EU Economic and Monetary Affairs Correspondent
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Apr 19, 2013

G20 gathers for debate on debt, monetary stimulus

By Jan Strupczewski and Anna Yukhananov

(Reuters) – Finance leaders of the G20 economies gathered on Friday to debate how best to rein in debt levels and the potential dangers from the latest round of aggressive easing of monetary policy from the world’s biggest central banks.

They were also poised to demand swifter resolution to setting guidelines for financial benchmarks like the Libor interest rate in the wake of a global rate-rigging scandal.

Apr 19, 2013

Debt levels, big monetary stimulus on tap at G20

April 19 (Reuters) – Finance leaders of the G20 economies on
Friday were set to debate specific targets for reigning in debt
levels and the potential dangers from the latest round of
aggressive easing of monetary policy from the world’s biggest
central banks.

They were also poised to demand swifter resolution to
setting guidelines for financial benchmarks like the Libor
interest rate in the wake of a global rate-rigging scandal.

Apr 19, 2013

No law change needed or wanted for bank union completion-EU officials

WASHINGTON, April 18 (Reuters) – The European Union can and
should go ahead with setting up a system for winding down banks
without trying to change EU law to give the bank resolution
mechanism a stronger legal basis, senior bloc officials said on
Thursday.

German Finance Minister Wolfgang Schaeuble said last
Saturday that completing the European banking union would
require changes to EU treaties, in a call that could slow
completion of the plan designed to underpin the euro currency.

Apr 19, 2013

EU promises less austerity as G20 debates debt

WASHINGTON (Reuters) – The euro zone will slow its budgetary belt-tightening to help reinvigorate economic growth, a top EU official said on Thursday, highlighting a policy shift the United States has long been pressing for.

“They are preaching to the converted,” EU Economic and Monetary Affairs Commissioner Olli Rehn told Reuters.

Apr 18, 2013

EU to spread out debt reduction effort to help growth

WASHINGTON (Reuters) – The euro zone will now spread its fiscal consolidation efforts over more time to help reinvigorate economic growth, as the initial, radical efforts helped restore some market credibility, EU Economic and Monetary Affairs Commissioner Olli Rehn said.

Faced with investor rebellion in 2010, when markets started refusing loans to some euro zone countries at sustainable rates for fear they would not be paid back, the euro zone had no other choice but to sharply cut borrowing and spending, he told Reuters in an interview on Thursday.

Apr 13, 2013

Exclusive-G20 to consider cutting debt to well below 90 percent of GDP-document

DUBLIN (Reuters) – Financial leaders of the world’s 20 biggest economies will consider next week in Washington a proposal to cut their public debt over the longer term to well below 90 percent of gross domestic product, a document prepared for the meeting showed.

The proposal, prepared by the co-chairs of the G20 Working Group on the Framework for Growth, follows agreement of the leaders of G20 countries in June last year to set ambitious debt reduction targets beyond 2016, when, under an earlier agreement from Toronto in 2010, debt was to stop growing.

Apr 13, 2013

G20 to consider cutting debt to well below 90 pct/GDP – document

DUBLIN (Reuters) – Financial leaders of the world’s 20 biggest economies will consider next week in Washington a proposal to cut their public debt over the longer term to well below 90 percent of gross domestic product, a document prepared for the meeting showed.

The proposal, prepared by the co-chairs of the G20 Working Group on the Framework for Growth, follows agreement of the leaders of G20 countries in June last year to set ambitious debt reduction targets beyond 2016, when, under an earlier agreement from Toronto in 2010, debt was to stop growing.

Apr 13, 2013

Exclusive: G20 to consider cutting debt to well below 90 percent/GDP: document

DUBLIN (Reuters) – Financial leaders of the world’s 20 biggest economies will consider next week in Washington a proposal to cut their public debt over the longer term to well below 90 percent of gross domestic product, a document prepared for the meeting showed.

The proposal, prepared by the co-chairs of the G20 Working Group on the Framework for Growth, follows agreement of the leaders of G20 countries in June last year to set ambitious debt reduction targets beyond 2016, when, under an earlier agreement from Toronto in 2010, debt was to stop growing.

Apr 13, 2013

Austria defies mounting pressure to end bank secrecy

DUBLIN, April 13 (Reuters) – Austria defied growing pressure
to follow Luxembourg in ending bank secrecy, after a group led
by Europe’s six biggest countries pledged to work together to
tackle tax havens.

Late on Friday, the finance ministers of Germany, France,
Britain, Italy, Spain and Poland announced their desire to
jointly push for more bank transparency, a message they will
take to the meeting of the Group of 20 top global economies in
Washington next week.

Apr 12, 2013

EU’s six largest members agree to fight tax havens

DUBLIN (Reuters) – The European Union’s six biggest countries agreed on Friday to cooperate in the fight against tax havens, piling pressure on Austria to follow Luxembourg in ending bank secrecy.

The finance ministers of Germany, France, Britain, Italy, Spain and Poland announced their plans to push for more bank transparency within Europe and beyond.

    • 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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