Italy's populist leaders on Saturday (9 February) promised to replace top officials at the country's central bank, who they said must pay for failing to prevent a spate of banking scandals in which thousands lost their savings.
Since the 2008 financial crisis broke out, more than €1.5 trillion in taxpayer money has been used to rescue ailing banks in Europe, according to the European Commission. Citizens shouldn’t grow accustomed to this, writes Sol Trumbo Vila.
Bulgaria will begin talks on adopting the euro, its finance minister said on Thursday (15 January), adding that the Balkan country may join the preliminary exchange-rate mechanism for eurozone entry by the end of 2018, Nova television reported.
A group of professors in Germany has filed a complaint against the EU’s new banking supervisory mechanism before the German constitutional court, claiming the European banking union has no legal basis in the EU treaties. EURACTIV Germany reports.
EU finance ministers agreed on Tuesday (15 October) to give the European Central Bank sweeping supervisory powers in the euro zone but Germany dug in its heels on how to deal with failing banks, the second stage in building a banking union.
The European Commission has hailed an agreement by global regulators in the Basel Committee, which gave banks four more years and greater flexibility to build up cash buffers so they can use some of their reserves to help struggling economies grow.
European leaders will seek to agree on a “deep and genuine European monetary union” during a two-day summit that begins today (13 December), but diplomats say it should not be seen as a “big bang” event.
Blueprints for a European banking union to be published on Wednesday (12 September) will trigger fevered debate over the powers of the European Central Bank (ECB), if a draft leaked late last week remains unchanged.