Keyword: eurobanking

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  • Eurozone growth 'losing momentum' as Britain rebounds

    10/05/2016 6:55:55 AM PDT · by Olog-hai · 4 replies
    Associated Press ^ | Oct 5, 2016 9:04 AM EDT | Pan Pylas
    Britain’s exit from the European Union — whenever it takes place — is a cloud over the economic outlook for both the country and its major trading partners within the 19-country eurozone. Further evidence emerged Wednesday to show that businesses across the single currency bloc are fretting over the risks, while those in Britain appear to have gotten over the initial shock of the vote to leave on June 23 thanks partly to the plunge in the pound. The drop in the currency, which this week hit a 31-year low against the dollar, makes British exports more competitive. Both the...
  • German government believes Trump would ravage U.S. economy: Spiegel

    10/01/2016 3:38:02 PM PDT · by Olog-hai · 49 replies
    Reuters ^ | Sat Oct 1, 2016 | 7:46am EDT | Caroline Copley
    Germany’s economy ministry believes a Donald Trump presidency would severely damage the U.S. economy, according to an internal memorandum reported by Der Spiegel magazine on Saturday. The ministry expects “shrinking gross domestic product, fewer jobs and higher unemployment,” in the United States if the Republican candidate were to implement his campaign pledges, the magazine cited the memo as saying. […] Trump’s pledges are “not feasible”, Spiegel cited the memorandum as saying. Moreover, the plans would violate international or U.S. law and could be “no basis for a realistic economic policy.” …
  • Polish retail tax comes under Brussels scrutiny

    09/20/2016 9:34:42 PM PDT · by Olog-hai · 4 replies
    EUbusiness.com ^ | 20 September 2016, 23:44 CET
    The EU Commission opened an in-depth probe into a Polish tax on the retail sector Tuesday, concerned that the progressive rates based on turnover give companies with low turnover an unfair advantage. The European Commission’s injunction requires Poland to suspend the application of the tax until the Commission has concluded its assessment. This follows a decision the Commission took in July this year on a progressive turnover-based tax on the retail sector in Hungary, which the Commission found to be in breach of EU state aid rules, because it granted a selective advantage to companies with low turnover over their...
  • EU tax haven list could name US

    09/17/2016 10:43:46 PM PDT · by Olog-hai · 6 replies
    EU Observer ^ | 16. Sep. 2016, 08:04 | Aleksandra Eriksson
    The European Commission has taken a step towards establishing a common EU list of tax havens, but critics fear that EU capitals may hijack the show and delete allied nations from the record. The EU executive on Thursday (15 September) presented a method for verifying which countries outside the bloc qualify as tax havens (the commission says tax evasion problems inside the EU are dealt with under other, binding legislation). […] The US state of Delaware is a well-known “onshore” tax paradise. The EU, however, is basing its analysis of the US as a whole, meaning it could avoid being...
  • European Central Bank: Governments must do more for economy

    09/08/2016 10:33:42 AM PDT · by Olog-hai · 6 replies
    Associated Press ^ | Sep 8, 2016 11:11 AM EDT | David McHugh
    The European Central Bank left its stimulus measures on hold Thursday and warned governments in the 19 country euro currency union that they need to do more to help the economy grow and push up inflation to healthier levels. The bank kept its key interest rates unchanged and decided against extending the duration of its existing bond-buying stimulus program. Bank President Mario Draghi seemed relatively confident about the economy and less inclined to hint at more stimulus than some analysts had expected. Instead, he used his news conference to urge governments to do their part. He said that implementation of...
  • EU's Tusk tells UK's May: Start Brexit talks soon

    09/08/2016 8:19:24 AM PDT · by Olog-hai · 3 replies
    Associated Press ^ | Sep 8, 2016 6:24 AM EDT
    European Union leader Donald Tusk urged Britain on Thursday to hurry up and get on with finalizing its divorce from the bloc. Tusk, president of the EU’s governing Council, met Prime Minister Theresa May in London for talks about the fallout from Britain’s June 23 vote to leave the EU. Ahead of the meeting, Tusk told May that “the ball is now in your court” to start negotiations. He said the process should begin as soon as possible. …
  • Eurozone economy 'losing momentum' as Germany falters

