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Russian economic turmoil to last two years

18.12.14 @ 18:14

Russia’s economic turmoil could last at least two years, president Vladimir Putin said on Thursday (18 December). Speaking at his end of year news conference in Moscow on Thursday (18 December) against the backdrop of a ...

Irish inquiry into banking collapse begins without ECB

17.12.14 @ 09:20

The Irish parliament will begin a formal inquest into the banking crisis that forced the country to the brink of bankruptcy and a €67 billion EU-funded bailout in 2010 on Wednesday (17 December). But one of the main ...

EU earns 'fail' grade over bank capital regime

08.12.14 @ 09:25

New EU laws do not meet new global standards and would not be enough to ensure that the bloc's banks could survive a future financial crisis, according to a new report by the leading global bank regulator. The rebuke is ...

British EU commissioner causes controversy on banking reform

05.12.14 @ 09:44

Financial services commissioner Jonathan Hill has named three pieces of legislation that he believes ought to be scrapped, but his choice has sparked criticism among MEPs. In a letter dated 18 November and seen by ...

OpinionJuncker’s shadow Bank

02.12.14 @ 09:10

The European economy is still stalling despite a never-ending flow of inventive policy-making by the European Central Bank and other public authorities to replace private credit flows with public ones. The latest ...

Eurozone 'grinding to standstill', OECD warns

26.11.14 @ 09:29

The eurozone is “grinding to a standstill” and now poses “a major risk to world growth”, the Organisation for Economic Co-operation and Development (OECD) has warned in a report which urges the European Central Bank ( ...

EU court to throw out UK's bank bonus challenge

20.11.14 @ 15:14

The UK is set to lose its legal battle to overturn EU rules capping bank bonuses after a top legal officer in the European Court of Justice (ECJ) said London's case had "no legitimate grounds". The rules, which came ...

ECB ready to buy government bonds, Draghi signals

17.11.14 @ 19:48

European Central Bank chief Mario Draghi has indicated that he is prepared for the bank to buy government bonds if necessary to ward off a spiral of recession and deflation in the eurozone. Addressing MEPs on Monday (17 ...

ECB putting eurozone economy at risk, German expert group says

12.11.14 @ 19:16

The European Central Bank's (ECB) plans to pump more cheap credit into banks risk undermining the long-term health of the eurozone, according to Germany's leading economic expert group. The ECB's "extensive quantitative ...

EU to unveil capital markets plan in 2015

06.11.14 @ 18:26

The European Commission will unveil plans to harmonise the bloc's capital markets in 2015 and reduce the reliance of Europe's businesses on bank lending, the bloc's new financial services chief has revealed. Speaking at ...

ECB takes control as EU bank supervisor

04.11.14 @ 09:27

The European Central Bank (ECB) formally assumes its new role as the chief supervisor of EU banks on Tuesday (4 November), a major milestone in the creation of the bloc's banking union. The making of the banking union, ...

InvestigationEurope’s tax haven investments in Africa

31.10.14 @ 08:22

The honour of delivering the keynote address at the high-level EU-Africa Business Forum earlier this year fell to Dr Ahmed Heikal. In front of European Commissioners, leading politicians, chief executives of huge ...

One in five EU banks fail stress tests

27.10.14 @ 09:29

One in five EU banks do not have enough capital to cope if another financial crisis hits the bloc, after failing 'stress tests' set by the European Central Bank (ECB). The bank released the results of its so-called ' ...

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 ...