Finance and Monetary Affairs in the EU

Latest business news about Finance and Economic and Monetary Affairs in the European Union

Bank of Spain sees zero or negative growth 2nd half '08 — 07 October 2008, 15:51 CET

Spain's economy, the fifth largest in the European Union, will decline or post a growth rate of 'nearly zero per cent' during the second half of the year.

EU ministers agree to coordinate on financial crisis — 07 October 2008, 15:42 CET

EU finance ministers agreed on Tuesday to coordinate their responses to the financial crisis whipping across Europe, said French Finance Minister Christine Lagarde.

EU increases bank deposit guarantee to 50,000 euros — 07 October 2008, 15:40 CET

European finance ministers agreed on Tuesday to increase minimum bank deposit guarantees in Europe to EUR 50,000 (67,500 dollars) from EUR 20,000 currently.

EU agrees to support big banks to protect financial system — 07 October 2008, 15:37 CET

EU finance ministers agreed on Tuesday to support troubled big banks in order to protect the broader financial system, the deputy German finance minister said.

EU ministers in crisis meeting to shield savers from firestorm — 07 October 2008, 15:35 CET

EU ministers were looking at ramping up bank deposit protection to 100,000 euros and aligning their guns against the global financial forestorm for the first time, at a crisis meeting here on Tuesday.

EU fails to agree insurance shake-up despite crisis — 07 October 2008, 15:45 CET

EU finance ministers fail to agree a shake-up of how the insurance sector is regulated, despite the growing sense of urgency to improve oversight of the financial sector.

South Korea sees merit to proposed EU bailout plan — 07 October 2008, 13:59 CET

An aide to South Korean President Lee Myung-Bak voiced support on Tuesday for setting up a Europe-wide fund to shore up banks hard-hit by the global financial crisis.

Russia denies four billion euro Iceland bail-out: report — 07 October 2008, 13:20 CET

A top Russian official denied Tuesday that Moscow had granted Iceland a four billion-euro loan, saying discussions on the matter had not begun, RIA Novosti news agency said.

ECB pumps 50 billion dollars back into money markets — 07 October 2008, 13:23 CET

The European Central Bank on Tuesday pumped 50 billion dollars (37 billion euros) back into interbank money markets on Tuesday, but it said banks sought more than double that amount.

EU moves to restore confidence in banking system — 07 October 2008, 13:39 CET

European finance ministers faced pressure on Tuesday to offer savers more state protection for their bank deposits as Europe struggles to restore dwindling confidence in the banking system.

EU battles to restore confidence in banking system — 07 October 2008, 00:38 CET

EU countries battled on Monday to assure people that they would prop up the ailing banking system and protect their savings as the financial crisis whipped through Europe.

EU tries to assure savers with plans to hike deposit guarantees — 07 October 2008, 00:35 CET

EU countries sought on Monday to assure people their savings are safe in the face of the credit financial crisis with plans to ramp up minimum bank deposit guarantees to as much as 100,000 euros.

Eurozone chiefs try to assure crisis-struck banks — 07 October 2008, 00:37 CET

Leading officials of the 15-nation eurozone group said Monday that big banks fighting for survival would not be allowed to fail and the money market would be kept flush with central bank cash.

EU's unity on financial crisis tested over banking guarantees — 06 October 2008, 21:40 CET

European countries struggled Monday to coordinate protection of people's savings in the face of the financial crisis as a growing number rushed to hike bank deposit guarantees in the absence of an EU-wide plan.

European countries split over bailout plan — 06 October 2008, 19:12 CET

European finance ministers were divided on Monday on whether Europe needed a US-style bailout fund to prop up the ailing financial system, as Italy sought to revive the idea.

Brussels calls for concerted EU response to financial crisis — 06 October 2008, 19:13 CET

The EU commission on Monday called on member states to better coordinate their responses to the spiralling financial crisis.

Europe to take 'all necessary measures' to defend banks — 06 October 2008, 19:45 CET

European Union member states will "take all necessary measures to maintain the stability of the financial system," they said in a statement released simultaneously in their capitals Monday.

Dublin defends its bank deposit guarantee — 06 October 2008, 16:22 CET

Irish Foreign Minister Micheal Martin on Monday defended his country's decision to guarantee deposits in six big Irish banks, insisting the measure was not disproportionate given the circumstances.

EU leaders will do all necessary to maintain stability: Italy — 06 October 2008, 16:06 CET

European Union authorities will do everything necessary to maintain the stability of the financial system, Italian Prime Minister Silvio Berlusconi said in a statement on Monday.

Spain could raise savers' guarantees 'if no EU deal' — 06 October 2008, 16:07 CET

The Spanish government does not rule out moving to boost guarantees on bank deposits if the European Union fails to adopt a common policy, Economy Minister Pedro Solbes said on Monday.

German deposit guarantee seems okay to Brussels — 06 October 2008, 16:08 CET

Germany's guarantee of all its bank savings seems in line with EU competition rules and does not pose the same problems as a similar announcement by Ireland, says the Commission.

EU ministers try to contain financial crisis — 06 October 2008, 11:57 CET

European finance ministers face pressure Monday and Tuesday to contain the US-born financial crisis whipping through Europe as the idea of a joint US-style bailout fund resurfaces.

ECB offers banks another 50 billion dollars — 06 October 2008, 19:49 CET

The European Central Bank said Monday it had pumped 50 billion dollars (37 billion euros) into stressed eurozone interbank lending markets in what has become a daily effort to keep credit flowing.

Italy to propose bank bailout fund: Berlusconi — 06 October 2008, 09:24 CET

Italy will resurrect the idea of creating an European bank bailout fund at a meeting of EU finance ministers in Luxembourg on Monday, Prime Minister Silvio Berlusconi said.

50-billion-euro rescue package agreed for German bank — 06 October 2008, 00:24 CET

The German government, the Bundesbank and market regulators have agreed with the private banking sector on a new EUR 50bn rescue package for stricken bank Hypo Real Estate.