Eurozone Bank Supervision to Start in 2013
A meeting of EU leaders resulted in agreement that the ECB will be at the head of a framework of eurozone bank supervision, and that the structure will be in place by the beginning of 2013.
Merkel Calls for Financial Transaction Tax-Funded Aid Plan
Chancellor Angela Merkel of Germany raised the prospect of a new European aid fund that would be used to help struggling eurozone countries finance projects to improve their fiscal well-being and make them more competitive.
German Finance Minister Wants to Change EU Treaties
German Finance Minister Wolfgang Schaeuble is advocating changes that will allow the EU’s monetary affairs commissioner to reject national budgets and prevent non-eurozone countries, like Britain, from nixing eurozone-only measures.
IMF Says Greece Needs More Time, Possible Debt Reduction
Christine Lagarde and Wolfgang Schaeuble are locking horns over Greece.
Spain in Mind as Eurozone Brings ESM Online
The European Stability Mechanism, the permanent rescue fund of the eurozone, goes into operation on Monday in anticipation of Spain’s potential need for a bailout.
Germany Said to Stall Spain on Bank Rescue
Just when it seems that Spain has made up its mind at last to ask for a bailout for its banks, Germany is said to be pushing Madrid to wait.
German Unemployment Up for Sixth Month
Still, unemployment was near its lowest level since reunification, and the overall rate held steady at 6.8%.
Merkel Defends ECB, Bundesbank
Chancellor Angela Merkel of Germany defended both sides of the bond-buying issue, saying that politicians should stay out of ECB limits in bond purchases but championing the right of the Bundesbank head to challenge them.
Soros: Germany Should Lead Eurozone or Leave It
Billionaire financier George Soros said that Germany's insistence on austerity measures, if not checked and replaced by growth strategies, will push the region into a depression.
ECB Plan Cuts ‘Drama’ From Aid Requests: Monti
ECB President Mario Draghi’s plan to buy bonds and drive down the interest rates for eurozone countries in trouble has lessened the stigma of asking for help, according to Prime Minister Mario Monti of Italy.