EMU

Economic support will last ‘as long as necessary’, says Gentiloni

Economy & Jobs 27-10-2020

Given the increasing number of covid-19 cases and the risk of a double-dip recession, the support to the European economy will be maintained “as much as is needed, for as long as is needed”, said on Tuesday (27 October) commissioner for Economy, Paolo Gentiloni.

Commission must issue green bonds to finance the green recovery

The European Commission has a unique opportunity to issue green bonds to finance the EU's coronavirus recovery plan and ensure overall investment coherence with the Green Deal, write Pascal Canfin and Bas Eickhout.
Brexit 10-09-2020

Lagarde hopes for EU-UK deal in spite of ‘negotiation posturing’

European Central Bank President Christine Lagarde voiced hope on Thursday (10 September) that EU-UK negotiations on a post-Brexit trade deal will lead to a positive outcome, in spite of the “negotiation posturing” seen in recent days.
Economy & Jobs 24-08-2020

Germany’s Scholz sees ‘no way back’ from EU joint debt

German Finance Minister Olaf Scholz said Sunday (23 August) that the European Union's recovery package financed by joint borrowing was a long-term measure rather than a short-term coronavirus crisis fix, contradicting Chancellor Angela Merkel.
Economy & Jobs 16-07-2020

ECB to sit tight as EU leaders shape virus recovery plan

European Central Bank governors are expected to refrain from doling out fresh stimulus medicine Thursday, hoping EU leaders will do their bit to shore up the crisis-hit region with a huge coronavirus recovery plan.
Economy & Jobs 09-07-2020

Election day: Calviño and Donohoe neck and neck in Eurogroup race

Eurozone finance ministers are split on whether to pick their Spanish colleague Nadia Calviño or Ireland’s Paschal Donohoe as the next Eurogroup president during a videoconference on Thursday (9 July), EU sources and diplomats told EURACTIV.com.
Economy & Jobs 07-07-2020

Italy, Spain and France worst performers as recession deepens

Italy, Spain and France will register the worst economic downturn among eurozone countries this year as the contraction will be more severe than previously expected, according to the latest European Commission forecast published on Tuesday (7 July).
Economy & Jobs 02-07-2020

EU fiscal watchdog wants to scrap ‘unrealistic’ 60% debt limit

The European Fiscal Board on Tuesday (1 July) recommended to get rid of the EU's debt threshold of 60% of GDP and instead adopt realistic debt targets specific to the bloc's national economies.
Economy & Jobs 26-06-2020

Calviño, Donohoe and Gramegna compete for Eurogroup helm

Ministers Nadia Calviño (Spain), Paschal Donohoe (Ireland) and Pierre Gramegna (Luxembourg) will compete for the Eurogroup Presidency. While Calviño could become the first woman to chair the body, her colleagues promised to become ‘bridge builders’ between the different positions. 
Economy & Jobs 25-06-2020

Eurogroup race hits milestone with no official candidates yet

The deadline for eurozone finance ministers to put forward their candidacy to chair the Eurogroup ends on Thursday (25 June), with no official contenders yet, although Spain’s Nadia Calviño, Ireland’s Paschal Donohoe and Luxembourg’s Pierre Gramegna are seen as leading the race.
Economy & Jobs 12-06-2020

Independent report unveils flaws in Greek bailout

Eurozone creditors who designed and supervised Greece's bailout paid “insufficient attention” to the Greek social needs, had inadequate strategies and pursued damaging fiscal adjustment in the bailout programmes agreed with Athens, an independent evaluation concluded
Economy & Jobs 12-06-2020

Spain’s Calvino boasts ‘key role’ in Eurogroup to support her candidacy

Spain’s minister of Economy, Nadia Calviño highlighted her “key role” in preparing the Eurogroup response to the COVID-19 crisis, as the eurozone finance ministers will pick a new president in early July.
Economy & Jobs 10-06-2020

Ex-Eurogroup boss: Nobody is so stupid to propose to ‘just go back under 3% deficit’

