EU Economic and Monetary Affairs Correspondent
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Dec 10, 2013

Putting off the details, EU ministers aim for political deal on closing bad banks

BRUSSELS, Dec 10 (Reuters) – European Union finance
ministers are likely to take a political step towards creating a
banking union with powers to close down failing banks on
Tuesday, but leave nagging legal details to another time,
perhaps next week.

The ministers, meeting in Brussels, expect to reach a broad
political deal on how to close down failing euro zone banks. But
the precise details of how it will work will probably come late.

Dec 9, 2013

Europe tries to cut deal to close failing banks

BRUSSELS, Dec 9 (Reuters) – European countries are seeking
to agree before year-end on how to close failing lenders, part
of an ambitious plan to create a single banking framework and
fix broken banks whose problems have festered since the
financial crisis.

The main issues are: Who decides and who pays?

Under pressure to strike a deal by the time European Union
leaders hold a summit next week, finance ministers will try to
resolve ongoing differences during two days of talks. Euro zone
ministers gather on Monday and they will be joined by EU
counterparts outside the currency bloc on Tuesday.

Dec 6, 2013

Europe struggles to agree plan to close sick banks

BRUSSELS (Reuters) – European ministers make a fresh attempt next week to agree a blueprint to close failing banks but progress is uncertain as the fundamental questions of who gets the power to close a bank and how to pay the bill remain open.

As the dust settles from a financial storm that toppled banks and dragged down states from Ireland to Spain, the question of what to do when a bank fails remains controversial.

Dec 4, 2013

Analysis: Euro zone likely to backstop banks with promises rather than cash

BRUSSELS (Reuters) – Euro zone governments have set aside almost no money to make good on their promise to recapitalize 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.

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.

    • 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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