Euro & Finance
No progress on EU’s long-term budget negotiations
EU member states and the European Parliament continued to disagree on Friday (18 September) on whether to increase the Union’s long-term budget, complicating attempts to reach a quick agreement on the badly needed recovery fund for the member states.
It is optimistic to expect recovery funds by mid-2021, says EU official
The approval process for the EU’s €750 billion recovery funds may take longer than foreseen, and it would be optimistic to expect the first disbursements by mid-2021, an EU official said on Thursday (17 September).
EU to throw London lifeline with extension to coveted clearing
The European Union is expected to throw the City of London an 18-month lifeline to continue clearing euro derivatives after Britain's unfettered access to the bloc ends in January, industry sources said on Tuesday (15 September).
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.
Big euro economies push for strong cryptocurrency rules
The finance ministers of France, Germany, Italy, the Netherlands and Spain called on the European Commission to include “strong rules” in its upcoming cryptocurrency proposal, in particular for global digital tokens like Facebook’s Libra.
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.
Finance ministers to discuss fiscal dumping inside the EU at Berlin meeting
EU finance ministers will discuss how to combat harmful tax practices within the EU during their informal meeting in Berlin this weekend, according to the German presidency's preparatory documents seen by EURACTIV.
Von der Leyen proposes McGuinness as financial services Commissioner
European Commission President Ursula von der Leyen proposed on Tuesday (8 September) Ireland's Mairead McGuinness to become financial services Commissioner, taking over from executive vice-president Valdis Dombrovskis, who will assume the trade portfolio vacated by Phil Hogan.
Major political groups harbour corruption – Greens’ Freund
The major European political groups tolerate corruption and malfeasance among the member parties, says Green MEP Daniel Freund, who also analyses the weaknesses of instruments to fight the misuse of EU funds.
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 agenda: Recovery and taxation to dominate the EU’s priorities
The implementation of the EU’s recovery fund and taxation will dominate the second half of the year, as both issues will top the German presidency agenda, and new resources are needed to finance the stimulus package to respond to the coronavirus crisis.
Italy seeks €28.5 billion in EU’s SURE unemployment aid
Italy has asked the European Union to tap its SURE unemployment scheme for €28.5 billion after extending furlough support to help the economy withstand the hit from the COVID-19 crisis.
Eurozone retail sales return to pre-pandemic levels
The volume of retail sales in the euro zone rebounded in June to levels recorded in February before lockdowns, official estimates showed on Wednesday (5 August), completing a recovery that began in May after record drops in March and April.
Italy enjoys oversized ECB support as debt balloons
Italy enjoyed oversized purchases of its government debt by the European Central Bank in June and July, standing out as the main beneficiary of ECB efforts to support the virus-stricken euro zone economy, data showed on Monday (3 August).
A stronger Commission is not the same as a stronger Europe
It is a dangerous myth to believe that maximising the role of the European Commission is synonymous with a stronger, wealthier Europe, writes Gunnar Hökmark.
Investors call out for green opportunities, as EU aims to open the door
In order to make the post-pandemic recovery as sustainable as possible, long-term green investments will be in hot demand. Participants at a virtual conference called “Investing post-COVID: is a green recovery assured?” called for more opportunities and a viable framework.
Revolving Doors: The case of Mário Centeno
The Portuguese Government, led by socialist Prime Minister, António Costa, has appointed the former Eurogroup President and Portuguese Finance Minister, Mário Centeno, as Governor of Portugal’s Central Bank. Never have the revolving doors of finance spun so fast, writes João Cotrim de Figueiredo.
A Financial Transaction Tax deal worth fighting for
The German EU presidency programme mentions the financial transactions tax as one of the measures to fund the EU's response to the coronavirus pandemic. Now is the time to make good on this promise, writes a group of 70 MEPs.
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.
Recovery money is not a gift, says Italy’s EU ambassador
The EU’s proposed €750 billion recovery fund should not be seen as a gift to EU member states. Rather, it is a financial instrument to fund the greening, digitalisation and competitiveness of the European economy, Italy's Permanent Representative to the EU, Maurizio Massari, told EURACTIV in an interview.
Michel gives control to member states to facilitate recovery fund deal
European Council President, Charles Michel, proposed on Friday (10 July) to give more control to member states over the recovery funds to overcome Northern member states’s opposition to the ambitious stimulus.
Donohoe wins Eurogroup presidency
Ireland’s minister of Finance, Pascal Donohoe, will be the next Eurogroup chief, outgoing president Mario Centeno announced.
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.