Tag: Olli Rehn

Olli Rehn, the EU's top economics official strongly defended the 'troika' of international lenders, saying the monitoring team was essential to restoring euro zone credibility. His comments came as a rebuff to another Commission Vice President, Viviane Reding, who said the troika format should be abandoned.

France and Spain fell short of their budget deficit goals last year and debt levels swelled across the eurozone but the pressure may be easing on Paris and Madrid as the European Commission signals an end to sharp spending cuts.

The extent to which European banking union will cover all banks in the eurozone came under fire yesterday (3 September) as MEPs and the German finance minister raised doubts that the Commission’s blueprint will be feasible.

In an unusual departure from traditional EU language, European Commission vice-president Olli Rehn and Italy’s Prime Minister Mario Monti have issued dramatic warnings yesterday (31 May) on the euro zone, while European Central Bank chief Mario Draghi openly admitted that the common currency was fighting for its survival. 

Twelve European economies - including Britain, Italy and France - have deep weaknesses that are undermining growth and need to be tackled, the EU said on Tuesday as it stepped up its surveillance to avoid a repeat of the devastating debt crisis.

A new institutional set-up for the eurozone's economic governance will take centre stage at the next EU summit in mid-October. Ahead of this crucial meeting and cornered by increasing pressures to hand over powers to member states, the European Commission is entertaining the idea of one of its own getting the Eurogroup's top position.

A drawn-out debate over new rules to police debt-laden countries has been shelved until September as lawmakers from the European Parliament, the Commission and EU member states battle over who should have the last word.

EU finance ministers have agreed to hold a marathon series of meetings to forge agreements on how to police debt and rescue failing economies, as many proposals still face terse opposition from the EU's national governments. 

How Europe's banks will raise more capital and how their governments will help plug large holes in banks' books will be the main focus of ministerial talks in Brussels this week.

Ahead of today's meeting of eurozone finance ministers, the Greek finance minister announced his government will not be adding new measures to the public sector cuts and higher fuel taxes unveiled last week.

Finland's Olli Rehn is expected to take charge of economic and monetary affairs in the European Union, diplomats said yesterday (26 November), giving him a major role in efforts to revive Europe's economy after the credit crunch.

To participate in upcoming Belgian general elections on 10 June, Development Commissioner Louis Michel is being temporarily replaced by Enlargement Commissioner Olli Rehn.

The Turkish penal code needs to be changed again if Ankara wants to stay on the EU course, Commissioner Rehn warns after a court ruling that limits freedom of expression.  

Commissioner Rehn has defined the EU's absorption capacity as being "about whether the EU can take in new members while continuing to function effectively”. He also warned against the "temptations of populism". 

Three weeks ahead of the Commission's scheduled 16 May progress reports, Bulgaria and Romania still have no reason to rest assured of their EU accession in January 2007.