MOSCOW, July 19 (Reuters) – The world’s economic crisis
response team grappled on Friday with the prospect of more
market volatility resulting from powerhouses the United States,
China and Japan charting a course towards recovery.
Finance ministers and central bankers from the Group of 20
nations, gathered in Moscow, were expected to call for greater
clarity in policy ‘messaging’ after signals of a withdrawal of
U.S. monetary stimulus caused a global sell-off in stocks and
bonds, and a flight to the dollar.
MOSCOW (Reuters) – The Group of 20 nations backed a tax plan on Friday that takes aim at the loopholes used by multinational firms and responds to anger among voters hit with higher tax bills to cover soaring national debts.
Finance ministers and central bankers gathering in Moscow were otherwise focused on charting a course towards global economic recovery, and seeking to calm financial markets worried about the impact of stimulus programs.
BRUSSELS (Reuters) – Europe will call on Japan and the United States to cut government debt to spur global growth and be mindful of their central banks’ policy on the rest of the world, a European Union document showed.
Finance ministers and central bank governors from the world’s 20 biggest developing and developed economies (G20) are meeting on Friday and Saturday in Moscow to discuss ways to boost global economic growth and make it sustainable.
BRUSSELS, June 28 (Reuters) – European Union leaders said on
Friday they want agreement by the end of the year on a way to
resolve failed banks at European rather than a national level,
signalling work should go on despite German objections ahead of
elections in September.
German Chancellor Angela Merkel cast doubt on whether that
timetable could be respected, saying the creation of a European
authority with such powers would require a change to the EU
treaty – a lengthy and politically risky process.
BRUSSELS (Reuters) – European Union leaders confirmed on Friday they want agreement by the end of the year on a way to resolve failed banks at European rather than a national level, signaling work would go on despite elections in Germany in September.
EU finance ministers agreed on Thursday on an intermediate step towards what is known as banking union, which involves tighter oversight of Europe’s banks and coordinated resolution of any problems. Thursday’s agreement means investors and wealthy savers will share the costs of future bank failures.
BRUSSELS, June 27 (Reuters) – European Union leaders agreed
on Thursday to use the EU’s structural funds to boost lending to
companies in an effort to kick-start growth, mainly in
recession-blighted southern Europe.
Finance ministers will choose next month between three
options put forward by the European Investment Bank (EIB) and
the European Commission to generate between 55 and 100 billion
euros of new loans.
BRUSSELS/BERLIN June 25 (Reuters) – The European Investment
Bank and the European Commission are working on plans to
generate between 55 and 100 billion euros of new loans to
companies to try to kickstart growth in southern Europe, the
institutions’ said in a joint report.
European Union policymakers are desperate to ignite growth
in Greece, Cyprus, Italy, Portugal, Spain and Slovenia so they
can pay back their debts. It was high sovereign debt that
triggered the euro zone crisis more than three years ago.
BRUSSELS (Reuters) – European Union finance ministers are under pressure to agree who pays for failing banks after failing to reach a deal last week, with Germany and France at odds on how to distribute the costs.
The law on rescuing and closing banks in the EU is central to the 27-nation bloc’s banking union, which aims to prevent future financial crises and get the economy out of recession.
BRUSSELS, June 20 (Reuters) – Euro zone finance ministers
will decide on Thursday when and how their bailout fund can
invest in a bank to save it from failure, laying a cornerstone
of the banking union seen as vital to restore economic growth.
Ministers from the 17 countries using the euro will also set
guidelines for how much a government would have to contribute to
such a bank rescue, which banks would be eligible, and who would
lose money in the process.
BRUSSELS, June 12 (Reuters) – The European Union may
guarantee the repayment of bank loans made to companies in an
effort to improve firms’ access to credit, especially in
southern Europe, European Commission President Jose Manuel
Barroso said on Wednesday.
Easier access to credit is critical to getting Europe’s
economy growing again, with even record-low interest rates
failing to translate into an increase in lending.