BRUSSELS/STRASOURG (Reuters) – The European Commission agreed on Tuesday to set up a new fund with 21 billion euros ($26 billion) of capital that it hopes can unlock some 300 billion euros of largely private investment over three years to create a million jobs.
The European Fund for Strategic Investment (EFSI) will be presented to the European Parliament in Strasbourg on Wednesday by Commission President Jean-Claude Juncker, who pledged before taking office this month to drive 300 billion euros into infrastructure projects to revive growth.
BRUSSELS, Nov 21 (Reuters) – Jean-Claude Juncker will unveil
a much anticipated 300-billion-euro ($370 billion) investment
plan on Wednesday that is meant to trigger economic growth in
the European Union.
With Europe’s economy barely growing and disenchanted voters
turning increasingly to anti-EU radicals, the European
Commission president pledged the money in July and promised to
act when he took office three weeks ago.
BRUSSELS (Reuters) – The European Commission has stepped up a wide-ranging cartel investigation that could lead to heavy fines for some of the world’s biggest truckmakers.
The Commission announced on Thursday that it had sent formal charge sheets to several manufacturers it suspected of price fixing, marking the next phase of a complex investigation that began with raids on a number of companies’ headquarters in January 2011.
BRUSSELS, Nov 20 (Reuters) – The European Commission stepped
up a wide-ranging cartel investigation of truck manufacturers on
Thursday, saying it had formally notified unnamed makers of
heavy and medium-duty vehicles they were under suspicion.
EU Competition Commissioner Margrethe Vestager declined to
name any of what she said was a large number of companies being
looked into. MAN of Germany and Scania of Sweden have previously
said they were raided by EU inspectors in 2011. Sweden’s Volvo
said on Thursday it was cooperating with the probe and had
already told shareholders its profits could be hurt by it.
BRUSSELS, Nov 19 (Reuters) – EU officials are considering
fining France for failing to cut its budget deficit, although
the euro zone’s second biggest economy, a driving force in the
creation of the shared currency, could yet be spared the
Just three weeks ago, Paris appeared to be virtually off the
hook when the European Commission passed up the opportunity to
demand immediate changes in its 2015 budget after France, like
Italy, made some tweaks to an initial draft.
BRUSSELS (Reuters) – New European Commission President Jean-Claude Juncker is preparing a 300 billion euro ($375 billion) investment plan he will present as a cornerstone of efforts to revive an ailing economy.
But history suggests the program risks becoming an exercise in financial engineering rather than a conduit for the new money the region needs to help boost output and create jobs.
BRUSSELS, Nov 14 (Reuters) – The euro zone economy grew more
strongly than expected in the third quarter as France beat
market forecasts and Germany narrowly avoided a recession, but
the bloc remains weak and could need further stimulus.
European Union statistics office Eurostat said the 18
countries sharing the euro expanded 0.2 percent in
July-September compared to the previous three months, when they
grew 0.1 percent.
BRUSSELS/BERLIN (Reuters) – The new European Commission president took political responsibility on Wednesday for Luxembourg’s role in helping global companies avoid tax and Germany urged swift action to fight tax evasion in Europe.
Jean-Claude Juncker, who served as finance minister and prime minister of Luxembourg for more than two decades, reacted for the first time since investigative journalists reported last week that the tiny state had granted deals to some 340 companies allowing them to avoid tax.
BRUSSELS, Nov 12 (Reuters) – The new European Commission
president, Luxembourg’s Jean-Claude Juncker, took political
responsibility for his country’s tax practices on Wednesday,
saying he would fight tax evasion with more automatic exchange
of information between countries.
Juncker, 59, who was the tiny Grand Duchy’s finance minister
or prime minister for 24 years until the end of last year, has
avoided the media since a network of investigative journalists
reported last week that Luxembourg had granted sweetheart deals
to some 340 multinationals allowing them to avoid billions of
euros in tax.
BRUSSELS (Reuters) – Euro zone finance ministers backed on Thursday a precautionary credit line for Greece after the country exits its bailout at the end of the year, in a bid to balance the need to reassure investors with the demands of domestic Greek politics.
The Greek government has staked its survival on regaining economic policy-making sovereignty after the end of the euro zone lending program this year and on exiting an IMF bailout a year earlier than the originally envisaged 2016.