Economic governance
Eurogroup keeps anti-shock capacity for eurozone budget off the table
Eurogroup president Mario Centeno said late on Monday (11 March) that the future eurozone budget would not include a stabilisation function, despite insistance by France and a handful of other countries to broaden its scope.
The Franco-German proposal for a ‘eurozone budgetary instrument’, in detail
France and Germany tabled a joint proposal on Thursday (21 February) to establish a new "eurozone budgetary instrument" that would support national reforms and investments in the single currency bloc.
Uncertainty dampens European growth
Euro area economy is expected to slow down more markedly than initially expected, because of the impact of increasing risks, including a disorderly Brexit, and external tensions primarily driven by the US-China trade war.
French finance chief wants to tax expatriate business leaders
French Minister of Economy and Finance Bruno Le Maire wants to introduce legislation to ensure that heads of large French businesses living abroad pay more taxes in France. EURACTIV France’s partner La Tribune reports.
Eurogroup kick off race for ECB chief economist, Ireland’s Lane puts name forward
Ireland presented Philip Lane’s candidacy as chief economist at the European Central Bank on Monday (21 January), as the Eurogroup opened calls for nominations in a relaxed first session of the year.
ECB reshuffle: The EU can do better than gentlemen’s agreements behind closed doors
Appointments to the European Central Bank's Executive Board are no less than a strategic and political decision over the future of the Eurozone. But experience has shown this process is not transparent, open, and democratic enough to protect the ECB from its legitimacy gap, argue Stanislas Jourdan and Sebastian Diessner.
20 years of the euro: An imperfect success story
The single currency, which was officially launched on 1 January 1999, has performed its role of shielding against crises and stabilising prices. However, the insufficient convergence of the eurozone’s economies shows the fragility of this incomplete construction. EURACTIV France’s media partner La Tribune reports.
Poland lashes out against EU and Paris over French deficit
Poland on Friday (4 January) accused France of breaching European Union laws by exceeding spending limits, the latest in a series of long-running clashes between the two member states. Paris last month forecast a 2019 deficit of 3.2%, which would...
EU freezes budget disciplinary procedure against Italy
The solution offered to the European Commission is not ‘ideal’ but Italy's efforts are sufficient to avoid the launch of the excessive deficit procedure, the EU executive announced on Wednesday (19 December).
Italy makes concessions in latest budget draft proposal
The European Commission noted progress in Italy’s revised budget for 2019 sent late on Sunday as EU experts crunched numbers to see if Italy's effort was sufficient to end the budgetary spat.
Leaders wrap up year-long euro reform with face-saving package
EU leaders concluded on Friday (14 December) a year-long discussion to bolster the eurozone by approving extra money to resolve failing banks and additional powers for the European Stability Mechanism, the EU’s rescue fund.
ECB chief Draghi downgrades economic forecast as risks persist
European Central Bank President Mario Draghi presented on Thursday (13 December) the bank's downgraded economic forecast for the eurozone for this year and next, as uncertainties and risks remain prominent in the region.
Italy’s Conte admits defeat on budget, presents new plan to EU
Italy has admitted defeat and agreed to change its “beautiful” budget plan to avoid the opening of a disciplinary procedure against Rome.
Commission to judge in May France’s deficit deviation
The European Commission will conclude in May whether France’s deficit slippage caused by new spending measures represents a limited and temporary deviation allowed by the rules.
Green transition: ECB and budgetary authorities should face their responsibilities
Reforming the rules for coordinating budgetary and economic policies in the eurozone is a necessity to conciliate economic, social and climate objectives, write Olivier Bodin and Michael Vincent.
EU reaches limited agreement to bolster economic and monetary union
EU finance ministers concluded a deal on Tuesday (4 December) to bolster the region with new tools to save ailing banks and member states but postponed Europe-wide instruments to protect depositors or stabilise national economies.
Italy one step closer to EU budget procedure
Italy’s deputy Prime Minister Luigi Di Maio said he was confident about ongoing talks with the European Commission over the country’s budget, despite a fresh recommendation by EU government representatives on Thursday (29 November) to open an excessive deficit procedure against Italy.
ECB urges completion of monetary union in ‘unstable’ world
ECB chief Mario Draghi called for the completion of the eurozone framework and to reduce divergencies between West and East members in order to protect the euro in a more "unstable" world on Monday (26 November).
Commission ‘not at war’ with Italy, Juncker says
The European Commission has no plan to start a war with Italy over its budget, Commission President Jean-Claude Juncker said a day after a working dinner with Italian Prime Minister Giuseppe Conte on Saturday (24 November). But Rome confirmed that the main reforms included in the disputed budget will stay unchanged.
Commission launches excessive deficit procedure against Italy, saying it is ‘sleepwalking into instability’
The European Commission hedged its bets and called for the opening of an excessive deficit procedure against Italy on Wednesday (21 November) as Rome refused once again to revise its draft budget plan.
Italy’s revised budget ‘did not dispel concerns’, Eurogroup president says
Italy’s slightly modified budget might not get the green light from the European Commission, the president of the Eurogroup, Mario Centeno, told the Parliament’s Economic and Monetary Affairs Committee on Tuesday (20 November), raising the likelihood of an excessive deficit...
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.