Tag: Eurogroup

European Central Bank President Mario Draghi indirectly clashed with Eurogroup President Jeroen Dijsselbloem, stating yesterday (4 April) that the Cyprus bailout was "no template" for possible future solutions and pledged that taxing depositors would not become normal procedure. He also slammed the Cyprus' negotiators for their initial proposal.

Having stirred a controversy by saying that the Cyprus bailout was a template for resolving banking problems in the Union, Eurogroup chief Jeroen Dijsselbloem said on Tuesday (26 March) there were no apparent signs of increased withdrawals of savings within the single currency zone. 

The eurogroup’s insistence that Cyprus’ anti-money laundering framework is assessed by a private firm violates EU law, argues Andreas Frank.

The eurozone slipped deeper into recession in the last three months of 2012 after its largest economies, Germany and France, shrank markedly at the end of the year. It marked the currency bloc's first full year in which no quarter produced growth, extending back to 1995.

French Finance Minister Pierre Moscovici said on Sunday (20 January) that he expected Dutch counterpart Jeroen Dijsselbloem to be appointed Eurogroup chief, suggesting Paris had bowed to the inevitable despite reservations about him.

Dutch Finance Minister Jeroen Dijsselbloem played down but did not deny speculation that he is a serious candidate to take over as head of the Eurogroup of euro zone finance ministers from Jean-Claude Juncker.

The eurozone faces economic disaster unless its financially stronger states and its central bank commit to bearing a larger share of the region's debt burden, leading global economists including two advisors to the German government said.

Eurozone ministers agreed early this morning (10 July) to grant Spain an extra year until 2014 to reach its deficit reduction targets in exchange for further budget savings and set the parameters of an aid package for Madrid's ailing banks.

Jean-Claude Juncker, veteran head of the Eurogroup of eurozone finance ministers, has reaffirmed his plan to quit the job this year and branded the current generation of European leaders as "ungifted pragmatists".

German Finance Minister Wolfgang Schäuble is seen as the best candidate to become the next president of the Eurogroup. EurActiv.de and EurActiv.fr report on reactions in Germany and France.

Eurozone finance ministers have dropped plans for holding a face-to-face meeting today (15 February) on Greece's new international bailout, saying party leaders in Athens failed to provide the required commitment to reform. 

Eurozone finance ministers approved leverage methods of the Financial Stability Facility (EFSF) last night (29 November) although details remained hazy over the involvement of the International Monetary Fund and the European Central Bank in future bailout schemes.

The Eurogroup is preparing to appoint a permanent full-time president from mid-2012 when the mandate of its current chairman Jean-Claude Juncker comes to an end, leaving the position to be filled by an outsider.

Jean-Claude Juncker, Luxembourg prime minister and Eurogroup chair, called yesterday (17 May) for a "soft restructuring" of Greece's debt provided that the country would put in practice deep reforms and a privatisation "exceeding the imagination".

A little known EU committee is busy rewriting the EU's rules on bailouts and national debt without the glare of the media. On the menu of talks are tax co-ordination, national debt brakes and the ins and outs of euro bailouts.

EU finance ministers have given Greece a month to convince the European Union – and financial markets – that emergency measures to tackle its growing deficits will put the country on the road to recovery. The ministers reiterated their support for Greece, but played their cards very close to their chests.