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.
Draghi, With Credibility at Stake, Ups Ante in Debt Fight
ECB President Mario Draghi is upping the ante after saying last week he would do "whatever it takes" to preserve the euro.
Bundesbank Warns Greece as E.U. Leaders Meet
Germany’s Bundesbank warned Greece on Wednesday that if it failed to carry through with reforms it had previously agreed to, it would jeopardize any further aid funds.
Greece Should Remain in Eurozone: G8
Greece should remain in the eurozone despite its financial woes, according to a communique issued by the G8 gathering at Camp David during the weekend.
EU to Greece: Put It In Writing
The European Commission ordered Monday that Greece’s new leaders must put in writing their pledge to honor new austerity measures before Athens is given its sixth installment of aid.
G20 Hesitates on Cash Boost to Europe's Bailout Fund
Ahead of a meeting of the G20 scheduled for Thursday and Friday in Cannes, France, euro one leaders seeking funding for an expansion of the European Financial Stability Facility found it difficult to pry cash out of G20 nations as policymakers press for details of the plan.
Germany’s Merkel Calls for Greek Debt Buy-Back, Swap
As pressure mounted to come up with a solution to the Greek debt crisis, German Chancellor Angela Merkel called for private investors to kick in. Strategies being discussed include several options, such as a repurchase of bonds or a swap in which they are exchanged for cuts in face value.
EU Calls Emergency Meeting Over Italy Debt
Concerns mount over third largest economy in euro zone's sovereign debt while Greece still totters.