Euro & Finance Archives

The political impetus and the economic momentum filled with optimism the early stages of the year ending. But divisions among member states killed the ambition once felt. Hope turned into fear and protests. The EU braces for a very troubling period.

The global economy is set to slow down in 2019 and stabilise thereafter, the European Central Bank said on Thursday (27 December), while still expecting prices to rise.

France president Emmanuel Macron "lost authority" by releasing a budget draft which would exceed the EU's 3% deficit limit, Budget Commissioner Günther Oettinger said on Thursday (27 December) in an interview.

The solution offered to the European Commission is not ‘ideal’ but Italy's efforts are sufficient to avoid the launch of the excessive deficit procedure, the EU executive announced on Wednesday (19 December).

Greek lawmakers approved on Tuesday (18 December) the country's first post-bailout budget which projects a high primary surplus next year and sees a pick-up in economic growth.

Italy has done a deal with the European Commission over its contested 2019 budget, a spokeswoman at the Economy Ministry said on Tuesday (18 December), signaling an end to weeks of wrangling that had shaken financial markets.

European banks will have to foresee a "prudential backstop" to cover for potential non-performing loans (NPLs), the European Parliament and the Council agreed on Tuesday (18 December).

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.

For the first time, the 19 eurozone countries agreed in principle on creating a dedicated budget for the single currency area. However, it will lack the stabilisation mechanism sought by Paris, a cornerstone of Emmanuel Macron’s original plan. EURACTIV France reports.

Greece’s pursuit of "sustainable growth" cannot be achieved by one political leader, so all democratic political forces should set aside their ideological differences and form an alliance, Konstantinos Michalos, President of the Athens Chamber of Commerce and Industry, told EURACTIV.com in an interview.

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.

Athens will oppose proposed cuts in the post-2020 agricultural and regional policy as this will be a “gift” to anti-EU populist forces, Greek premier Alexis Tsipras said on 13 December at the EU Council.    

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.

Italy has admitted defeat and agreed to change its “beautiful” budget plan to avoid the opening of a disciplinary procedure against Rome.

A chapter of eurozone history will come to a close Thursday (13 December), with the European Central Bank widely expected to withdraw a key element of support for the economy while reassuring observers fearful of the growing risks.

EU leaders will discuss late on Thursday (13 December) how to address the UK's concerns about its withdrawal agreement from the EU, but discussions on contingency plans are gathering pace as the chances of an orderly divorce continue to wane.

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.

Greece's parliament on Tuesday (11 December) voted to scrap plans to cut state pensions, in a motion led by the left-led governing coalition hoping to shore up its flagging support ahead of a general election next year.

The European Central Bank (ECB) won a landmark case on Tuesday (11 December) as the European Court of Justice confirmed that the national bond-buying policy was in accordance with EU law, in response to concerns raised in Germany. 

European Commission President Jean-Claude Juncker said on Tuesday (11 December) that the EU would be open to offer “clarifications” to  British Prime Minister Theresa May, but insisted that the withdrawal agreement was the “best possible, the only possible” deal.

Embattled French President Emmanuel Macron Monday (10 December) announced a series of financial measures seeking to defuse the "yellow vest" revolt that has triggered violent protests in cities across the country.

The head of the European Banking Authority, Andrea Enria, will become the Single Supervisory Mechanism chief in charge of overseeing Europe’s largest banks. The Council endorsed his nomination on Thursday (6 December), concluding the process after the European Parliament also gave its green light.

The European Commission presented on Wednesday (5 December) a strategy to strengthen the international role of the euro days after member states continued to drag their feet to complete the economic and monetary union.

What if the euro, which is celebrating its twentieth anniversary, assumed its status as the second most important global currency? This revolutionary idea is to be discussed at the European Council next week. EURACTIV France reports.