Banking union

ECB to assess six Bulgarian banks as step towards Banking Union membership

13-11-2018

European Central Bank (ECB) will conduct a comprehensive assessment of six Bulgarian banks as part of the Balkan country's bid to join the European Union's banking union, Bulgaria's central bank said on Monday (12 November).

08-11-2018

Greek banks’ foul play suspected in Bulgaria

A Greek bank bought the Bulgarian subsidiary of another Greek bank on Wednesday (7 November). The deal seems totally at odds with the terms of Greece’s bailout deal, but not only that.
02-11-2018

Europe’s top banks in EU stress test spotlight

Europe's top banks will learn on Friday (2 November) how they have fared in their latest stress test, which could require some to raise capital or shed assets, with Italian lenders expected to come under close scrutiny.
15-10-2018

EU authorities defend Popular’s resolution despite thousands of complaints

Banco Popular intervention was a success story although more than 12,000 of the Spanish bank's shareholders requested to be heard in the complaint process, the European Commission and the Single Resolution Board (SRB) said on Monday (15 October).
04-10-2018

Estonia admits over €1 trillion were laundered in the country in 2008-2017

Banks doing business in Estonia, which has been at the centre of a money-laundering scandal involving Danske Bank, handled more than $1 trillion in cross-border flows between 2008 and 2017, according to the country's central bank.
01-10-2018

Money launderers are taking EU to the cleaners, experts say

EU nations may boast the world's most stringent anti-money laundering rules, but recent scandals show that criminals are good at exploiting the bloc's Achilles' heel: a patent lack of coordination.
20-08-2018

ECB fines France’s Credit Agricole over capital reserves

The European Central Bank announced on Monday (20 August) that it had fined French lender Credit Agricole a total of €4.8 million over past irregularities in the way it declared its capital reserves, Reuters reports.
10-07-2018

Germany poses ‘real problem’ when protecting bank savers with European guarantee, says official

A senior EU official said on Tuesday (10 July) that an agreement on a European Deposit Insurance Scheme (EDIS) to protect savers across the bloc would be “very hard” given Berlin’s opposition.
09-07-2018

Draghi urges countries to complete banking union as risks fall

European Central Bank President Mario Draghi urged eurozone member states to complete the banking union with a European Deposit Insurance Scheme, noting the “substantial” reduction of risks in the banks’ balance sheets and the benefits of risk-sharing.

Kurz pledges to shield Schengen as border dispute unfolds

Austrian Prime Minister Sebastian Kurz prioritised the protection of the external borders during his country's EU Presidency stint, in order to safeguard the Schengen area, as a recent deal between Germany’s conservative parties could lead to a resurrection of the bloc's internal borders.
29-06-2018

EU leaders postpone completion of banking union

Despite previous promises to achieve results on eurozone reforms in June, EU leaders postponed until December an agreement on the backstop to wind down failing banks and did not include any date for starting discussions on a European deposit guarantee scheme.
Future EU 28-06-2018

Migration set to overshadow eurozone reform debate at EU summit

The political crises in Germany and Italy are European and revolve around the debate on migration, which is set to overshadow other issues during the European Council in Brussels, on 28-29 June. EURACTIV.fr reports.
27-06-2018

Money laundering accusations in Latvia cast doubt on ECB credibility

The Governor of the Latvian Central Bank, suspended by the Parliament, continues to face extraordinary accusations. The Commission has promised to set up a working group by the summer to tackle money laundering. EURACTIV.fr reports.
22-06-2018

A ”facelift” to the EIB: the EU financial arm needs forward-looking reforms

The European Investment Bank (EIB) celebrates this year its 60th anniversary. But the 1958-founded EU body and bank should now look forward and commit to becoming a more sustainable, accountable and transparent institution, writes Xavier Sol.
Economy & Jobs 21-06-2018

German finance minister defends euro reforms against conservative attack

Germany's finance minister on Wednesday (20 June) defended a euro zone reform blueprint agreed with France against criticism by Chancellor Angela Merkel's conservatives that it could undermine monetary stability.
Economy & Jobs 31-05-2018

MEP Rodrigues: Imposing eurozone ‘as it is’ on Italy is not the answer

Populist forces in Italy are “playing with fire” and exposing the country to market pressure, vice-president of the Socialist Group in the European Parliament Maria João Rodrigues warned in an interview.
25-05-2018

EU ministers reach key agreement to unlock Banking Union file

Member states have reached an agreement on a package of measures aimed at reducing risk in the banking industry. The political consensus built upon a joint proposal by the French and German Finance ministers paves the way for a deepened reform of the Economic and Monetary Union.
Economy & Jobs 24-05-2018

Commission’s bond-backed product gets lukewarm reception

Financial representatives poured cold water on Thursday (24 May) on the European Commission’s proposal to create sovereign bond-backed securities (SBBS), insisting that not all the elements exist yet for a successful market for the product.
Economy & Jobs 23-05-2018

Commission demands ‘credible response’ from Italy to reduce debt

The European Commission on Wednesday (23 May) approved Italy’s efforts to balance its public accounts but asked the new government for a “credible response” in order to further reduce its immense public debt.
23-05-2018

Commission to pour cold water on Bulgaria’s Eurozone ambition

Euro-hopeful Bulgaria does not yet meet the criteria to adopt the single currency, the European Commission will say today (23 May) in an assessment of European Union countries that must one day switch to the euro.
27-04-2018

Bulgaria’s Borissov unveils secret criteria for joining the eurozone

Bulgarian Prime Minister Boyko Borissov said he apologises for revealing a secret, but that the Bulgarians should know about the main additional condition for the country’s accession to the eurozone.  
Economy & Jobs 26-04-2018

ECB sees ‘loss of momentum’ in eurozone’s economic growth

ECB President Mario Draghi said on Thursday (26 April) that all eurozone countries experienced “some moderation in growth or loss of momentum” over the past weeks, as the institution is carefully reassessing how to exit the unconventional monetary measures adopted during the crisis.
City of London skyline at sunset
Brexit 24-04-2018

Commission defends ‘equivalence’ with UK for financial services

European Commission Vice-President Valdis Dombrovskis told the UK’s financial sector on Tuesday (24 April) that the EU and UK regimes could co-exist together after Brexit, but warned that London would not have a say in the decision-making process.
Economy & Jobs 20-04-2018

Merkel urges ‘compromise’ on eurozone reform

Germany's Angela Merkel called for a spirit of "compromise" on reforming the euro zone at a meeting on Thursday (19 April) with French President Emmanuel Macron, who pressed for "solidarity" among members of the currency union.
Economy & Jobs 19-04-2018

Macron visits Merkel in bid to salvage eurozone reform plans

French President Emmanuel Macron heads to Berlin Thursday (19 April) for talks with Chancellor Angela Merkel, hoping to breathe fresh life into his grand vision for EU reforms in the face of growing German resistance.