EMU Archives

The European Commission is preparing to launch a new excessive deficit procedure against Italy as a response to the government's lack of efforts to control public spending in the highly indebted EU country.

A new industrial policy for Europe, more support for small-and-medium sized enterprises (SMEs), and improved tax policy are common priorities of the European political families for the next mandate, while a review of the ECB mandate is also included in the manifestos of many parties for the EU elections.

Latest Greece and Italy’s fiscal plans raised concerns in Brussels, as the Eurogroup met for another round of negotiations on the budgetary instrument for the Eurozone on Thursday (16 May), without major achievements.

Finance ministers from the 19 eurozone countries will review public spending in the region on Thursday (16 May), with Italy once again in the spotlight amid an ongoing economic slowdown.

The European Commission called on Spain, Italy, France and Belgium to do more efforts to balance their public accounts yesterday (7 May), citing a slowing economy.

The Austrian national bank (OeNB) hosted its annual conference on 20 years of the euro on 2 and 3 May. In an interview with EURACTIV, the bank's chief economist explains how the euro zone debt crisis changed the economic "tool box" of the EU currency and spells out the challenges ahead.

ECB President Mario Draghi warned on Wednesday (10 April) that the uncertainty around Brexit was weighing on the eurozone’s growth but said he was still “hopeful” that major disruptions could be averted.

The eurozone finance ministers approved on Friday (5 April) the disbursement of €970 million to Greece, following the country's successful implementation of outstanding measures agreed as part of its post-bailout monitoring.

It is an overstatement to claim that Italy’s debt constitutes a risk for global markets, but a zero-growth rate can only worsen Rome's problems, European Commission President Jean-Claude Juncker said in an interview with state broadcaster RAI on Sunday (31 March).

The Managing Director of the International Monetary Fund, Christine Lagarde, called on eurozone leaders on Thursday (28 March) to complete the banking union by reaching an agreement on the European Deposit Insurance Scheme (EDIS).

The EU warned Sunday (24 March) of a new row brewing with Italy over its budget, barely a few months after both sides agreed on a hard-fought deal with Rome's disputed 2019 finances.

The European Union's court on Tuesday denied access to a European Central Bank (ECB) document which underpinned its decision to freeze vital funding to Greek banks in 2015, a turning point in the country's financial crisis.

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.

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.

As European partners remain disunited on the way forward to strengthen the eurozone, ECB President Mario Draghi made a wholehearted defence on Monday (28 January) of the need to act together to complete the economic and monetary union and increase the influence of the common currency abroad.

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. 

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.

As the euro turns 20, leaders of the EU's main institutions called on member states to complete the reform of the Economic and Monetary Union, admitting mistakes were made in managing the eurozone debt crisis.

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 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 violate …

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.

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.

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.

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.