    09/05/2016 6:03:31 AM PDT · by Olog-hai · 11 replies
    Associated Press ^ | Sep 5, 2016 5:29 AM EDT | Pan Pylas
    The 19-country eurozone lost some economic momentum in August, largely because of a slowdown in Germany, a closely watched survey showed Monday, days ahead of another possible stimulus package from the European Central Bank. Financial information company IHS Markit said its purchasing managers’ index — a broad gauge of economic activity — for the eurozone fell to a 19-month low of 52.9 points in August from 53.2 the previous month. The fall was unexpected as the initial estimate for August was 53.3. In spite of the fall, the eurozone is still growing, albeit sluggishly as anything above 50 indicates expansion....
  • Merkel won't give up on 'dead' US trade deal

    09/01/2016 9:16:05 PM PDT · by Olog-hai · 10 replies
    TheLocal.de ^ | 01 Sep 2016 17:00 GMT+02:00 | AFP
    German Chancellor Angela Merkel on Thursday stressed her continued support for an EU-US trade agreement being negotiated but recently declared dead by her deputy and by a French minister. “It is in our interest not to fall behind other world regions, such as the Asian region which has concluded such an agreement with the United States,” the conservative leader told public broadcaster NDR. “I believe that such an agreement would mean job opportunities for us, and we urgently need jobs in Europe.” …
  • British manufacturing rebounds from post-Brexit plunge

    09/01/2016 9:29:36 AM PDT · by Olog-hai · 2 replies
    Associated Press ^ | Sep 1, 2016 7:13 AM EDT | Carlo Piovano
    Manufacturing in Britain rebounded in August from a slump in the immediate aftermath of the shock vote to leave the European Union, an indication that the economy may be weathering the uncertainty better than expected. A measure of business activity in manufacturing, the purchasing managers’ index, jumped to 53.3 points from 48.8 in July. The index is on a 100-point scale, with figures above 50 representing growth. The survey found that a plunge in the pound had helped companies selling abroad. Also, business was resuming after being frozen in July amid the initial surprise over the vote and political chaos...
  • Record 125k people file suit against Canada trade deal (CETA; German plaintiffs)

    08/31/2016 4:04:54 PM PDT · by Olog-hai · 3 replies
    TheLocal.de ^ | 31 Aug 2016 15:27 GMT+02:00 | (DPA/The Local)
    More than 125,000 Germans have filed the largest citizen lawsuit in German history against the controversial proposed CETA trade deal between Canada and the EU. The lawsuit’s power of attorney letters filled some 70 boxes and were brought by truck on Wednesday to Germany’s top court located in Karlsruhe, the Constitutional Court. The proposed Comprehensive Economic and Trade Agreement (CETA) would eliminate about 98 percent of the tariffs between the EU and Canada, but it has been condemned by opponents who say it will too greatly expand the power of corporations and may lower certain EU standards for things like...
  • Apple Must Repay Record EUR 13 Billion in Back Taxes Over Irish Deal: EU

    08/30/2016 6:43:13 AM PDT · by sukhoi-30mki · 71 replies
    Agence France-Presse ^ | 30 August 2016
    The European Union on Tuesday said US tech giant Apple must repay a record 13 billion euros ($14.3 billion or roughly Rs. 95,910 crores) in back taxes after ruling that a series of Irish sweetheart tax deals were illegal. "The European Commission has concluded that Ireland granted undue tax benefits of up to 13 billion euros to Apple. This is illegal under EU state aid rules because it allowed Apple to pay substantially less tax than other businesses. Ireland must now recover the illegal aid," a Commission statement said. EU Competition Commissioner Margrethe Vestager said Apple's "selective treatment" in Ireland...
  • BREXIT BLOCK: EU bureaucrats tell Britain to PAY £20BN bill or we WON'T let you leave

    08/06/2016 10:06:34 AM PDT · by dragonblustar · 62 replies
    Express ^ | Aug 6, 2016 | Rebecca Perring & Monika Pallenberg
    BRUSSELS bureaucrats are forcing Britain to cough up a staggering £20BILLION before the country unshackles itself from the beleaguered bloc, it has emerged.
  • Eurozone likely to get more stimulus as growth halves

    07/30/2016 6:08:20 PM PDT · by Olog-hai · 15 replies
    Associated Press ^ | Jul. 29, 2016 10:43 AM EDT | Pan Pylas
    It seems that the strong start to the year was another false dawn for the eurozone economy and that the European Central Bank will have more to do in the months ahead to shore up growth. New figures released Friday confirmed that the eurozone, which is made up of 19 countries from Ireland to the west to Cyprus in the east, suffered a sizable slowdown in the second quarter of the year despite a number of stimulus measures that the European Central Bank has thrown at it. In its first estimate for the April to June period, Eurostat, the EU’s...
  • No clean bill of health for EU banks in stress test

