EU nations to hammer out financial oversight, exit strategies in wake of G-20 summitSeptember 30th, 2009 EU nations to hammer out financial oversightGOTEBORG, Sweden — European Central Bank president Jean-Claude Trichet warned EU governments Wednesday that the public will be unforgiving if authorities don't provide a stronger financial system. Trichet's comments came a day before the 27-nation bloc hammers out major new reforms.
Major G-20 nations pledge to set goals to fix destabilizing global imbalancesSeptember 25th, 2009 G-20 nations reach agreement on economic reformsPITTSBURGH — The world's major countries are pledging to develop goals to fix destabilizing global economic imbalances that helped bring about the worst recession since the Great Depression. In a draft of their final communique, the Group of 20 nations agreed in Pittsburgh to formulate objectives that each country will pursue in such areas as bringing down trade imbalances or budget deficits.
Euro zone sees disinflation for 3rd consecutive month, prices fall more slowly in AugustAugust 31st, 2009 Euro zone prices fall again in AugustBRUSSELS — Euro zone prices fell more slowly in August from a year ago, a sign that the worst of the economic downturn may be over, the EU statistics agency Eurostat said Monday. Inflation in the 16 countries that use the euro stayed negative for the third consecutive month in August as prices shrank 0.2 percent, far less than an 0.7 percent drop in July.
European business, consumer sentiment edges up in August but still remains weakAugust 28th, 2009 European business, consumer confidence up againLONDON — Business and consumer confidence in the 16-nation euro zone increased again in August, official data showed Friday, suggesting the region is slowly recovering from one of the worst economic downturns in decades. Eurostat, the European Union's statistics agency, said its measure of business sentiment for the euro-zone rose to -2.21 points in August from -2.70 points the previous month.
McCain: Raising taxes not needed to reduce ballooning deficit; gov't can cut spending insteadAugust 23rd, 2009 McCain refuses to consider taxes to reduce deficitWASHINGTON — Sen. John McCain is refusing to consider raising taxes to reduce the ballooning deficit.
Euro area contracted only 0.1 percent in Q2 after unexpected growth in Germany, FranceAugust 13th, 2009 Euro area economy contracted only 0.1 pct in Q2LONDON — The recession in the 16 countries that use the euro eased substantially between April and June after unexpected growth in Germany and France, the euro zone's two largest economies, official figures showed Thursday. The European Union's statistics office Eurostat revealed that the euro zone's gross domestic product fell by only 0.1 percent in the second quarter from the previous three month period.
Bulgaria plans to adopt euro in 2012-2013August 3rd, 2009 SOFIA - Bulgaria plans to replace the lev with Europe's single currency, the euro, in 2012 or 2013, Finance Minister Simeon Djankov told daily 24 Chasa Monday. "We have a chance in the last year of the mandate to introduce the euro," Djankov said.
NY budget officials: Economy still sinking, new deficits force changes in spending, revenuesJuly 30th, 2009 Tax report: NY economy still sinking, deficits upALBANY, N.Y. — State budget officials say New York's economy is still sinking, with some of the wealthiest taxpayers moving out or making less and sales tax revenue dropping by a historic amount.
Geithner: US will reverse spending after economy is on certain recoveryJuly 28th, 2009 Geithner: US to address deficits after recoveryWASHINGTON — Treasury Secretary Timothy Geithner says he has reassured China that the United States will take steps to address rising budget deficits once the economic recovery is firmly in place. China has huge investments in the United States and has worried it could be undermined by U.S.
Spain says half-year budget deficit deepens to 3.64 percent of GDPJuly 28th, 2009 Spain's budget deficit deepensMADRID — Spain's budget deficit has deepened to 3.64 percent of gross domestic product in the first six months of the year because of the costs of recession, the government said Tuesday. The deficit swelled to euro38.6 billion ($54.9 billion) through the end of June, compared with a deficit of euro4.6 billion for the same period the year before, the Economy Ministry said.
EU says plunging oil prices are behind euro-zone's first ever negative inflation rate in JuneJuly 15th, 2009 EU: plunging oil price behind June disinflationBRUSSELS — Plunging oil prices sent euro-zone inflation negative in June, the EU statistics agency Eurostat said Wednesday. It confirmed a June 30 estimate that the 16 nations that use the euro saw prices contract 0.1 percent in the year to June — the first month the region has experienced disinflation since the euro launched in 1999.
EU nations tell Poland, Hungary, Romania, Latvia and Lithuania to curb budget deficitsJuly 7th, 2009 EU tells nations to curb deficitsBRUSSELS — The European Union on Tuesday gave Poland, Hungary, Romania, Latvia and Lithuania two- and three-year deadlines to curb their budget deficits, which have been swollen by the world financial crisis and its fallout in Eastern Europe. EU finance ministers gave Poland and Latvia until 2012 to bring the yearly gap between government spending and revenue under the maximum 3 percent of gross domestic product.
Dutch finance minister: Germany, France hurting euro economy by going opposite waysJuly 7th, 2009 Netherlands: Germany and France jeopardize pactBRUSSELS — The Netherlands charged Tuesday that France and Germany are running their economies so differently that they are threatening the rules that underpin the stability of the euro. Dutch Finance Minister Wouter Bos said France and Germany "are sending different signals about how they regard the necessity to put public finances in order."
He told reporters that it was "worrisome" that neither Berlin not Paris will acknowledge publicly that they are taking vastly different paths to return their slumping economies to growth.
Euro-zone retail sales slide by record 4.2 percent in March as recession deepensMay 6th, 2009 Euro-zone retail sales slide by record 4.2 pctBRUSSELS — Retail trade in the 16 nations that use the euro slid by a record 4.2 percent in March from a year ago, the EU statistics agency said Wednesday, as recession-hit shoppers cut back over worries on rising unemployment. The European Union said some 8.5 million jobs will disappear this year and next year as the economies of both the euro area and the 27-nation European Union shrink by 4 percent.
Euro-zone official says Europe's surging jobless rate will create a social crisisMay 4th, 2009 Euro-zone official warns of jobless crisisBRUSSELS — The euro-zone's top economy official said Monday that Europe was "heading toward a social crisis" as unemployment rates rocket to a postwar record. The European Commission predicted earlier that the jobless rate in the 16 nations that use the euro would climb to 9.9 percent this year and 11.5 percent next year — the highest since the Second World War.
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