Economic governance
Eurozone ministers urge inflexible Italy to drop budget defiance
Eurozone finance ministers urged Italy on Monday (5 November) to reverse course on its rule-breaking budget amid fears of market turmoil and a return of the debt crisis.
The euro ‘hawks’ want bigger say for crisis fund in cuts and reforms
The so-called Hanseatic League of EU countries called for a “strict conditionality” and more powers for the European Stability Mechanism over those countries requesting assistance to avert a full-blown crisis.
Member states must not let Commission stand against Italy alone
The rejection of Italy’s draft budget by the European Commission on Tuesday is unprecedented in the history of the Stability and Growth Pact. Member states cannot sit idly by but must take a more active role in the political conflict over fiscal sovereignty.
French people barely comforted by positive economic conditions
France tends to develop in the opposite direction to the rest of the eurozone and the economic lights are now on green. However, French morale tells a very different story and the international situation raises concerns among economic forecasters. EURACTIV France reports.
Draghi ‘confident’ about a deal on Italian budget
European Central Bank President Mario Draghi expressed his confidence on Thursday (25 October) about the likelihood of an agreement between the European Commission and the Italian government over Rome's spending plan for next year.
Italian budget standoff may consign eurozone integration drive to slow lane
An uncompromising challenge to EU budget rules by Italy is providing the first big test for reforms introduced to save the euro zone nine years ago as financial crisis threatened to tear it apart.
Course unchanged for ECB as growth worries bubble under
The European Central Bank seems certain to keep policy unchanged on Thursday (25 October) but likely to acknowledge the growth outlook is deteriorating, even if not yet enough to derail a carefully crafted retreat from stimulus.
German economy booms but Brexit and US clouds are on the horizon
The German economic powerhouse is booming. But its export-centric model is drawing complaints from other eurozone countries and the United States.
Commission rejects Italian draft budget in unprecedented decision
The European Commission rejected Italy’s 2019 budget in an unprecedented decision on Tuesday (23 October), after the government in Rome failed to give a substantial response to the executive's allegations of a breach of the EU law.
Italy and Brussels meet head-on over budgetary dispute
The European Commission prepares to reject Italy's budget on Tuesday (23 October) due to an “unprecedented” breach of EU fiscal rules. But Rome sticks to its guns and presented the breach as a “difficult but necessary decision” taken by the government.
Juncker: If we accept the Italian budget, ‘countries would insult us’
European Commission President Jean-Claude Juncker told Italian media on Tuesday (16 October) that he could not accept the extra spending budgeted by the Italian government because other member states would “insult” the institution.
Eurozone faces critical budget issue as Italy defies the rules
For the first time since post-crisis rules entered into force, all eurozone countries are to submit their draft budget plans to the European Commission, but the Commission could also make an unprecedented move itself: sending one of budgets back to where it came from, most likely, Rome.
German minister: Rescue package for Italy won’t be necessary
German Finance Minister Olaf Scholz said on Thursday (11 October) he did not expect Italy to need aid to deal with its debt pile. Any intervention by the European Central Bank would require Italy to formally apply for a rescue programme, sources said.
EU Fiscal Board blames Commission for ineffective recommendations
The European Fiscal Board complained on Wednesday (10 October) that member states had failed to use strong economic growth to reduce their public debt, and called for a major change of EU fiscal rules to ensure better enforcement by the European Commission.
Italy coalition chiefs defiant on budget, forecast GDP growth
The leaders of Italy's ruling parties said on Tuesday (9 October) they would permit no change to the government's 2019 budget plan, despite financial market pressure and criticism from the country's central bank and the parliamentary fiscal watchdog.
EU Commission prepares to reject Italy’s budget
The European Commission will take the unprecedented step of rejecting a national budget later this month if the Italian government does not improve its announced deficit figures, EU officials told EURACTIV.
Ministers press Italy to respect common rules in budgetary spat
Eurozone finance ministers and the European Commission called on the Italian government on Monday (1 October) to respect the EU’s fiscal rules, saying the “non-compliant” budgetary plan announced by the third largest eurozone economy could destabilise the region.
Draghi warns on protectionism as a risk for the Eurozone
The Eurozone should prepare for US and China protectionist measures if they materialise, president of the European Central Bank Mario Draghi said on Monday (24 September) at the European Parliament.
The unfinished work to avoid another Lehman Brothers
In the ten years that have passed since the fall of Lehman Brothers, Europe has improved its banking regulation but the financial system remains vulnerable. Europe commemorates the tenth anniversary with a solid growth. But experts consulted by EURACTIV.com warn...
Italy sends mixed signals to jittery markets after debt downgrade
Italy's new anti-establishment government sent contradictory signals to financial markets on Sunday (2 September) amid increasing concern Rome could breach EU spending limits as it comes under pressure to fulfil its anti-austerity electoral promises.
Clouds gather for Europe in run up to 10th anniversary of financial crisis
Discrepancies between Italy and the EU over its expenditure, the trade dispute with the US and political quagmires such as the Brexit talks and the migration challenge cloud EU prospects ahead of the tenth anniversary of the collapse of Lehman Brothers.
Has the eurozone learned from its Greek odyssey?
Greece will formally turn the page on its debt saga this week, but the eurozone remains vulnerable to further crises, with economists particularly worried about the situation in Italy.
Sanchez loses key vote as junior allies revolt against minority government
Spain’s socialist government lost on Friday (27 July) a key vote on the revised fiscal path to balance the public accounts, as Pedro Sanchez’s allies abstained calling into question the survival of his fragile minority.