    07/30/2016 10:54:11 AM PDT · by Olog-hai · 8 replies
    Reuters ^ | Fri Jul 29, 2016 6:03pm EDT | Huw Jones and Andrew MacAskill
    Banks from Italy, Ireland, Spain and Austria fared worst in the latest European Union stress test, which the region’s banking watchdog said on Friday showed there was still work to do in order to boost credit to the bloc’s economy. Eight years since the collapse of Lehman Brothers sparked a global banking meltdown, many of Europe’s banks are still saddled with billions of euros in poorly performing loans, crimping their ability to lend and putting off investors. “While a number of individual banks have clearly fared badly, the overall finding of the European Banking Authority — that Europe’s banks are...
  • Deutsche Bank to close almost 200 branches

    07/18/2016 5:50:13 PM PDT · by Olog-hai · 9 replies
    TheLocal.de ^ | 18 Jul 2016 09:04 GMT+02:00 | (DPA/The Local)
    Germany’s largest lender is set to shut over a quarter of its branches across the country as the company goes through a major restructuring process. The closures are set to take place over the next few months, with 188 of Deutsche Bank’s 723 branches nationwide due to close their doors. […] After recording colossal losses of around €7 billion in 2015, the Frankfurt lender is desperately seeking ways to cut costs. […] The bank said it hopes to redirect funds to digital banking, in which it hopes to invest €750 million by 2020. …
  • Nostalgic Germans hoarding billions of Deutschmarks

    07/18/2016 12:29:30 PM PDT · by Olog-hai · 16 replies
    TheLocal.de ^ | 18 Jul 2016 16:09 GMT+02:00 | [DPA/The Local (With Reporting by Verity Middleton)]
    Fourteen years after the introduction of the Euro in cash, Germans are still holding onto their Deutschmarks (DM), mainly for the sentimental value attached to them. The DM, which was introduced in West Germany in 1948 under Allied rule and adopted in East Germany in 1990, was replaced by the Euro in 2002. On the 31st of December 2001, DM banknotes to the value of €76.57 billion were in circulation. Since then, “more than 95% of DM banknotes in circulation have been exchanged” for Euros, Dorit Feldbrügge from the Bundesbank (German Central Bank) told The Local. But that means that...
  • Obama's amazing THREAT to Britain: UK would be at the 'back of the queue' after Brexit

    04/23/2016 3:23:36 AM PDT · by BradtotheBone · 60 replies
    Express ^ | Sat, Apr 23, 2016 | Alison Little
    The US President warned the UK would be “at the back of the queue” for a trade deal with America if it quit Brussels. But his threat provoked outrage and scorn from pro-Brexit campaigners, who dismissed it as yet another scaremongering ploy from the pro-EU lobby. Mr Obama, who will no longer be in office when decisions on a trade deal are made, delivered a lecture to the British people on why he thinks it is in the UK’s, America’s and the world’s best interests for Britain to vote to stay in the EU on June 23. He weighed into...
  • Billionaire Bunkers: Inside the World’s Largest Planned Doomsday Escape

    04/15/2016 7:09:30 AM PDT · by Baynative · 46 replies
    Forbes ^ | 4/14/16 | Jim Dobson
    Vivos founder and CEO Robert Vicino announced Vivos Europa One which will be an invitation only, five star, underground survival complex, similar to an underground cruise ship for the elite. Each family will be provided a private 2,500 square foot of floor area, capable of two story improvements for a total of 5,000 square feet of private living quarters. With fit and finish comparable to a mega-yacht, each member family will hire their own architect and contractor to build out their living quarters to the custom standard they desire. The expansive shelter is located in Germany and is one of...
  • New EU law may criminalize whistleblowers

    04/15/2016 6:15:47 AM PDT · by Olog-hai
    Deutsche Welle ^ | 14.04.2016 | Ben Knight
    The European Union is sending mixed signals on business transparency. On Tuesday, the European Commission responded to the Panama Papers disclosures by unveiling new legislation that would force more tax transparency on major companies in member states. But on Thursday, the European Parliament voted in favor of a new measure that critics say could prevent such leaks in the future. Campaigners say the new Trade Secrets Protection Act — aimed at protecting multinationals from corporate spying — will effectively criminalize whistleblowers and make it less likely that revelations like the Panama Papers and the Volkswagen scandal will ever see the...
  • 'Hug a Brit to stop Brexit' Europeans urged

