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Bank rescue fund to rely on big lenders

22.10.14 @ 09:29

Europe's biggest banks will foot almost all of the bill for a new EU rescue fund for stricken lenders, according to a plan published on Tuesday (21 October). The draft rules released by the European Commission put flesh ...

EU watchdog to close loophole on bank bonuses

15.10.14 @ 18:57

The EU's banking watchdog is poised to close a loophole allowing banks to use special allowances in a bid to get round the bloc's rules on bonus payments. Under the rules passed by MEPs and ministers in 2013, banks are ...

Dublin to scrap 'double Irish' tax loophole

15.10.14 @ 09:26

Ireland will scrap a controversial tax instrument which allows companies to legally shift huge profits from Ireland to countries with low taxes, the country's budget minister has announced. Speaking in the Irish ...

ECB defends "whatever it takes" scheme in EU court

14.10.14 @ 19:43

ECB lawyers defended the bond-buying programme at the heart of Mario Draghi's promise to do "whatever it takes" to protect the eurozone at the EU’s top court in Luxembourg on Tuesday (14 October). The case was brought ...

Eurozone in danger of repeating Japanese stagnation, IMF chief warns

10.10.14 @ 09:11

International Monetary Fund boss Christine Lagarde has warned that the eurozone risks following Japan and falling into a prolonged cycle of recession and stagnation. Speaking on Thursday (9 October) ahead of the IMF's ...

UK's Hill set to survive after second hearing

08.10.14 @ 09:32

Jonathan Hill is set to be approved as the EU's next financial services chief, following his second grilling in the European Parliament. Speaking on Tuesday (7 October), for the second time in a week, with MEPs on the ...

ECB announces €1 trillion bond-buying plan

03.10.14 @ 10:24

The European Central Bank will start buying bank securities worth up to €1 trillion between now and the end of theyear, president Mario Draghi has announced. Speaking at a news conference following the monthly meeting ...

MEPs summon UK's Hill to second hearing

01.10.14 @ 21:19

MEPs have summoned the UK’s European Commission nominee, Jonathan Hill, to a second hearing amid concerns on Banking Union and Eurobonds. Hill impressed deputies with his personal commitment to the EU post during the ...

ECB to change rules to buy Greek, Cypriot debt

01.10.14 @ 09:21

The European Central Bank (ECB) is set to change its rules to allow it to buy asset-backed securities with junk ratings issued by Greek and Cypriot banks. The ECB’s executive board, meeting Thursday (2 October), is to ...

UK commissioner deprived of power to oversee bankers' pay

27.09.14 @ 09:19

The European Commission has played down suggestions that it had deliberately stripped the UK's commission candidate of responsibility for policing the EU's bank bonus rules. Officials with Commission President designate ...

OpinionThe rollback of transparency

23.09.14 @ 09:07

Transparency, once a 'conditio sine qua non' for democracy and good governance, is suffering a clear backlash in Europe. In a post-Occupy, post-Wikileaks world, transparency has nestled in the public consciousness. ...

AnalysisFailure to launch: Is the ECB's tool-kit empty?

22.09.14 @ 18:02

During the EU's seven year economic slump, the European Central Bank (ECB) has, to most observers, stood alone among the EU institutions in having had 'a good crisis'. As analysts and policy makers again become ...

Europe needs new stimulus to ward off crisis, US treasury warns

22.09.14 @ 10:13

European governments need to "boost demand" in order to reduce unemployment and avoid deflation, the US Treasury secretary has told the G20 group. Speaking after the meeting of G20 finance ministers and central bank ...

AgendaBad banks and better loans on the agenda this WEEK

21.09.14 @ 19:14

Implementing the EU response to minimising the public cost of future financial crises and getting banks to offer up loans top the agenda this WEEK. European Central Bank (ECB) chief Mario Draghi on Monday (22 September) ...

Mastercard loses EU battle over card fees

11.09.14 @ 19:01

Mastercard has lost its legal battle with the European Commission over payment fees following a ruling by the European Court of Justice. The verdict on Thursday (11 September) threw out the firm's appeal against a ...

OpinionThe ECB: An act of determination or desperation?

05.09.14 @ 09:26

In yet another attempt to revive the eurozone recovery and fight low inflation, the European Central Bank (ECB) on Thursday (4 September) emptied its toolbox almost entirely. With another rate cut, an ABS (asset-backed ...

