Euro & Finance

Economy & Jobs 26-11-2021

EU sees ‘decisive moment’ for building single capital market

The European Union set out its third wave of reforms in six years on Thursday (25 November) to try to build a seamless securities market that can compete better with London and New York, a step that will pit stock exchanges against rival platforms.
Economy & Jobs 25-11-2021

Portugal’s vaccination rate gives Commission confidence on economic recovery

The European Commission remains confident in a successful recovery of the Portuguese economy, especially as the COVID-19 vaccination rate in the country is so high. As part of the “autumn package” adopted on Wednesday, the EU executive has published the latest post-programme...
The building of the European Central Bank in Frankfurt.
Economy & Jobs 23-11-2021

EU banks largely unprepared for climate risks, ECB warns

Out of 112 European banks, not one is close to fully aligning with the European Central Bank's climate and environmental risk management guidelines, according to a new report.
Isabel Schnabel
Economy & Jobs 18-11-2021

Bank’s policy may lead to inequality, says ECB board member

In a shift away from European Central Bank orthodoxy, a senior bank executive  has argued that even though the ECB’s monetary policy led to a decrease in labour income inequality, its asset purchase programs would lead to wealth inequality.
Economy & Jobs 17-11-2021

Getting balance right on UK euro clearing may take years, says EU official

The European Union won't suddenly pull up the "drawbridge" on Britain's financial services sector, and reducing reliance on the City of London for euro clearing could take years, a top European Commission official said on Tuesday (16 November).
Economy & Jobs 12-11-2021

Spain, EU Commission agree on instrument to finance recovery plan

Spain’s left-wing government has signed an agreement with the Commission detailing all operational instruments of the country’s national recovery plan, a formal step which will allow Madrid to request, shortly, the first half-yearly “tranche” of €10 billion from EU resources.
Economy & Jobs 11-11-2021

EU to give City of London a reprieve over euro clearing

The European Union gave the City of London a reprieve on Wednesday (10 November), saying it will allow clearing houses in Britain to continue serving customers in the bloc beyond next June, when market access was set to expire.
Ecofin Roundtable
Banking union 10-11-2021

Basel III: Member states see national financial stability at risk

Member states with a significant presence of foreign banks fear that the EU Commission’s proposal to implement the Basel III agreement sacrifices their national financial stability to integrate the EU’s banking sector.

Fiscal rule reform debate is back on, Slovenia says

EU finance ministers on Tuesday (9 November) relaunched the discussion on reforming the fiscal rule, which has been on hold since the outbreak of the COVID-19 pandemic, the Slovenian EU presidency said.
Economic governance 09-11-2021

Eurogroup ministers discuss economic governance framework

Monday’s meeting of the eurozone finance ministers was the first opportunity to discuss the review of the EU’s economic governance framework. While Commissioner Gentiloni hoped for a fresh start in the debate, the Austrian finance minister Gernot Blümel insisted on keeping the current rules.
Economy & Jobs 09-11-2021

Portuguese PM warns against EU dictating ‘abrupt reductions’ in debt, deficit

Prime Minister António Costa on Monday (9 November) called for a review of economic governance rules in Europe that takes into account lessons learned from the different responses to the most recent crises, warning against “abrupt debt and deficit reductions”....
ECB-President Christine Lagarde
Economy & Jobs 05-11-2021

ECB chief Lagarde advocates for more women in economics

Only a quarter of senior positions in economics at universities and business schools are held by women, according to a recent study. Christine Lagarde, President of the European Central Bank (ECB), pushes for more women in economics, saying “diversity is key to creating knowledge”.
Economy & Jobs 03-11-2021

Why EU needs a stronger commitment from Member States to build efficient capital markets

The European Commission expressed commitment to stronger and more deeply integrated financial markets with its action plan on capital markets union (CMU) published one year ago. This objective cannot be achieved without a strong commitment from the EU Member States, even more crucial now, as Europe recovers from the COVID-19 crisis. 
Economic governance 02-11-2021

Discussing EU fiscal rules is a ‘terrible mistake’, says historian Adam Tooze

In an interview with EURACTIV, a prominent economic historian and chronicler of economic crises argued for a different relationship between politics and finance and a new understanding of inflation. According to Adam Tooze, the European Union should focus on growth and not get bogged down in an argument about fiscal rules.
Economic governance 28-10-2021

€10 trillion in green public investments to grow out of climate change

According to a new study, the public sector could take the lead in transitioning to a green economy and help grow the economy at the same time, but only if there is a change in the fiscal rules that are currently debated in the EU.
Valdis Dombrovskis and Mairead McGuinness
Economy & Jobs 27-10-2021

Commission wants more capital buffers for EU banks – in about a decade

Through a newly proposed banking package the EU commission is trying to find a balance between increasing financial stability, protecting bank profits and sustainability concerns.
Economic governance 26-10-2021

ESM economists want to raise public debt limit to 100% of GDP

In a new discussion paper, economists of the European stability mechanism (ESM) suggest a simplification of the EU’s fiscal rules and their adaptation to changed economic circumstances.
shutterstock_630353657
Economy & Jobs 22-10-2021

National digital taxes and US sanctions to be withdrawn after OECD tax deal

A group of European countries agreed with the United States on Thursday to withdraw their digital taxes. The move by Austria, France, Italy, Spain, and the United Kingdom follows an international tax deal agreed earlier this month that aims to allocate parts of the profits from highly profitable, big corporations to countries in which revenue is generated.
Economy & Jobs 21-10-2021

Sudden departure of Jens Weidmann, the often lonely ECB voice against easy money

Bundesbank chief Jens Weidmann, who on Wednesday (20 October) announced his decision to stand down more than five years early, led a decade-long fight inside the European Central Bank against the easy-money policies espoused by successive ECB presidents.
Economy & Jobs 20-10-2021

Hedge fund billionaire calls for higher capital requirements for fossil fuel financing

Days before the Commission is expected to publish its proposal to change capital requirements rules, billionaire hedge fund manager Chris Hohn called for a stricter treatment of fossil fuel investments in banks’ balance sheets. His call is supported by activists and experts who fear the effects of climate change on financial stability
Economic governance 20-10-2021

Brussels relaunches EU fiscal reform, aims to boost green investments

The European Commission on Tuesday (19 October) took another step towards reforming the EU’s much-discussed fiscal rules, including the bloc's strict debt and deficit limits enshrined in the Stability and Growth Pact.
Economy & Jobs 19-10-2021

Life after COVID: EU re-thinks budget rules for new era

So often the source of rows between its members, the European Union starts reviewing its rules for national budgets to fit a post-pandemic reality of higher public debt and the huge costs of transitioning to a zero-emissions economy.
Climate change 18-10-2021

Fiscal reform and why it matters for climate

The EU's economic governance must drive climate action for a just transition, not austerity, writes Isabelle Brachet.
Economic governance 17-10-2021

Architect of EU fiscal rules calls for reform

Ahead of a new push by the European Commission to reform the EU's fiscal rules, the chief of the bloc's bailout fund, Klaus Regling pointed out the danger of sticking to rules that have become “economically nonsensical”.