    04/08/2016 10:43:49 AM PDT · by Olog-hai · 35 replies
    TheLocal.de ^ | 08 Apr 2016 16:57 GMT+02:00 | James Savage
    If Britain leaves the EU after its referendum in June, it won’t just affect Brits, but people from across Europe — none of whom will get a vote. Now Europeans can get involved — by love-bombing their British friends to encourage them to stay. The idea came from a group of Europeans living in London, who have launched a group called #PleaseDon’tGoUK. Their idea is simple: forget the debates and show the Brits some love — and then post the evidence online. […] The group has had contributions from French people, Italians, Germans, Spaniards and Swedes, both in the UK...
  • Germans told 'stay away from windows' for Obama visit

    04/04/2016 5:02:21 PM PDT · by Olog-hai · 18 replies
    TheLocal.de ^ | 04 Apr 2016 18:01 GMT+02:00 | (DPA/The Local)
    Locals in Hanover have been given a very specific command for when the US President comes to visit — better neither heard nor seen. When US President Barack Obama arrives in Hanover for a visit on Sunday April 24th, residents have been told very clearly what is expected of them: stay away from windows and do not wave. Local police issued advisory flyers out of security concerns for some 1,800 residents who live near the Congress Centrum and zoo area, where Obama will be meeting Chancellor Angela Merkel for the Hanover Messe, a major global trade fair for industrial technology....
  • Germany calls to 'turn up heat' on financial crimes

    04/04/2016 7:02:41 AM PDT · by Olog-hai · 1 replies
    TheLocal.de ^ | 04 Apr 2016 15:40 GMT+02:00 | (AFP)
    The German government on Monday said it hoped the revelations from the so-called “Panama Papers” will spur global efforts to combat tax evasion and money laundering. “We hope the current debate will turn up the heat,” finance ministry spokesman Martin Jäger told a news briefing. […] The Panama Papers are a massive leak of 11.5 million documents allegedly exposing the secret offshore dealings of a host of world leaders, celebrities and sports stars, implicating figures from Russian President Vladimir Putin to Barcelona striker Lionel Messi. […] The documents, from around 214,000 offshore entities covering almost 40 years, came from Mossack...
  • Ireland recalls 1916 Easter Rising against British rule

    03/27/2016 8:20:55 AM PDT · by Olog-hai · 28 replies
    Associated Press ^ | Mar 27, 2016 9:47 AM EDT | Shawn Pogatchnik
    Thousands of soldiers marched solemnly Sunday through the crowded streets of Dublin to commemorate the 100th anniversary of Ireland’s Easter Rising against Britain, a fateful rebellion that reduced parts of the capital to ruins and fired the country’s flame of independence. The Easter parade through Dublin featured military ceremonies at key buildings seized in 1916, when about 1,200 rebels sought to fuel a popular revolt against Ireland’s place in the United Kingdom. […] Many Dubliners opposed the insurrection as an act of treason in time of war, but public sentiment swiftly swung in the rebels’ favor once a newly arrived...
  • 'Brexit' could cost Britain £100 billion and a million jobs - CBI

    03/21/2016 12:10:35 AM PDT · by Berlin_Freeper · 25 replies
    reuters.com ^ | Mar 21, 2016 | reuters
    A British vote to leave the European Union could cost the economy £100 billion and 950,000 jobs by 2020, according to research commissioned by employers' group the Confederation of British Industry (CBI). The CBI said "Brexit" would deliver a serious shock to the British economy, regardless of any trade deals the country could negotiate with its former European partners. "This analysis shows very clearly why leaving the European Union would be a real blow for living standards, jobs and growth," CBI Director-General Carolyn Fairbairn said in a statement on Monday. "The savings from reduced EU budget contributions and regulation are...
  • Experts warn of rising inequality in Germany

    03/18/2016 6:04:15 AM PDT · by Olog-hai · 18 replies
    TheLocal.de ^ | 18 Mar 2016 11:23 GMT+01:00 | (DPA/The Local)
    Income inequality has leapt in Germany since 2000, a new study shows, with the lowest earners having less money in their pockets than 15 years ago despite sustained economic growth. The study by the Kreditanstalt für Wiederaufbau, a government-owned development bank, shows how unevenly the fruits of prosperity have been divided over the past decade and a half. Whereas in 2000 Germany had arguably the lowest income inequality in the world, it has now fallen behind the Czech Republic, Sweden and Denmark. The report does however emphasize that Germany is still one of the most equal countries in the world...
  • European Central Bank to Launch New Stimulus Program [Revelation 13]