Draghi cuts interest rate, launches new stimulus measures

04.09.14 @ 18:33

The European Central Bank has cut interest rates to a historic low and unveiled a raft of bond-buying programmes to stimulate lending, in a move that surprised financial markets and analysts. The Frankfurt-based bank ...

Berlin-Paris tensions re-emerge as ECB ponders stimulus

02.09.14 @ 09:29

European Central Bank chief Mario Draghi is testing the mood of EU governments as he ponders whether to unleash a new wave of monetary stimulus to boost the eurozone's struggling economy. On Monday (1 September), French ...

Don't touch EU stability pact, warns ECB's Draghi

15.07.14 @ 09:27

ECB boss Mario Draghi urged EU leaders not to meddle with the bloc's rules on debt and deficits on Monday, warning that it could turn the tide on much needed economic reforms. Addressing MEPs on the Parliament's ...

German draft law clears path for EU to directly fund ailing banks

10.07.14 @ 11:04

The EU’s bailout fund has moved closer to being able to directly pump money into troubled banks after the German government introduced a bill allowing direct bank recapitalisation. The draft law will now require ...

Brics to open alternatives to World Bank, IMF

10.07.14 @ 09:29

Brazil, Russia, India, China, and South Africa (the so-called Brics) are to establish alternatives to the World Bank and the International Monetary Fund, which they find too biased towards Europe and the US. The "New ...

Banking debacle sees Austria worry about its financial reputation

30.06.14 @ 18:01

The resolution of Austria’s now state-owned Hypo Alpe Adria bank will start in September and is expected to cause a stir both at home and abroad. It’s the next step in what has been a lengthy and bitter process. The ...

Bulgaria jittery after bank run 'plot'

30.06.14 @ 17:11

Bulgaria, already grappling with a severe political crisis, is now trying to deal with what the government has called an organised attempt to destabilise its financial system. On Friday (27 June), Bulgarians lined up ...

EU commissioner steps into BNP Paribas row with US regulators

13.06.14 @ 09:29

France’s top EU official on Thursday (12 June) suggested US regulators scale back a massive fine set to cost French bank BNP Paribas billions for its non-compliance with US sanctions. Michel Barnier, the EU’s internal ...

EU ruling could open floodgates on cartel lawsuits

06.06.14 @ 09:59

Individuals can claim compensation from cartels even if they did not buy products from one of the companies involved, the EU's top court has ruled. In a verdict on Thursday (5 June), the European Court of Justice stated ...

ECB tries to jumpstart economy with historic move

05.06.14 @ 16:35

The European Central Bank has taken the major step of introducing negative interest rates for bank deposits as it tries to jumpstart eurozone economies. On Thursday (5 June) it became the first major central bank (among ...

OpinionThe ECB and low inflation: no such thing as conventional policy

04.06.14 @ 07:53

The eurozone has been suffering from record low inflation for several months now. Last October the inflation rate dropped below 1 percent and has remained there ever since. This low pace of price increases is dangerous ...

EU top court throws out UK challenge to transactions tax

30.04.14 @ 15:21

The European Court of Justice on Wednesday (30 April) rejected a UK legal challenge to plans by eleven countries to set up a financial transactions tax (FTT). The main thrust of London's opposition to the tax relates to ...

EU parliament gives final nod to banking union

16.04.14 @ 09:21

MEPs on Tuesday (15 April) overwhelmingly approved the creation of a new authority and fund for failing banks – a missing element to the so-called banking union aimed at minimising the public cost of future financial ...

AgendaBanking union dominates final EP session This WEEK

14.04.14 @ 09:29

Crucial laws for the EU's banking union will headline proceedings in Strasbourg this week as MEPs gather there for the parliament's final session before May's European elections. On Tuesday (15 April) deputies will ...

ECB considers printing more money

03.04.14 @ 18:15

The European Central Bank over the next months will consider various options of 'quantitative easing' - also known as money printing - to counter a very low inflation rate, ECB chief Mario Draghi said Thursday (3 April) ...

OpinionBanking union's major omission: debt mutualisation

28.03.14 @ 09:18

Should we fear another banking crisis in Europe? European leaders would have you think that this is not possible anymore. Indeed, after intensely caffeinated negotiations that ran late into the night, the leaders of the ...

EU clinches accord on bank wind-down rules

20.03.14 @ 16:40

The EU is set to complete the final piece of its ambitious banking union after lawmakers agreed a deal on rules for winding down failed banks. Bleary-eyed MEPs and ministers announced agreement on a compromise text at ...

