BRUSSELS (Reuters) – Euro zone countries edged toward agreeing a plan to tackle ailing banks on Tuesday but divisions remain about key parts of the reform that is needed to underpin confidence in the bloc’s lenders.
After a financial storm that toppled banks and dragged down states from Ireland to Spain, countries are considering a fresh blueprint outlining what to do when a bank fails, a critical second pillar of a wider reform dubbed banking union.
BRUSSELS (Reuters) – Euro zone countries edged closer on Tuesday to agreeing a plan to close ailing banks and sharing the costs, a move that would pave the way for a fundamental reform to underpin the currency and its banks.
After a financial storm that toppled banks and dragged down states from Ireland to Spain, countries examined a fresh blueprint outlining what to do when a bank fails, a critical second pillar of a wider reform dubbed banking union.
BRUSSELS, Dec 9 (Reuters) – European countries are seeking
to agree before year-end on how to close failing lenders, part
of an ambitious plan to create a single banking framework and
fix broken banks whose problems have festered since the
The main issues are: Who decides and who pays?
Under pressure to strike a deal by the time European Union
leaders hold a summit next week, finance ministers will try to
resolve ongoing differences during two days of talks. Euro zone
ministers gather on Monday and they will be joined by EU
counterparts outside the currency bloc on Tuesday.
BERLIN (Reuters) – Germany’s coalition deal rows back on economic reforms introduced a decade ago that have been credited with turning the former “Sick Man of Europe” into its powerhouse, analysts and industry representatives said on Wednesday.
Some even said the deal between Chancellor Angela Merkel’s conservatives and the centre-left Social Democrats (SPD), clinched early on Wednesday, may endanger the country’s hard-earned competitiveness.
BERLIN, Nov 13 (Reuters) – Germany’s council of economic
advisers warned on Wednesday that the introduction of a minimum
wage and more generous pensions by a new government could put at
risk economic gains achieved through far-reaching reform of the
welfare state a decade ago.
The independent five-person council, also known as the “wise
men” although it includes one woman, said future generations of
Germans would bear the brunt of policies being proposed by
Chancellor Angela Merkel’s conservatives and the Social
Democrats (SPD) in coalition talks.
BERLIN/VIENNA (Reuters) – The European Central Bank’s interest rates have not reached rock bottom even after last week’s cut, two ECB policymakers said on Tuesday.
Executive Board member Joerg Asmussen also said charging banks for parking spare cash at the central bank remained an option, while Governing Council member Ewald Nowotny said the stalling euro zone economy was a bigger concern than inflation.
BERLIN (Reuters) – Germany’s trade surplus rose to a record high in September as exports climbed across the board, data showed on Friday, at a time when Europe’s largest economy has come under fire for relying too heavily on foreign trade.
The seasonally adjusted trade surplus widened to 18.8 billion euros from a revised 15.8 billion in August, surpassing the consensus forecast for it to narrow to 15.5 billion. Until now the record had been 18.7 billion in September 2007. ECONDE
BERLIN (Reuters) – Angela Merkel’s conservatives appeared headed towards coalition talks with their main center-left rivals on Tuesday after heavyweights from the German chancellor’s camp ruled out a marriage with the environmentalist Greens.
Merkel’s center-right Christian Democrats (CDU) and their Bavarian sister party, the Christian Social Union (CSU), notched up their best result in more than two decades in a Sunday’s election, but finished five seats short of an absolute majority.
BERLIN (Reuters) – Angela Merkel’s center-left challenger in Sunday’s election mocked the chancellor on Thursday as a timid driver steering Germany round in circles and urged his supporters to disregard polls predicting her victory.
Peer Steinbrueck’s Social Democrats (SPD) are trailing Merkel’s conservatives by at least 10 percentage points and he has sharpened his attacks on the woman Germans nickname ‘Mutti’ (Mummy) as election day looms.
VILNIUS (Reuters) – Germany is working on a plan that would allow the completion of a euro zone banking union without changing existing EU law, potentially removing a major hurdle to finish the most ambitious EU project since the start of the euro, EU officials said.
So far, Berlin has insisted the 28-nation bloc needs to amend its Treaty if it is to move the power to unwind or fix struggling banks from a national to a European level.