Correspondent, Brussels
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Dec 11, 2013

Germany seeking early start for EU rules hitting creditors of failed banks

BRUSSELS, Dec 11 (Reuters) – Bondholders and large
depositors in a failing bank could face losses as early as 2016
if Germany succeeds in accelerating tough new European rules to
spare taxpayers from further bailouts.

A day after European Union finance ministers met to try to
build a single banking framework for the euro zone, EU
negotiators and members of the European Parliament were
attempting on Wednesday to set out rules that will also provide
the foundations for the so-called banking union.

Dec 11, 2013

Europe edges toward plan to close failing banks

BRUSSELS (Reuters) – Euro zone countries edged toward agreeing a plan to tackle ailing banks on Tuesday but divisions remain about key parts of the reform that is needed to underpin confidence in the bloc’s lenders.

After a financial storm that toppled banks and dragged down states from Ireland to Spain, countries are considering a fresh blueprint outlining what to do when a bank fails, a critical second pillar of a wider reform dubbed banking union.

Dec 10, 2013

Europe moves closer to scheme to close troubled banks

BRUSSELS (Reuters) – European Union countries edged slowly towards agreeing a scheme to shut failing banks on Tuesday, although a final deal on wider reform to prevent a repeat financial crisis may not be reached until next week.

After 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 unanswered.

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.

Nov 29, 2013

IMF postpone visit to Athens in dispute over reform

BRUSSELS (Reuters) – International inspectors from the EU and IMF have called off a planned visit to Greece next week, officials told Reuters on Friday, a move that marks a new low in relations between the parties and could delay aid payments to Athens.

The decision to postpone the visit may be an attempt by the European Central Bank, European Commission and International Monetary Fund – together known as the ‘troika’ – to bring Athens to heel as frustration grows over Greece’s failure to complete the reforms it has promised in return for aid.

Nov 29, 2013

Jobs and price growth offer hope for euro zone

BRUSSELS (Reuters) – The first fall in euro zone unemployment in almost three years coupled with rising prices gave fresh momentum to an economic recovery, but a growing rift between the bloc’s haves and have-nots continued to widen.

The improvement is a welcome sign that the euro zone’s rebound is picking up steam, more than five years after a financial crisis erupted that forced five countries, from Cyprus to Spain, to seek emergency aid from their neighbors.

Nov 28, 2013

Europe’s top court strikes down sanctions on Iranian company

BRUSSELS (Reuters) – Europe’s highest court struck down EU sanctions against an Iranian power company on Thursday, the latest legal ruling against measures that the European Union has imposed over Iran’s nuclear program.

While sanctions are set to be relaxed under a deal last week in which Tehran promised to limit parts of its nuclear work, the EU is still keen to have the option to impose trade restrictions in the future should Iran waver.

Nov 27, 2013

ECB supervisor promises to come clean on banks’ health

BRUSSELS (Reuters) – The euro zone’s future bank supervisor on Wednesday promised a warts-and-all probe into the bloc’s still fragile financial system, conceding that she and other supervisors had made mistakes in the past.

Seeking the backing of the European Parliament to become the supervisor for euro zone banks, Daniele Nouy listed sovereign debt among the banks’ potentially riskiest assets as she laid down her ambitions for testing the health of lenders.

Nov 27, 2013

EU says won’t suspend data sharing accords with U.S.

BRUSSELS (Reuters) – The European Union backed down on Wednesday from threats to suspend agreements granting the United States access to European data, rejecting calls for a tougher stance over alleged U.S. spying.

The move marks an abrupt about-turn for the European Commission, the EU executive, after warnings it issued in July to U.S. officials following revelations that Washington had spied on European citizens and EU institutions.

Nov 26, 2013

EU demands protection against U.S. data surveillance

BRUSSELS (Reuters) – The European Commission called on Tuesday for new protection for Europeans under United States’ law against misuse of personal data, in an attempt to keep in check the U.S. surveillance revealed by former NSA contractor Edward Snowden.

EU justice commissioner Viviane Reding said she wanted Washington to follow through on its promise to give all EU citizens the right to sue in the United States if their data is misused. “I have … made clear that Europe expects to see the necessary legislative change in the U.S. sooner rather than later, and in any case before summer 2014,” she said.

    • 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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