As one of the most influential Eurogroup figures during the previous crisis, Thomas Wieser chaired the preparatory meetings of eurozone finance ministers between 2011 and 2018. In an interview with EURACTIV, the American-Austrian economist described the EU’s fiscal rules as “bad practical economics”, in particular for handling a crisis such as the current one.
Economy & Jobs 08-06-2020

Lagarde warns of market turbulences if no quick adoption of recovery fund

European Central Bank President Christine Lagarde called on member states on Monday (8 June) to urgently adopt the EU recovery plan, saying any delay could create “negative spillovers” in the markets and increase the costs of overcoming the recession. 
Economy & Jobs 04-06-2020

ECB doubles down on pandemic response after German ruling

The European Central Bank announced on Thursday (4 June) that it will add €600 billion to its €750 billion bond-buying response against the coronavirus, in its first governing council meeting after Germany’s Constitutional Court ruled against the bank's asset-purchasing programme.
Economic governance 03-06-2020

Commission vows to break with troika-type conditions in recovery phase

It is increasingly evident that the European Commission has no intention to return to the tight cash-for-reform system to manage the recovery funds and that ‘hawkish’ member states could find it difficult to turn the proposed procedure into a troika-type oversight.
Economy & Jobs 28-05-2020

Von der Leyen’s other stimulus: A private sector boost of €600 billion

As part of its recovery plan, the European Commission wants to attract €600 billion of additional private investments in order to finance strategic sectors and support viable companies at risk of liquidity shortages in the aftermath of the COVID-19 crisis.
Economy & Jobs 27-05-2020

Commission puts forward massive €750bn stimulus against corona-crisis

The European Commission will propose later on Wednesday (27 May) an unprecedented fiscal stimulus of €750 billion, mostly made up of grants that do not need to be reimbursed, to overcome the deepest recession in EU history.
Economy & Jobs 25-05-2020

Member states brace for ‘great stimulus’ battle

The European Commission’s proposal on the next seven-year budget and the accompanying recovery fund will this Wednesday (27 May) launch one of the most difficult negotiations in the EU history, as member states disagree over the size, shape and conditions, and primarily whether to give grants or loans. 
Economy & Jobs 22-05-2020

France wants EU budget rules suspended through 2021

France on Thursday (21 May) called on the EU to suspend its strict budgetary rules for member states for this year and next due to the severe hit economies have taken during the coronavirus pandemic.
Economy & Jobs 20-05-2020

Commission defends gradual return to fiscal discipline to avoid ‘mistakes’ of austerity

The European Commission could start controlling deficit and debt levels from next year, once the recession is over. But the road to balancing public accounts again will avoid the “mistakes” of the last crisis, the institution said on Wednesday (20 May). 
Economy & Jobs 09-05-2020

ESM corona-loans expected to be available from 15 May

The €240 billion in ‘cheap’ loans for countries affected by the coronavirus COVID-19 will be available as from 15 May, 15 days ahead of the expected date, European Stability Mechanism (ESM) chief, Klaus Regling, said on Friday (8 May).
Economy & Jobs 05-05-2020

Commission expects Spanish economy to shrink 9.4% this year

The European Commission expects the Spanish economy to contract by as much as 9.4% this year due to the impact of the coronavirus, although it should regain some of the lost ground in 2021, when it is expected to grow by 7%, EU sources told EURACTIV.
Economy & Jobs 05-05-2020

German court gives ultimatum to ECB on bond-buying programme

Germany’s central bank (Bundesbank) should suspend the implementation of the European Central Bank's critical bond-buying programme unless the ECB proves the proportionality of its monetary stimulus, aimed at shoring up the eurozone's economies, Germany's Constitutional Court ruled on Tuesday (5 May).
Economy & Jobs 30-04-2020

ECB ready to increase its coronavirus stimulus

The ECB is ready to increase its €750 billion bond-buying programme to cope with the fallout of the coronavirus pandemic, as the eurozone economy could fall by 12% this year, its president Christine Lagarde said on Thursday (30 April).
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