    03/17/2016 2:38:15 PM PDT · by Jan_Sobieski · 1 replies
    The New American ^ | 3/14/2016 | Charles Scaliger
    Last week, European Central Bank chief Mario Draghi (shown) tried to do an impression of former Federal Reserve Chairman Ben Bernanke. Although "Helicopter Ben" — he of the massive, innovative "stimulus" monetary policies enacted in response to the Great Recession, which pumped trillions of new dollars into the global economy — has been retired from the helm of the Fed for several years, he casts a very long shadow indeed. Draghi's own newly enacted stimulus, designed to boost Europe out of persistent economic malaise, not only takes a few pages out of the Bernanke playbook, it moves central banking into...
  • Germany could be Europe's next big problem

    03/03/2016 8:28:07 AM PST · by Lorianne · 9 replies
    Business Insider ^ | 02 March 2016 | Jonathan Garber
    This is as good as it gets for Germany and Europe. Previously, it was the debt of the eurozone’s peripheral countries that was of concern to the markets. But in an interview with Business Insider, Geopolitical Futures founder George Friedman proclaimed that Europe now has a much bigger problem: Germany. And at the heart of the looming issue for Germany and Europe is the Italian banking system. “[Problems in Italian banks are] going to spill over into the Netherlands, it’s going to spill over into Germany,” Friedman said. “Germany is the new PIIG. Germany depends on exports and its markets...
  • Merkel: Germany should play bigger role on world stage

    03/02/2016 10:02:38 PM PST · by Olog-hai · 42 replies
    Deutsche Welle ^ | 03/02/2016 | [es/bw (Reuters, dpa)]
    Germany should play a bigger role in world affairs, Chancellor Angela Merkel insisted on Wednesday. On the campaign trail for her Christian Democrats (CDU) party ahead of regional elections next week, Merkel refused pressure to take a more individual, domestic approach to Europe's migrant crisis. The country should not just spread its influence via, exports, the chancellor argued. "Rather, we will have to take on more responsibility in an open world for what happens outside our European borders," she said from a CDU rally in the town of Wittlich in Rhineland-Palatinate, one of three states about to hold parliamentary ballots....
  • 'States Must Sacrifice Sovereignty to Save Euro'

    06/27/2012 6:24:36 AM PDT · by Olog-hai · 48 replies
    Der Spiegel ^ | 06/27/2012 | David Crossland
    Europe's leaders convening in Brussels on Thursday for an European Union summit are under intense pressure to come up with a new plan to save the euro, but they seem as divided as ever. Chancellor Angela Merkel used uncommonly stark language on Tuesday when she rejected the idea for common euro bonds by saying Europe would not share total debt liability "as long as I live." But German media commentators have drawn some comfort from a blueprint for a radical revamp of the eurozone's architecture presented this week by the "gang of four" European presidents: European Council President Herman Van...
  • Germany ends audits against Deutsche Bank over price fixing

    02/27/2016 5:49:13 AM PST · by Olog-hai · 2 replies
    Deutsche Welle ^ | 25.02.2016 | [mg/jr (Reuters, dpa)]
    Germany's financial regulator has said it won't take further action against the country's largest bank over alleged interest rate rigging and precious metals price fixing. The moves takes the spotlight off a former boss. The watchdog, known as Bafin, announced on Thursday it had ended several major special audits against Deutsche Bank. [...] Deutsche Bank paid $2.5 billion (2.26 billion euros) in fines in April last year after investigations on manipulating interest rates. The bank was also probed for its role in rigging prices of gold, silver, platinum and palladium. It also recorded a multibillion-euro loss for 2015. Bafin officials...
  • Ex-Military Chiefs Say Britain Is 'Stronger' In European Union

    02/24/2016 1:01:56 PM PST · by Berlin_Freeper · 10 replies
    ndtv.com ^ | February 24, 2016 | Agence France-Presse
    London: Twelve former senior military officers insisted Britain should stay in the European Union today, saying the country was "stronger" as a member of the 28-nation bloc in a "dangerous world". Writing ahead of a membership referendum on June 23, the retired military chiefs said the EU helped protect the country against threats from ISIS terrorists and Russia. The signatories of the letter to the Daily Telegraph newspaper include four former professional heads of the overall armed forces as well as two former heads of the army and two of the navy. "Will Britain be safer inside the EU or...
  • Almost half of Germans want legal maximum wage

