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Jan 18, 2011

Europe goes slow on rescue fund, stress tests

BRUSSELS (Reuters) – European finance ministers agreed on Tuesday to take their time over beefing up the euro zone’s rescue fund and to publish new stress tests on the region’s shaky banks in the second half of the year.

The go-slow approach could test the patience of investors, spooked by the euro zone debt crisis, who sold off peripheral countries’ bonds this month until the European Central Bank intervened to steady markets.

Dec 31, 2010

Worthy or not, Hungary takes over EU presidency

BUDAPEST/BRUSSELS (Reuters) – Moves by the Hungarian government to tighten controls on the media and seize private pension assets are enraging its EU partners just as the country takes over the rotating presidency of the bloc.

The steps by Prime Minister Viktor Orban and his Fidesz party have elicited unusual public rebukes from Britain, Germany and Luxembourg, whose foreign minister openly questioned last week whether Hungary was “worthy” of leading the EU.

Dec 31, 2010

Analysis: Worthy or not, Hungary takes over EU presidency

BUDAPEST/BRUSSELS (Reuters) – Moves by the Hungarian government to tighten controls on the media and seize private pension assets are enraging its EU partners just as the country takes over the rotating presidency of the bloc.

The steps by Prime Minister Viktor Orban and his Fidesz party have elicited unusual public rebukes from Britain, Germany and Luxembourg, whose foreign minister openly questioned last week whether Hungary was “worthy” of leading the EU.

Dec 31, 2010

Hungary, under fire, faces rough ride at EU helm

BUDAPEST/BRUSSELS (Reuters) – Under fire from its EU partners for a series of unorthodox policy initiatives, Hungary faces a rough ride when it takes over the rotating presidency of the bloc this week in the midst of a deep European debt crisis.

With Hungary at the helm, the 27-nation European Union faces major challenges, including the approval of changes to its main treaty to set up a new rescue mechanism for euro zone countries and the introduction of reforms to sharpen budget discipline.

Dec 17, 2010

Britain, France, Germany to demand EU budget freeze

BRUSSELS (Reuters) – Britain, France, Germany and other European Union countries will publish a letter on Saturday that calls for a freezing of the EU budget at least until 2020, British Prime Minister David Cameron said on Friday.

“All over Europe, countries are tightening their belts to deal with their deficits. Europe cannot be immune from that. We need to see real budgetary restraint from 2014,” Cameron told a news conference after an EU summit on Friday.

Dec 16, 2010

UK uses Brussels summit to seek leaner EU budget

BRUSSELS, Dec 16 (Reuters) – British Prime Minister David
Cameron renewed his fight at the European Union’s summit on
Thursday to cap the EU’s long-term budget, gaining initial
support from France and Germany, diplomats said.

Cameron presented a letter to EU leaders to demand a lean
EU budget in the bloc’s next long-term spending plan after
2013, which said expenditure should be frozen at that year’s
level and increased only according to the rate of inflation.

Dec 15, 2010

EU approves 2011 budget, row on longer-term looms

BRUSSELS, Dec 15 (Reuters) – European Union lawmakers
approved the EU’s 2011 budget on Wednesday ending a row over how
much to increase spending, although a larger battle is set to
erupt next year on calls to cut the long-term budget.

The European Parliament passed the budget worth 126.5
billion euros, 2.9 percent more than this year, after a long
tussle with the EU’s 27 member states.

Dec 15, 2010

Euro zone employment stable in Q3

BRUSSELS (Reuters) – Euro zone employment stabilized in the third quarter of 2010 after a modest increase in the previous three months, data showed on Wednesday, as economic growth slowed and many countries prepared for fiscal austerity.

The number of employed held stable in the July-September period at 144.5 million people as construction, industry and agriculture lost jobs while the financial services, public administration, health and transport increased headcounts.

Dec 14, 2010

Euro zone Oct industrial output up less than forecast

BRUSSELS, Dec 14 (Reuters) – Euro zone industrial production
increased less than expected in October, data showed on Tuesday,
chiming with forecasts of slower growth in the fourth quarter as
the currency area struggles to ward off a debt crisis.

European Union statistics office Eurostat said that
industrial output in the 16 countries using the euro rose 0.7
percent month-on-month for an annual gain of 6.9 percent.

Dec 8, 2010

EU close to deal on 2011 budget – sources

BRUSSELS, Dec 8 (Reuters) – European Union governments and
the European Parliament are close to breaking a deadlock over
the EU’s 2011 budget, which would end a row that threatened to
cloud the bloc’s mid-December summit, EU sources said.

An EU diplomat said the EU’s 27 governments had decided on
Wednesday to meet some of the European Parliament’s demands,
which have so far blocked the deal. Another source said the
parliament’s initial reaction to the offer was positive.

    • About Marcin

      "Based in Brussels, I cover macroeconomy, EU budget, issues related to central and eastern Europe. I previously worked in Warsaw as deputy bureau chief"
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