Correspondent, Brussels
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Sep 4, 2013

European Union launches clampdown on shadow banking

BRUSSELS/LONDON, Sept 4 (Reuters) – Special funds used by
big companies to park billions of euros of cash face stricter
rules to make them safer, the European Commission said on
Wednesday, taking a first step to reform unregulated finance
known as shadow banking.

The draft law will regulate money market funds, demanding
some set aside cash buffers to avoid a panic should many
investors withdraw their money at once.

Aug 30, 2013

Euro zone morale climbs in shadow of record unemployment

BRUSSELS (Reuters) – Optimism in the euro zone’s economy improved sharply in August but stubbornly high unemployment, in particular in the bloc’s weaker countries, highlighted the fissure separating the recovering north from the struggling south.

The confidence of business managers polled by the European Commission rose for its fourth successive month in the euro zone, the EU executive said on Friday. The positive trend was particularly strong in Germany and the Netherlands but was also seen in Italy, France and Spain.

Aug 21, 2013

Europe shies away from cutting aid for Egypt

BRUSSELS (Reuters) – The European Union stopped short of agreeing immediate cuts in financial or military assistance to Cairo on Wednesday, as the bloc’s foreign ministers held emergency talks to find ways to help bring an end to violence in Egypt.

The decision acknowledges Europe’s limited economic muscle in forcing Egypt’s army-backed rulers and the Muslim Brotherhood supporters of deposed President Mohamed Mursi into a peaceful compromise.

Aug 21, 2013

EU foreign ministers weigh Egypt aid, policy at emergency talks

BRUSSELS (Reuters) – The European Union was expected on Wednesday to shy away from making immediate cuts in financial aid to Egypt but several EU governments pushed for the withdrawal of military support from Europe for Cairo’s army-backed rulers.

At an emergency meeting in Brussels, EU foreign ministers debated how to use their economic muscle to force the government to end a crackdown on deposed President Mohamed Mursi’s Muslim Brotherhood and resume talks over a peaceful compromise.

Jul 24, 2013

Europe to clamp down on charges for paying with plastic

BRUSSELS (Reuters) – Banks will have to limit the fees they charge on card payments under proposals from the European Commission on Wednesday that would also scrap surcharges on shoppers paying with plastic.

The draft law would squeeze an important source of income for banks but should bring lower prices for consumers.

Jul 24, 2013

Europe to cut the cost of paying by card

BRUSSELS (Reuters) – The European Commission proposed on Wednesday to cap fees banks charge when processing card payments, potentially cutting costs for shoppers.

The draft legislation will also prevent companies such as airlines, for example, from imposing a surcharge when customers pay for flights using certain cards.

Jul 17, 2013

EU Commission to propose cap on card payment fees

BRUSSELS, July 17 (Reuters) – The European Commission will
propose capping the fees that banks charge to process card
payments, imposing a limit of 0.2 percent on debit card
transactions and 0.3 percent on credit cards, according to draft
legislation seen by Reuters.

The proposal stops short of an outright ban on the fees
banks charge for processing transactions but it will nonetheless
ensure that this cost, which ultimately falls on the card-holder
and consumer, is permanently curtailed.

Jul 11, 2013

Europe, U.S. strike peace on cross-border swap rules

WASHINGTON/BRUSSELS (Reuters) – The European Union agreed with U.S. regulators Thursday on how to jointly supervise foreign derivatives traders operating in their territories, solving a months-long trans-Atlantic rift.

The two sides agreed to rely more on each other’s rules – drawn up to make banking safer after the 2007-09 credit meltdown – and will allow banks some flexibility to get out from under the most cumbersome new oversight.

Jul 10, 2013

EU’s scaled-down agency to shut banks fails to please Germany

BRUSSELS/ BERLIN (Reuters) – The European Commission outlined plans to set up an agency to salvage or shut failing euro zone banks, a long-awaited scheme immediately some criticised as too weak to work and which Germany attacked as out of step with EU law.

Working in tandem with the European Central Bank as supervisor, the new authority is supposed to wind down or revamp banks in trouble. It is the second pillar of a ‘banking union’ meant to galvanise the euro zone’s response to the crisis.

Jul 9, 2013

Europe tempers power of agency to shut troubled banks

BRUSSELS (Reuters) – The European Commission will propose on Wednesday creating an agency to salvage or shut failed banks but its power to clean up the euro zone’s financial sector will be tempered by resistance from Berlin.

Working in tandem with the European Central Bank as supervisor, the new authority will wind down or revamp banks in trouble. It completes the second pillar of a ‘banking union’ meant to galvanize the euro zone’s response to the crisis.

    • About John

      "I am a Reuters correspondent in Brussels, writing about the European Union. I moved here last year from Germany, where I had reported about the financial crisis, turning up numerous scoops and even winning a prestigious business reporting award. Beforehand, I worked with The Sunday Times in London."
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