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Keyword: eurobanking

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  • Eurozone to become 'a great country' like US, says French minister

    10/13/2017 6:56:22 AM PDT · by Olog-hai · 14 replies
    TheLocal.fr ^ | 13 October 2017 09:01 CEST+02:00 | AFP
    French finance minister Bruno Le Maire called Thursday for the European Union to become a cohesive whole, as unified and ambitious as the United States, adding that it was time for Britain to face the consequences of Brexit. The remarks come as the EU emerges from a rocky period of rising nationalism and challenges to its unity. Talks between the EU and Britain, which voted last year to secede, deadlocked in Brussels on Thursday, leaving future trade relations in doubt. “I think what we need within the Eurozone is more unity and more ambition,” Le Maire said during an event...
  • EU executive seeks official commemoration of Germany's Kohl

    06/18/2017 9:21:00 AM PDT · by Olog-hai · 2 replies
    Associated Press ^ | Jun 18, 2017 6:14 AM EDT
    The head of the European Commission says he wants an official commemoration of former Chancellor Helmut Kohl, who led Germany to reunification and was a strong backer of the continent’s unity. Jean-Claude Juncker told Sunday’s Bild am Sonntag newspaper that he will personally push for a “European act of state” for Kohl, who was chancellor from 1982 to 1998, but didn’t give details. […] Juncker said that “without Helmut Kohl, the euro would not exist.” …
  • Soros Says The European Union Is Now In An Existential Crisis, Surrounded By Hostile (US) Powers

    06/01/2017 9:02:07 AM PDT · by blam · 33 replies
    CNBC ^ | Silvia Amaro
    Billionaire financier George Soros said Thursday the European Union is in an "existential crisis" and needs to be reinvented in the face of growing threats. "The reinvention would have to revive the support that the European Union used to enjoy," the Hungarian-born Soros said at the Brussels Economic Forum. Such reinvention would have to review the past and explain to European citizens what went wrong and then make proposals to make things right. Soros welcomed a German idea to cut European funds aimed at reducing income inequalities at the regional level for those countries disrespecting the rule of law. Both...
  • 'The greed of the German state has become almost kleptocratic' [FDP party leader]

    05/11/2017 8:01:04 PM PDT · by Olog-hai · 5 replies
    TheLocal.de ^ | 11 May 2017 15:33 CEST+02:00 | DPA/The Local
    With Germany raking in more taxes due to strong economic performance, the leader of its liberal party has suggested state officials are enriching themselves at the cost of the taxpayer. “The greed of the state has taken on kleptocratic characteristics,” Christian Lindner, head of the Free Democratic Party (FDP) told Handelsblatt on Wednesday. A kleptocracy is a form of government in which officials corruptly use public funds for personal gain. “The yearly tax intake of the state is set to be €100 billion higher in 2020 than this year, if we don’t act. For the FDP, it is clear that...
  • Trump’s next trade target: Europe’s scooters and cheese

    02/09/2017 10:24:38 PM PST · by Ernest_at_the_Beach · 20 replies
    http://www.politico.eu/ ^ | By Hans von der Burchard and Adam Behsudi 2/9/17, 4:27 PM CET Updated 2/9/17, 10:32 PM | By Hans von der Burchard and Adam Behsudi
    Washington has a prime opportunity to slap 100 percent tariffs on key EU exports. Iconic European products ranging from Roquefort cheese to Vespa scooters will soon be in Donald Trump’s sights.The billionaire property tycoon won the U.S. presidency on a highly protectionist agenda and vowed to slash the country’s eye-watering deficits with leading trade partners. While China and Mexico have borne the brunt of his early threats, he now has a prime opportunity to box out some of Europe’s most famous exports. Next Wednesday, the U.S. trade representative will hold a public hearing on slapping an eventual 100 percent import...
  • Germany completes return of 300 tons of reserve gold from US

