SYDNEY (Reuters) – The world’s top economies have embraced a goal of generating more than $2 trillion in additional output over five years while creating tens of million of new jobs, signaling optimism that the worst of crisis-era austerity was behind them.
The final communique from the two-day meeting of Group 20 finance ministers and central bankers in Sydney said they would take concrete action to increase investment and employment, among other reforms. The group accounts for around 85 percent of the global economy.
SYDNEY (Reuters) – Europe is in favor of setting an economic growth target for the world’s 20 biggest developing and advanced economies (G20), but only if they agree on bold reforms, the European Union’s Economic and Monetary Affairs Commissioner Olli Rehn said.
G20 finance ministers and central bank governors are meeting in Australia on Saturday and Sunday to find ways to boost global economic growth by focusing on investment, competitiveness, trade and employment.
BRUSSELS, Feb 18 (Reuters) – European Union finance
ministers will discuss on Tuesday whether to fully share the
costs of closing down problem banks within five years rather
than 10, a step towards mutualising euro zone risk that has
always been sensitive for Germany.
The discussions are part of efforts to agree the details of
a single bank-resolution mechanism for the euro zone, so
legislation can go to the European Parliament by mid-April,
before European elections are held in late May.
BRUSSELS (Reuters) – Euro zone economic integration may have reached its limits for now even though the 18-country monetary union needs a treasury to make it work better, the head of the influential Bruegel think-tank said on Friday.
Speaking at the Reuters Euro Zone Summit, Guntram Wolff said policymakers have used the sovereign debt crisis of the last three years to shore up the euro zone, but not impregnably.
THE HAGUE (Reuters) – Italy, beset by yet another government crisis, cannot afford political instability at a time when it needs to make its economy more competitive, the chairman of euro zone finance ministers said on Thursday.
Dutch Finance Minister Jeroen Dijsselbloem told a Reuters Euro Zone Summit that political turmoil could hamper the single currency area’s recovery by paralyzing decision-making and freezing structural economic reform in Rome.
THE HAGUE, Feb 13 (Reuters) – Banks that fail this year’s
European health checks badly will have to be closed down, the
head of the euro zone finance ministers group said on Thursday.
The European Central Bank will conduct an Asset Quality
Review later this year to assess the health of 130 large banks
in the 18 countries that share the euro before it takes over as
their supervisor in November.
(Reuters) – The world’s financial leaders will focus on four ways to boost global economic growth when they meet next week in Sydney but the discussion may be overshadowed by emerging market concerns over U.S. monetary policy, a G20 official said.
Finance ministers and central bank governors of the world’s 20 biggest developing and advanced economies (G20) will discuss what changes to fiscal and monetary policies and what structural reforms could make the world economy grow faster than now.
BRUSSELS (Reuters) – France must implement economic reforms to keep its side of a bargain with the European Commission which granted Paris more time to cut its budget gap in return, EU economics chief Olli Rehn said on Monday.
Last May, the Commission gave France two extra years to bring its budget deficit to within the EU limit of 3 percent of gross domestic product, rather than move towards fines for Paris for missing the original 2013 deadline.
BRUSSELS (Reuters) – The European Central Bank still has a “big bazooka” with plenty of ammunition to preserve the euro despite a German constitutional court statement that its bond-buying plan is probably illegal, EU economics chief Olli Rehn said on Monday.
Rehn also urged the ECB to act to ensure that abnormally low inflation in the euro zone rises towards the bank’s target of just below two percent.
BRUSSELS (Reuters) – Euro zone governments are considering inserting a “review clause” into their agreement on the direct recapitalization of banks so that they can reverse or renegotiate the deal in the coming years, officials have told Reuters.
Under the proposal, governments would be able to review direct recapitalization – one of the most hard-fought-over principles of the debt crisis – after 10 years, once a single euro zone bank resolution fund (SRF) is in place.