EU Economic and Monetary Affairs Correspondent
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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.

Apr 12, 2013

EU growth strategy is failure so far: EU study

DUBLIN (Reuters) – The European Union’s economic growth strategy has been a failure so far and unless bold steps are taken the economy will continue to stagnate, a study commissioned by EU finance ministers said.

The paper by Brussels-based Bruegel think-tank scholars Zsolt Darvas, Jean Pisani-Ferry and Guntram Wolff was the basis of discussions on the future of growth in Europe among the 27 EU finance ministers this week at informal talks in Dublin.

Apr 12, 2013

EU growth strategy is failure so far – EU study

DUBLIN, April 12 (Reuters) – The European Union’s economic
growth strategy has been a failure so far and unless bold steps
are taken the economy will continue to stagnate, a study
commissioned by EU finance ministers said.

The paper by Brussels-based Bruegel think-tank scholars
Zsolt Darvas, Jean Pisani-Ferry and Guntram Wolff was the basis
of discussions on the future of growth in Europe among the 27 EU
finance ministers this week at informal talks in Dublin.

Apr 12, 2013

Austria stands alone as EU momentum builds against bank secrecy

DUBLIN, April 12 (Reuters) – Austria dismissed calls on
Friday to follow Luxembourg in ending bank secrecy but pressure
grew as a group of Europe’s biggest countries prepared to
outline plans to tackle tax evasion.

It is said to deprives EU governments of 1 trillion euros
annually.

In blunt remarks on the sidelines of a meeting of European
ministers, Austria’s finance minister described any exchange of
information about account holders as an invasion of privacy and
criticised other countries for failing to tackle what she called
the real “hot spots” of money laundering.

Apr 12, 2013

Euro ministers back 10 billion euro Cyprus bailout

DUBLIN (Reuters) – Euro zone finance ministers backed a 10 billion euro (8.5 billion pounds) bailout for Cyprus on Friday and the European Commission said it would try to help the island’s economy grow again with better use of EU structural funds.

The ministerial support opens the way for several euro zone countries, including Germany and Finland to seek approval for the three-year bailout in national parliaments, so that loan agreement with Nicosia can be signed by April 24.

Apr 12, 2013

Euro ministers back 10 bln euro Cyprus bailout, Nicosia mulls use of EU structural funds

DUBLIN, April 12 (Reuters) – Euro zone finance ministers
backed a 10 billion euro bailout for Cyprus on Friday and the
European Commission said it would try to help the island’s
economy grow again with better use of EU structural funds.

The ministerial support opens the way for several euro zone
countries, including Germany and Finland to seek approval for
the three-year bailout in national parliaments, so that loan
agreement with Nicosia can be signed by April 24.

Apr 12, 2013

Austria defies EU pressure to lift bank secrecy

DUBLIN, April 12 (Reuters) – Austria vowed on Friday to
stick to its bank secrecy laws, defying renewed pressure to
follow Luxembourg in revealing information on European Union
depositors with governments to clamp down on tax evasion.

The issue of tax havens and bank secrecy was a last-minute
addition to the agenda of informal talks of European Union
finance ministers in Dublin. Cyprus’s bailout and extending loan
repayments for Portugal and Ireland are also under discussion.

    • 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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