EU rules clamp down on bank 'risk takers'

04.03.14 @ 19:28

The European Commission has published rules aimed at making it easier to identify financiers involved in their bank's riskiest trading activities, as part of reforms aimed at capping bank bonuses. Drafted by the ...

LetterCapping interchange – not the future for electronic payments

20.02.14 @ 17:58

In an article Credit card companies are pocketing dazzling profits published on EUobserver on 14 February, MEPs Bas Eickhout, Sven Giegold and Jean Paul Besset present a number of arguments related to the future ...

OpinionCredit card companies are pocketing dazzling profits

14.02.14 @ 17:10

Payment card companies such as Visa and Mastercard and the banks that issue their debit and credit cards have been pocketing dazzling profits as a result of unfair competition. After years the European Union is finally ...

ECB overstepped its mandate, German top court says

07.02.14 @ 16:39

Germany's Federal Constitutional Court on Friday (7 February) for the first time in its history referred a case to the EU's top judges - with the final ruling key to the future stability of the eurozone. The case ...

Ministers time-wasting on bank union talks, MEPs say

06.02.14 @ 21:15

MEPs have accused EU finance ministers of delaying tactics in negotiations on a single resolution fund for eurozone banks. Deputies in Strasbourg voted on Thursday (6 February) by a strong margin to back a parliament ...

MEPs agree four-year jail term for insider trading

05.02.14 @ 09:28

Financiers in the EU who rig interest rates or take part in insider trading could face years in jail under legislation backed by MEPs on Tuesday (4 February). As part of new rules which will come into force in 2016, ...

Merkel coalition partners side with MEPs on EU bank fund

01.02.14 @ 14:40

Hard fought concessions won by German finance minister Wolfgang Schaeuble on the EU's banking union plans have come under friendly fire from his social democrat coalition partners. Under a painfully agreed compromise ...

German top court to rule on whether ECB can buy bonds

30.01.14 @ 12:48

Germany's constitutional court is expected to rule this spring on the legality of the European Central Bank's bond purchases, a scheme that has eased the eurozone crisis by calming markets. Udo Di Fabio, who served as ...

Barnier launches EU bid to ban risky bank trades

29.01.14 @ 20:18

The EU's biggest banks could be banned from speculative trading, under legislation proposed on Wednesday (29 January) by the European Commission. EU financial services commissioner Michel Barnier told reporters that so- ...

AgendaGreece, banking union and Putin dominate this WEEK

27.01.14 @ 09:27

Russian President Vladimir Putin will be in town on Tuesday (28 January) for the 32nd EU-Russia summit, with the volatile situation in Ukraine likely to be the elephant in the room. Relations between Moscow and Brussels ...

EU bonus cap to have little impact on bank pay

23.01.14 @ 18:28

The EU's new bank bonus rules are unlikely to have much effect on executive pay, according to leading credit ratings agency Fitch. In a paper published on Thursday (23 January), Fitch, which is one of the so-called 'big ...

EU audit reform reduced to 'paper tiger'

23.01.14 @ 09:29

The EU is close to overhauling rules for financial auditors, but critics say the reform will be a paper tiger unable to break up the dominant position of the world's four biggest audit firms. The legal affairs committee ...

Eurozone bank network getting smaller

21.01.14 @ 17:52

The number of banks in the eurozone fell by almost 4 percent in 2013, according to data published Tuesday (21 January) by the European Central Bank . There were 6,790 monetary financial institutions (MFIs) based in the ...

MEPs issue threat over bank resolution plan

17.01.14 @ 08:57

The European Parliament is prepared to pull the plug on plans for a common rule book to wind up failed banks, deputies said on Thursday (16 December). Ministers reached agreement in December on a new authority to deal ...

AnalysisEU bank resolution, Schleswig-Holstein, and how to make sense of it

20.12.13 @ 11:31

“Only three people ... ever really understood the Schleswig-Holstein business - the Prince Consort, who is dead, a German professor, who has gone mad, and I, who have forgotten all about it." At least, that is what the ...

EU banking deal set for 'long, complicated' talks with MEPs

19.12.13 @ 18:50

European Parliament President Martin Schulz has warned member states that their just-agreed deal on banking union lies far below MEPs' ambitions and will be subject to lengthy negotiations. "These decisions are rather ...

MEPs point to conflicts of interest within troika

19.12.13 @ 09:34

The European Commission and the European Central Bank had conflicting interests when they acted within the troika of international lenders in bailed out countries, MEPs say. Othmar Karas and Liem Hoang Ngoc, the two ...