EU Economic and Monetary Affairs Correspondent
Jan's Feed
Dec 4, 2013

Euro zone likely to backstop banks with promises rather than cash

BRUSSELS, Dec 4 (Reuters) – Euro zone governments have set
aside almost no money to make good on their promise to
recapitalise ailing banks after a health check next year.

A Reuters survey of euro zone backstops showed very few
governments have any money earmarked for such a purpose. If
called upon, they would have to prop up their lenders with bonds
or guarantees rather than cash.

Nov 22, 2013

Italy, Spain vow new steps to keep budgets in line with EU law

BRUSSELS, Nov 22 (Reuters) – Italy and Spain promised on
Friday they would take additional steps to ensure their 2014
budgets were in line with EU law, after the European Commission
expressed concern over initial drafts last week.

Using its new powers to judge national budget plans, the
European Union’s executive arm last week reviewed the draft
budgets of euro zone countries, the first time it has done so
before they are sent to national parliaments to become law.

Nov 22, 2013

Italy, Spain shrug off concern over budget plans

BRUSSELS, Nov 22 (Reuters) – Italy and Spain shrugged off on
Friday European Commission concerns about their 2014 budgets,
with Italy refusing to change its draft and Spain dismissing
concerns as a mere difference in growth forecasts.

Using its new powers to judge national budget plans, the
European Union’s executive arm last week reviewed the draft
budgets of euro zone countries, the first time it has done so
before they are sent to national parliaments to become law.

Nov 15, 2013

Italy at risk of breaking EU rules, France squeezes through

BRUSSELS (Reuters) – Italy’s draft budget plans for 2014 are at risk of breaking European Union rules, while French draft plans barely make it, the European Commission said on Friday.

It is the first time that the European Union’s executive arm reviews the main assumptions of draft budgets of euro zone countries before they are submitted to national parliaments so as to assess if they are in line with EU laws.

Nov 15, 2013

Italy’s budget at risk of breaking EU rules, France squeezes through

BRUSSELS, Nov 15 (Reuters) – Italy and Finland’s draft
budget plans for 2014 are at risk of breaking European Union
rules, while French, Spanish and Dutch draft plans barely make
it, the European Commission said on Friday.

It is the first time that the European Union’s executive arm
reviews the main assumptions of draft budgets of euro zone
countries before they are submitted to national parliaments so
as to assess if they are in line with EU laws.

Nov 14, 2013

Greece must step up efforts, to unlock funds: Eurogroup head

BRUSSELS (Reuters) – Euro zone finance ministers pressed Greece on Thursday to speed up structural reforms and continue fiscal consolidation and privatization to unblock more of the international loans that keep it afloat.

“A lot of progress has been made, also at social and political costs for the Greek society, and I think we fully acknowledge that,” the chairman of euro zone finance ministers Jeroen Dijsselbloem said after a meeting of the group.

Nov 13, 2013

EU starts investigating German current account surplus

BRUSSELS, Nov 13 (Reuters) – The European Commission decided
on Wednesday to prepare an in-depth analysis of Germany’s
persistently high current account surplus to find out if it is a
sign of a serious imbalance in Europe’s biggest economy.

Germany has had a current account surplus in excess of 6
percent of its gross domestic product since 2007, meaning it
exports far more than it imports from the rest of the world.

Nov 13, 2013

European Commission opens in depth probe into German C/A surplus

BRUSSELS (Reuters) – The European Commission decided on Wednesday to prepare an in depth analysis of Germany’s persistently high current account surplus to find out if it is a sign of a serious imbalance in Europe’s biggest economy.

Germany has had a current account surplus in excess of 6 percent of the gross domestic product since 2007.

Nov 13, 2013

EU exec opens in depth probe into German C/A surplus

BRUSSELS, Nov 13 (Reuters) – The European Commission decided
on Wednesday to prepare an in depth analysis of Germany’s
persistently high current account surplus to find out if it is a
sign of a serious imbalance in Europe’s biggest economy.

Germany has had a current account surplus in excess of 6
percent of the gross domestic product since 2007.

Nov 12, 2013

Greece, lenders at odds over how to close 2 billion euro 2014 budget gap

BRUSSELS (Reuters) – Greece and its international lenders remain at odds over how to close a 2 billion euro gap in Greece’s 2014 budget, and the issue could drag on into next year, delaying further loans to Athens, a senior euro zone official said.

A team of officials from the ‘troika’ of the International Monetary Fund, the European Commission and the European Central Bank visits Athens regularly to check on progress on its bailout commitments and decide whether to release subsequent loan tranches, without which Greece would default.

    • About Jan

      "Based in Brussels since 2005, I cover economic policy news from the European Commission, EU and euro zone economic data, monthly meetings of EU/euro zone finance ministers as well as G7/8/20 meetings. Before Brussels I was a correspondent in Stockholm for five years, covering technology stocks and the Swedish central bank. I was earlier a correspondent in Poland for seven years, covering macroeconomic policy, bond, forex and money markets, the central bank and politics."
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