    02/24/2016 10:18:06 AM PST · by aimhigh · 23 replies
    The Local DE ^ | 02/24/2016 | Henning Hoffgaard
    A survey published on Wednesday shows 44 percent of Germans want the government to set an upper limit on how much companies can pay their employees. The number of respondents in favour of Germany setting a maximum salary clearly outweighed those who were against it, with only slightly over a quarter saying it was a bad idea. Twenty-nine percent, meanwhile, were undecided, the survey by Die Zeit showed. The idea was particularly popular in former communist east Germany, where a majority of 58 percent said they wanted salaries capped.
  • Multiple crises challenge European Union ahead of summit

    02/14/2016 7:48:01 AM PST · by Olog-hai
    Associated Press ^ | Feb 14, 2016 7:31 AM EST | Gregory Katz
    ... If the European Union were a patient, its survival would be seen as threatened by multiple organ failure. That's the view of many experts as EU chiefs prepare for a Brussels summit that starts Thursday. Analysts believe the combined strain of these challenges may be unbearable for a political union and trading bloc that just 20 years ago seemed to be growing in stature as it proudly offered freedom and democracy - along with lucrative subsidies, military alliances and billions in foreign investment - to newly freed former Soviet satellites. Ian Kearns, director of the European Leadership Network research...
  • Franco-German Central Bankers Call for Creation of Eurozone Treasury

    02/14/2016 12:24:41 AM PST · by Olog-hai · 4 replies
    Telegraph (UK) ^ | 1:30PM GMT 08 Feb 2016 | Mehreen Khan
    Two of Europe's most powerful central bankers have called on the eurozone to form its own treasury and push forward with a quantum leap in integration to secure the single currency's future. Germany's Jens Weidmann and France's newly-appointed Francois Villeroy de Galhau urged member states to move towards a "comprehensive sharing of sovereignty" which would include a common 19-member treasury and an "independent fiscal council" with a eurozone parliament. [...] Their comments are a rare sign of unity from the EU's most powerful founding member states, which have often diverged on their visions for the future of the eurozone. Germany...
  • Are Germans right to fear limit on cash payments?

    02/12/2016 3:48:56 PM PST · by Olog-hai · 18 replies
    TheLocal.de ^ | 12 Feb 2016 09:43 GMT+01:00 | Jörg Luyken
    When it was announced late last week that the German government planned to set a €5,000 limit on payments with cash, it barely raised an eyebrow in our newsroom. Limits on cash transactions are standard in other large European countries, including Italy, France and the UK, and this seemed to be a case of conservative Germany slowly falling in line with its neighbors. We should have known better. The outcry came from all quarters, with the populist right-wing Alternative for Germany (AfD) just as vocal as the right-on left-wing Green Party and the liberal Free Democratic Party (FDP). Economic weekly...
  • Germany ‘must act now to defuse debt time bomb’

    02/12/2016 2:25:24 PM PST · by Olog-hai · 8 replies
    TheLocal.de ^ | 12 Feb 2016 15:36 GMT+01:00
    An internal government report seen by Die Welt am Sonntag predicts that Germany will have to take on uncontrollable debt if it doesn't start making huge budget cuts now. It's the same old problem: not only Germans are living longer than ever before, they're not producing enough offspring to replace them in the workforce. The result will be levels of debt reaching 220 percent of Gross Domestic Product (GDP) by 2060 - well above the 60 percent limit for EU member states set out by the Maastricht Treaty in 1992 - experts from inside Wolfgang Schaeuble's finance ministry have calculated....
  • 6 founding EU nations commit to the original unity goals

    02/09/2016 7:07:44 PM PST · by Olog-hai · 12 replies
    Associated Press ^ | Feb. 9, 2016 5:53 PM EST | Raf Casert
    The six founding nations of the European Union on Tuesday stressed their commitment to seek an "ever closer union" ahead of next week's summit where Britain is expected to seek a new agreement to help convince a skeptical public to remain part of the EU. The foreign ministers of host Italy, France, Germany, the Netherlands, Belgium and Luxembourg said in a joint statement Tuesday they reconfirm their "strong commitment to Europe and the European project and invite all other member states to join." ...
  • German, French central bankers call for euro zone finance ministry

