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EIM Member States – Budgets and Economics: February 2014
Good news on bank capital and asset quality in Spain, Portugal, Cyprus and Romania.
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FT: Berlin attacks EU's easing of austerity demands
The German and Finnish finance ministries have issued a stinging rebuke of Brussels' attempt to ease austerity demands on struggling eurozone countries, saying such flexibility improperly provided France and Spain with additional time to cut their budgets to meet EU deficit limits.
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WSJ: Cyprus approves privatisation bill
The Cyprus parliament has approved a slightly amended privatisation bill, meeting a condition set by international creditors for the disbursement of fresh aid to the island.
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Governor Provopoulos on Bank of Greece's 2013 annual report: "Indications are that 2013 was the last year of recession"
Provopoulos cautioned that if this forecast was to become a reality, not only must the conditions contributing to the improved outlook remain unchanged, but they must also be taken further.
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President Barroso: European Commission 'on the side of Ireland'
Barroso praised Ireland's recovery efforts and said that the Commission will continue to support Ireland following its successful exit from the EU/IMF financial assistance programme.
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Statement by the European Commission, ECB and IMF on the eleventh review mission to Portugal
Subject to approval, the conclusion of the 11th review will allow for the disbursement of a further tranche of credit totalling €2.5 billion, moving Portugal on to a new stage in terms of ending its financial assistance programme.
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AFP: President Barroso urges Portugal to exit bailout without safety net
Barroso, the former Portuguese prime minister, has called for Portugal to continue with fiscal austerity so it can exit its international bailout without a precautionary credit line.
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Portuguese PM Coelho: Europe needs more unity, more solidarity and more responsibility
"With the credibility of a country that is on the verge of fulfilling the requirements of the adjustment programme, we say that a greater unity, greater solidarity and more responsibility is the way to go", said Coelho during a conference on the future of Europe.
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Bruegel/Mody: Can Italy break from its past?
Matteo Renzi is Italy's third unelected PM since November 2011 - Mario Monti lasted 18 months, and Enrico Letta resigned after less than a year in office. The generational leadership change is an opportunity. But can Italy break from its past?
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Chancellor Merkel: "We need to reform the political shape of Europe ... Standstill may quickly turn into setback"
In a rare address to both UK Houses of Parliament [the last German leader to address both Houses was west-German president Richard Von Weizsäcker on 26.4.1986], Merkel said: "We need to reform the political shape of Europe in keeping with the times". (Includes reactions and commentaries.)
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EIM February 2014: The UK and Europe – state of play after the Chancellor Merkel visit
The key event was the nearly-"State Visit" of Chancellor Merkel to the UK. The speech was carefully calibrated to avoid exciting hopes of fundamental reform of the EU's system or, conversely, that Europe is unwilling to pay virtually any price to keep the UK in.
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Simon Nixon: UK problem out of Merkel's hands
Writing for the WSJ, Nixon says that Cameron's instinct may be to leave his options open, keeping the world guessing where he stands. But Merkel's recent visit to the UK has now made that more difficult.
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Tim Oliver: The dangers of a passive expulsion of Britain from the EU
It's likely that a combination of the EU's indifference, a need to focus on more pressing matters, weariness at British complaints, and changes to the EU's structures are leading the EU towards a position where it might be able to rid itself passively of the UK, writes Oliver for E!Sharp.
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IMF: Luxembourg—Concluding statement of the 2014 IMF Article IV consultation
The Luxembourg economy is rebounding, the fiscal position remains sound, and the large financial sector has been resilient. But trend growth has slowed substantially, and fiscal, financial and structural challenges lie ahead.
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IMF: Republic of Croatia - Concluding statement of the 2014 Article IV consultation mission
Economic conditions remain very difficult, with real GDP projected to contract for the 6th consecutive year in 2014. The banking system has remained stable, liquid and on average well-capitalised.
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Republic of Lithuania—Concluding statement for the 2014 Article IV consultation by the IMF mission
The economy has entered a broadly favourable trajectory of healthy and balanced growth, as a multi-year reform effort comes to fruition. But income convergence with Western Europe still has a long way to go.
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