EMU
2021: Build back to the future
The EU will double down on its efforts to use the Covid-19 crisis to accelerate the ‘Green’ and digital transitions, fuelled by its €1.95 trillion stimulus, an intense policy agenda and new trade opportunities to improve its global standing.
The ECB Strategy Review – exorcising the ghosts of crises past
The European Central Bank's strategy review is a chance for the EU to exorcise its past mistakes in developing monetary union, writes Anna Peychev.
Lagarde vows to act ‘with determination’ against second wave
European Central Bank President Christine Lagarde said on Thursday (19 November) that the institution will act "with determination” against the second wave of the pandemic, ahead of the new monetary stimulus she is expected to announce in December.
Commission green-lights extra spending to avoid double-dip recession
The European Commission has given its blessing to the draft budgetary plans submitted by the 19 eurozone countries, containing the extra spending to combat the risk of a new recession, but warned about the growing imbalances in many EU economies.
European recovery slows downs amid high uncertainty
The European Commission revised downwards its expectations about the European recovery as the impact of the second wave of COVID-19, and the uncertainty about how it will evolve further, will weigh on the fragile economies.
Commission expects recession to worsen in hard-hit Spain
The Spanish economy’s woes will worsen as GDP is expected to fall by 12.4% this year, according to the European Commission’s latest forecast to be published on Thursday, EU officials told EURACTIV.
Economic support will last ‘as long as necessary’, says Gentiloni
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.
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.
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.
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.
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.
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).
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.
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.
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.
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
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.
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.
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.
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.
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.
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.