    02/08/2016 1:34:12 PM PST · by Lorianne · 4 replies
    Reuters ^ | 07 February 2016
    The euro zone needs to press ahead with structural reforms and closer integration, including an euro zone finance ministry, to deliver sustainable growth, the heads of the French and German central banks wrote in a German newspaper on Monday. In a guest article for the Sueddeutsche Zeitung entitled "Europe at a crossroads", they said the European Central Bank (ECB) was not in a position to create sustainable long-term growth for the 19-country single currency bloc. The ECB has undershot its 2-percent inflation target for three straight years and is unlikely to return to it to for years to come given...
  • In Tehran, Tsipras says he hopes Greece will be Iran-EU bridge

    02/08/2016 10:18:17 AM PST · by Olog-hai · 3 replies
    Times of Israel ^ | February 8, 2016, 3:49 pm | (Times of Israel Staff and Agencies)
    Greece aims to play the role of an economic force to strengthen ties between the European Union and Iran, Greek Prime Minister Alexis Tsipras said Sunday after he arrived in Tehran for an official visit. "Greece will become an energy, economic and trade bridge between Iran and European Union," Tsipras said, according to a translation by the Mega television channel. He further called Iran "a key player for stability and peace in the Middle East, and a significant economic partner." Tsipras's comments come after Iran's nuclear deal with world powers came into force, allowing the United States and the European...
  • Exclusive: Iran wants euro payment for new and outstanding oil sales - source

    02/07/2016 9:36:26 AM PST · by BenLurkin · 22 replies
    rueters ^ | 02/05/2016 | Nidhi Verma
    Iran wants to recover tens of billions of dollars it is owed by India and other buyers of its oil in euros and is billing new crude sales in euros, too, looking to reduce its dependence on the U.S. dollar following last month's sanctions relief. A source at state-owned National Iranian Oil Co (NIOC) told Reuters that Iran will charge in euros for its recently signed oil contracts with firms including French oil and gas major Total, Spanish refiner Cepsa and Litasco, the trading arm of Russia's Lukoil. "In our invoices we mention a clause that buyers of our oil...
  • EU VAT review could end Britain's exemption on food, medicine and children's clothing

    01/28/2016 7:11:42 PM PST · by Olog-hai · 14 replies
    Daily Telegraph (UK) ^ | 12:34PM GMT 28 Jan 2016 | Steven Swinford
    David Cameron has vowed to resist plans by the European Union to bar Britain from waiving VAT on food, medicine and children's clothing, a senior EU official said. Pierre Moscovici, the Economics Commissioner, said that Britain's "zero rate" for VAT on a number of items is "not the best idea" and suggested it will be looked at as part of a review by the European Commission. It will fuel controversy as David Cameron holds a series of meetings as he prepares to call a referendum on Britain's continued membership of the of the European Union. ...
  • France tells UK 'the eurozone is more important than you'

    01/22/2016 6:31:12 AM PST · by Olog-hai · 2 replies
    TheLocal.fr ^ | 21 Jan 2016 15:21 GMT+01:00 | (AFP/The Local)
    France said Thursday that a British exit from the European Union would be a tragedy, but warned that Britain's demands for reform could not be met at any price. French President Francois Hollande said Thursday he would be "particularly vigilant" during talks with Britain while the PM Manuel Valls said the UK was unlikely to win over EU leaders in the next few weeks. [...] "France wants Great Britain to stay in the European Union - that's in the interests of Europe and the United Kingdom," he said. "But I will be particularly vigilant so that the eurozone can continue...
  • Millions of British households to get pro-EU leaflets

    01/18/2016 10:19:15 PM PST · by Olog-hai · 9 replies
    EUBusiness ^ | 18 January 2016, 20:52 CET
    Leaflets outlining the benefits of remaining in the EU will appear in millions of letter boxes in England this week as a possible agreement on the reforms demanded by Britain begins to take shape. Some 10 million brochures will be sent around England -- the part of Britain where opposition to the European Union is at its highest -- by Britain Stronger in Europe, the campaign group leading the movement to stay in. Among the mostly economic arguments made in the leaflets are the jobs created by EU membership, greater consumer choice, lower prices as well as the investment coming...
  • Poland rebukes ‘left-wing’ EU commission

    01/14/2016 12:08:19 PM PST · by Olog-hai · 20 replies
    EU Observer ^ | 12 Jan 2016 15:58 | Andrew Rettman
    Poland has accused the Dutch EU commissioner, Frans Timmermans, of "left-wing" bias and "astonishing" ignorance in trying to "exert pressure" on constitutional reform. If Timmermans had expected a conciliatory reply, on technical issues, after he asked the Polish justice minister, Zbigniew Ziobro, in December to explain the reforms, then he would have been surprised on Monday evening (11 January). [...] Ziobro's letter arrived shortly before the commission holds a debate on Poland on Wednesday. [...] Some commissioners, such as Germany's Guenther Oettinger, have said Poland should be placed under a supervisory mechanism, which could lead to EU sanctions. ...
  • Supermarket to accept Deutschmarks again (Kaufland)

