenia warns might delay Croatia's EU entry over bank row — 14 December 2012, 16:59 CET

Slovenia might still block Croatia's accession to the European Union, planned for July 2013, if a long-standing dispute over bank savings is not quickly resolved, Slovenia's foreign minister warned Friday.

EU delays euro fix after deal on Greece, banks — 14 December 2012, 15:37 CET

Europe's leaders on Friday pushed back radical moves to fix faults in the euro at the final summit of a crisis-hit 2012 that saw much-trumpeted deals to save Greece and monitor big banks.

EU delays euro fix after deal on Greece, banks — 14 December 2012, 16:48 CET

Europe's leaders decided Friday to push back radical moves to fix faults in the euro at the final summit of a crisis-hit 2012 that saw deals to save Greece and monitor big banks.

ECB takes credit for market calm, but says risks prevail — 14 December 2012, 13:11 CET

The European Central Bank said Friday its emergency measures have helped bring the debt crisis fires under control, but only governments can put out those fires completely.

Eurozone inflation confirmed at 2.2% for November — 14 December 2012, 12:28 CET

Inflation in the 17-country eurozone fell sharply to 2.2 per cent in November from 2.5 per cent in October, official data confirmed on Friday, as the slowing economy took pressure off prices.

Eurozone business activity improves again in Dec — 14 December 2012, 11:18 CET

Eurozone business activity hit a nine-month high in December, continuing to show improvement from recent lows but remaining in negative territory, the key Markit survey showed Friday.

EU crisis times over: Hollande — 14 December 2012, 10:52 CET

The times of crisis and confusion for the European Union are over, French President Francois Hollande said Friday.

EU holds back on eurozone overhaul — 14 December 2012, 10:52 CET

European leaders doused hopes of a radical eurozone overhaul on Friday, after brokering deals to control banks and refloat Greece seen as adequate to stem the immediate crisis.

EU trumpets bank deal but bogs down on eurozone overhaul — 14 December 2012, 12:26 CET

Europe's leaders wound up another crisis-hit year at their last 2012 summit Friday, trumpeting deals to save Greece and monitor banks but kicking ambitious proposals for further EU integration into a vague future.

Draghi hopeful of banking union progress: report — 14 December 2012, 10:50 CET

European Central Bank (ECB) chief Mario Draghi is confident that a central authority with the power to wind down failing eurozone banks will soon be in place, according to an interview in Friday's FT.

Berlusconi says has 'so much to do' outside politics — 13 December 2012, 22:06 CET

Italy's former leader Silvio Berlusconi gave a strong hint Thursday that he might not run in next year's election, telling a Belgian television station he had "so much to do" outside politics.

France, Germany bury hatchet to nail EU bank deal — 13 December 2012, 22:04 CET

France and Germany, seemingly set on divergent political paths, pulled out all the stops Thursday to lay the symbolic foundation stone towards greater eurozone integration.