    02/09/2017 7:10:47 AM PST · by Olog-hai · 34 replies
    Associated Press ^ | Feb 9, 2017 7:27 AM EST | Geir Moulson
    Germany has completed an effort to bring home 300 metric tons (330.7 tons) of gold stashed in the United States, part of a plan to repatriate gold bars kept abroad during the Cold War. The German central bank said it brought 111 tons of gold back from the Federal Reserve in New York last year, concluding in September — the last of 300 tons slated for return. […] Once the transfers are completed, Frankfurt will hold half of Germany’s 3,378 tons of reserve gold, with the rest in New York and London. […] During the Cold War, West Germany kept...
  • European Union president trashes Trump as 'threat'

    02/01/2017 3:28:03 PM PST · by Olog-hai · 29 replies
    Cable News Network ^ | 4:16 PM ET, Tue January 31, 2017 | Nicole Gaouette
    The European Union declared the Trump administration a “threat” on Tuesday, laying bare what many Europeans think privately and setting the stage for increased tension between the US and EU. European Union President Donald Tusk’s diplomatic bombshell listed the Trump administration as a threat alongside China, Russia, terrorism and radical Islam, adding that “worrying declarations by the new American administration all make our future highly unpredictable.” “The change in Washington puts the European Union in a difficult situation; with the new administration seeming to put into question the last 70 years of American foreign policy,” Tusk said in a letter...
  • Top Trump aide blasts Germany for 'exploiting' US on trade

    01/31/2017 7:26:01 PM PST · by Olog-hai · 5 replies
    TheLocal.de ^ | 31 January 2017 16:23 CET+01:00 | AFP
    A top economic adviser to US President Donald Trump bashed Germany for exploiting an undervalued euro to take advantage of its trading partners, the Financial Times reported Tuesday. The public rebuke of a major trading partner is the latest example of the brash tactic that has become a feature of the new US administration, with Trump himself using public attacks and Twitter to criticize businesses and allies, including Mexico. Peter Navarro, who advised Trump during the campaign and heads the White House’s new National Trade Council, said in an interview with the FT that Germany “continues to exploit other countries...
  • German paper accuses UK of offshore tax haven threat

    01/15/2017 9:48:58 PM PST · by Olog-hai · 3 replies
    TheLocal.de ^ | 15 January 2017 21:55 CET+01:00 | AFP/The Local
    Germany’s Welt Am Sonntag newspaper has accused British finance minister Phillip Hammond of threatening to drastically slash corporation tax to turn the UK into an offshore tax haven if it is not given a trade deal. In an interview with Hammond, headlined “British finance minister threatens EU partners”, the paper quotes Hammond saying that Britain could be forced to change its economic model if negotiations went badly. “The British people are not going to lie down and say, ‘too bad’,” he said, when asked if the UK could slash corporation taxes. “If we have no access to the European market,...
  • Germany calls on ECB to unwind economic stimulus

    01/15/2017 9:39:20 AM PST · by Olog-hai · 2 replies
    TheLocal.de ^ | 14 January 2017 08:16 CET+01:00 | AFP
    The European Central Bank should begin winding down its expansive monetary policy in 2017 as inflation returns in the eurozone, German Finance Minister Wolfgang Schäuble said in an interview on Friday. “It would probably be right if the ECB starts daring to head for the exit this year,” Schäuble told the Sueddeutsche Zeitung newspaper — although he acknowledged it would be a “difficult task”. The ECB has fixed interest rates at record lows in the 19-nation single currency area, as well as offering cheap loans to banks and buying up tens of billions of euros per month of government and...
  • German architect of Euro currency dies aged 85

    12/28/2016 10:28:42 AM PST · by Olog-hai · 5 replies
    TheLocal.de ^ | 28 December 2016 16:55 CET+01:00 | AFP
    Former Bundesbank president Hans Tietmeyer, a key architect of the euro who oversaw its introduction in Germany, has died at the age of 85, the central bank announced Wednesday. Tietmeyer ran the mighty Bundesbank from 1993 to 1999, a period that straddled the aftermath of German reunification as well as the launch of the single European currency and the creation of the European Central Bank. […] A fierce defender of the independence of central banks, Tietmeyer was credited with ensuring that the same principle was enshrined in the statutes of the ECB, which was modeled in large part on the...
  • 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...