    12/30/2015 6:39:12 PM PST · by Olog-hai · 5 replies
    TheLocal.de ^ | 30 Dec 2015 16:13 GMT+01:00 | (With DPA)
    It hasn't been legal tender for 14 years, but in January a German supermarket chain will start accepting Deutschmarks again. Kaufland supermarkets will be accepting the former German currency at their cashiers. To support the campaign, many of the company's products will also be given a 1960s design to enhance the nostalgic theme. [...] (T)his is a limited campaign, lasting from January 4th until January 30th, and the aim is to get Germans to use the old currency they still have lying around. The estimated value of that currency is over €6 billion. ...
  • EU predicts 'modest' economic recovery next year

    11/06/2015 7:58:58 AM PST · by Olog-hai · 4 replies
    Associated Press ^ | Nov. 5, 2015 7:22 AM EST | Raf Casert
    The European Union on Thursday predicted the region's economy will grow at "a modest pace" next year thanks to cheap energy and central bank stimulus, but remains hampered by low investment and high debt. In an official forecast, European Commissioner Pierre Moscovici warned of uneven improvements across the 28 member states but said that for 2016, the EU economies will "see growth rising and unemployment and fiscal deficits falling." ...
  • UK exit from EU would be ‘disaster’: Schäuble (German finance minister; wants UK to join euro)

    10/07/2015 6:12:21 AM PDT · by Olog-hai · 11 replies
    TheLocal.de ^ | 07 Oct 2015 08:08 GMT+02:00 | (AFP)
    German Finance Minister Wolfgang Schäuble said on Tuesday that he wanted to do everything possible to keep Britain from leaving the European Union, adding that it would be a disaster for both the British and Europeans. “I hope that we can convince (the) UK… (to) stay in the EU, because a Brexit would be a disaster for the UK and for Europeans,” Schäuble said during a discussion with students at Sciences Po university in Paris. Schäuble also said that he hoped Britain would join the euro in the coming years. …
  • Why the EU’s refugee crisis? ‘Lack of central authority’

    09/29/2015 2:44:14 AM PDT · by Olog-hai · 5 replies
    Associated Press ^ | Sep. 23, 2015 8:36 AM EDT | John-Thor Dahlburg
    The European Union has no border patrol. It’s one of the many ways in which the bloc lacks power, with its member countries jealously guarding their sovereign prerogative to enact their own laws about defense, police and coast guard. This vacuum of authority, and the failure of EU policy-makers to anticipate how events in faraway Libya or Syria might trigger the flood of refugees now swamping Europe, are some of the reasons the group of 28 European nations originally founded as a common market has failed to deal more firmly and effectively with what has mushroomed into a major humanitarian...
  • Father of the euro fears EU superstate by the back door

    09/13/2015 9:35:19 PM PDT · by Olog-hai · 7 replies
    Daily Telegraph (UK) ^ | 8:59PM BST 06 Sep 2015 | Ambrose Evans-Pritchard
    The euro’s founding father has warned that Europe’s latest plan for an EMU-wide finance ministry is a dangerous attempt to smuggle through political union, and breaches the basic tenets of modern democracy. Professor Otmar Issing, the chief architect of monetary union through its early years, said it would be “dangerous” to transfer control over tax and spending to the EU federal level before full political union has been established first on democratic foundations. Such a quantum leap in the constitutional structure of Europe—effectively the creation of an EU superstate, with a parliament comparable in power to the US Congress—is unthinkable...
  • European Central Bank ready to give eurozone more stimulus

    09/03/2015 7:56:02 AM PDT · by Olog-hai
    Associated Press ^ | Sep 3, 2015 10:47 AM EDT | David McHugh and Pan Pylas
    The European Central Bank is ready to give the eurozone economy a bigger dose of stimulus if turmoil in China and weaker global growth hurt its modest recovery, President Mario Draghi said Thursday. Market volatility, concern over the effects of a looming interest rate increase in the U.S. and a drop oil prices have spawned uncertainty over the global economy, leading the ECB to cut its inflation and growth forecasts for the eurozone. Draghi said the ECB can add to its €1.1 trillion ($1.2 trillion) program if needed to raise inflation or support growth. […] The stimulus is intended to...