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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 ...

EU ministers clinch deal on failed banks

19.12.13 @ 09:27

EU finance ministers have agreed new rules on how to wind up failed banks - the key pillar of a "banking union" designed to stop a repeat of the crisis. The deal, finalised in Brussels late on Wednesday (18 December) ...

EU reaches deal to protect bank savings

18.12.13 @ 09:26

EU lawmakers have made a breakthrough in banking union talks after agreeing on rules to protect people's savings, ending a two-year impasse between MEPs and ministers. Under the deal brokered on Tuesday night (17 ...

Draghi sceptical on German bank union plan

17.12.13 @ 09:28

European Central Bank (ECB) boss Mario Draghi has given a sceptical reaction to a German-led compromise on banking union, saying that it could create a regime "that is single in name only." Speaking at a hearing with ...

EU in new bid to broker bank closure deal

16.12.13 @ 11:26

EU officials have a new proposal on the table as they try to agree on rules to wind up ailing banks this week. Eurozone finance ministers will meet in Brussels on Tuesday (17 December) to discuss the fresh compromise, ...

InvestigationTroika consultancies: A multi-million euro business beyond scrutiny

16.12.13 @ 09:23

Alvarez and Marsal, BlackRock, Oliver Wyman, Pimco: The names mean nothing to the average European. But the financial consultancies have played a central role in all the eurozone bailouts and have so far invoiced ...

'We can't go mad again' - the reality as Ireland leaves its bailout

14.12.13 @ 08:14

Ireland will become the first eurozone country to exit a bailout on Sunday when it completes its €67.5 billion three-year programme. However, those hoping that this brings an end to an austerity programme that has seen ...

Europe's banks need €110 billion to keep credit ratings

13.12.13 @ 09:31

Europe's 50 biggest banks need capital injections of up to €110 billion to remain strong enough to sustain their credit ratings, Standard and Poor's has said. In a report published Thursday (12 December), the rating ...

EU lawmakers reach agreement on bank rescue rules

12.12.13 @ 09:28

MEPs and ministers have agreed new rules to rescue insolvent banks that would target bondholders not savers, following the final round of talks in Strasbourg. The bank recovery and resolution directive, which will apply ...

Ministers edge toward bank resolution deal after marathon talks

11.12.13 @ 09:29

EU finance ministers have edged closer to a deal on rules to wind up stricken banks, following more than 12 hours of talks in Brussels. After a marathon meeting went on well into the early hours of Wednesday (11 ...

Austria and Luxembourg accused of undermining EU credibility

10.12.13 @ 20:15

Luxembourg and Austria came under attack on Tuesday (10 December) after the two countries stood firm and blocked plans to increase transparency in tax reporting. At a meeting of finance ministers in Brussels, the final ...

Fresh corruption scandal engulfs Deutsche Bank

10.12.13 @ 09:29

US authorities are investigating Deutsche Bank, along with other multi-national banking behemoths like JPMorgan, Goldman Sachs and Citi, on suspicion of using corrupt practices in China in order to acquire contracts ...

AgendaBanking union tops agenda for ministers this WEEK

09.12.13 @ 09:29

Eurozone finance ministers will meet on Monday (9 December) in Brussels with progress on the latest stage of banking union topping the agenda. With Ireland and Spain exiting their programmes in the coming days and weeks ...

Banks to pay out €1.7 billion in rate-fixing scandal

04.12.13 @ 19:02

Eight European banks have been fined a total of €1.7 billion after the European Commission found that they had been participating in illegal cartels to fix the multi-trillion euro market of financial derivatives. The ...

AgendaEmbattled Greek government in Brussels this WEEK

02.12.13 @ 09:24

The Greek government is in town as the EU's institutions hope to enjoy a week of relative calm following the high drama of last week's eastern partnership summit. Prime minister Antonis Samaras and his ministerial team ...

UK has 75 percent of EU's millionaire bankers

01.12.13 @ 08:43

More than 75 percent of Europe's banking millionaires are based in the UK, according to a report by the EU's bank watchdog. More than 2,700 UK-based bankers were paid more than €1 million in 2012, compared to a further ...

ECB nominates French woman for bank supervisor

21.11.13 @ 09:25

French woman Daniele Nouy is set to become the EU's first top bank supervisor after being nominated for the job by the European Central Bank's (ECB) senior officials. The ECB governing council announced the move on ...

EU officials flesh out 'reform contracts' plan

19.11.13 @ 09:29

EU officials are in the process of putting flesh on the bones of a German idea of "reform contracts," but it is going to be difficult to sell. It builds on the premise that for all the efforts the EU has made to shore ...

ECB cuts interest rates to record low

07.11.13 @ 17:46

The European Central Bank cut interest rates to a record low on Thursday in an attempt to arrest a slump in inflation that has threatened to stall the eurozone's fragile economic recovery. The ECB's 23-man Governing ...

US spying to trump economy at EU summit

24.10.13 @ 09:28

It's a diplomat's nightmare: after weeks of painstakingly negotiating and rewriting the wording of the EU council's conclusions, the summit gets hijacked by a completely different topic. With no urgent decisions to take ...

Ministers at odds on bank rescue rules

15.10.13 @ 09:31

Eurozone finance ministers remained far apart on Monday (14 October) in the latest stage of negotiations on a banking union. Eurogroup chair Jeroen Dijsselbloem asked "how much time do you have" when questioned about ...

AgendaEnlargement in the spotlight this WEEK

11.10.13 @ 17:23

The European Commission will this week unveil its annual report on the state of further enlargement of the EU. The report will examine progress made by places hoping to the join the 28-member bloc, including the Western ...

Bank resolution plan breaches EU rules, lawyers say

09.10.13 @ 09:29

The prospects of swift agreement on the next stage of an EU banking union have been dealt a blow after lawyers warned that the plans would breach EU law. The single resolution mechanism tabled by the EU's financial ...

OpinionFinancialisation is on the march again

08.10.13 @ 12:15

It is very much open to question whether Albert Einstein could have got his head around the exotic financial instruments, the notorious ‘casino’ paraphernalia, that brought the global economic house down in 2008. But ...

UK launches court challenge against EU bank bonus deal

26.09.13 @ 09:13

The UK launched a legal challenge to EU rules capping bank bonuses on Wednesday (25 September), claiming that limits on pay would do nothing to make the financial sector safer. The rules, which are set to be introduced ...

ECB hires controversial consultancy for bank audit

25.09.13 @ 09:51

The European Central Bank (ECB) on Tuesday (24 September) said it hired Oliver Wyman, a US-based financial consultancy, to help out with a thorough audit of the 130 largest banks in the eurozone. The review of the banks ...

AnalysisWhen banks need a backstop

24.09.13 @ 19:35

In Brussels this week talks have returned to the familiar theme of banks, bailouts and backstops. On Monday (23 September) European Central Bank boss Mario Draghi told MEPs on the influential Economic affairs committee ...

Eurozone bank fund needs credit line, Draghi says

24.09.13 @ 09:28

A eurozone bank resolution fund should have its own credit line allowing it to cover the costs of bank failure, European Central Bank (ECB) chief Mario Draghi said Monday. Speaking on Monday (23 September) at a hearing ...

OpinionNot learning from Lehman mistakes

15.09.13 @ 11:07

The 15th of September 2013 marks the fifth anniversary of the most spectacular bankruptcy of the financial crisis: the collapse of Wall Street investment bank Lehman Brothers. Back then, European leaders, including ...