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Europe at odds over path toward banking union as Germany advocates cautious 2-step approach

The Canadian PressMay 13, 2013 04:15
BERLIN - European leaders are increasingly at odds over how to create a full-fledged banking union, the bloc's key project to stabilize its financial system and turn the tide in its stubborn debt crisis. A majority of the 17 countries in the European Union's common euro currency union want to swiftly create a central banking regulator as well as an authority that can rescue or unwind ailing banks.

EU Commission or ESM could wind down ailing banks: report

May 11, 2013 17:03
BERLIN (Reuters) - People involved in negotiating a European banking union are discussing entrusting the European Commission or the euro zone's bailout fund with winding down ailing banks rather than creating a separate authority, a German newspaper said. That would help Europe make progress towards a banking union as it would not require EU treaties to be changed since treaties already mention the European Commission and European Stability Mechanism (ESM), Sueddeutsche Zeitung said in an article to appear on Wednesday.

Agricultural issues stalling Canada-Europe trade deal, EU official says

The Canadian PressMay 9, 2013 14:00
OTTAWA - A high-ranking European official says only agricultural issues stand in the way of a Canada-European Union trade deal. Matthias Brinkmann, EU's ambassador to Canada, says most other issues are ready or close to ready for signing, but the two sides are still apart on agriculture. He says the EU is ready to agree to allow 40,000 tonnes and more of beef imports, the minimum Canadian producers said would be required. But he says Canada is insisting on more, without giving a specific figure.

Draghi says high debt countries must not row back on budget goals

May 8, 2013 18:33
ROME (Reuters) - The euro zone must keep control of its public finances and high debt countries in particular must not reverse budget reforms, European Central Bank President Mario Draghi said on Monday. In a speech delivered in Rome, Draghi addressed growing concern among governments and policymakers at the social strains appearing in many countries as efforts to contain the bloc's sovereign debt crisis crush economic growth. But he said there could be no prospect of sustainable growth without sound public finances.

EU leaders to look at energy costs in post-shale world-draft

May 8, 2013 18:07
By Barbara Lewis BRUSSELS (Reuters) - EU heads of state and government will seek ways to limit the impact of energy costs on European competitiveness at a summit this month, a draft document seen by Reuters showed. European industry says it is disadvantaged because of the price it pays for energy compared with the United States, where the shale gas revolution has drastically lowered costs.

Draghi says ECB ready to act as economy weakens

May 8, 2013 18:05
By James Mackenzie and Gavin Jones ROME (Reuters) - European Central Bank President Mario Draghi departed from a prepared speech on Monday to reiterate the central bank's readiness to cut interest rates again if the euro zone economy deteriorates further. The euro hit session lows against the dollar and the yen after Draghi said in Rome the ECB would monitor incoming data closely and would be ready to cut rates further, including the deposit rate currently at zero. "We stand ready to act again," Draghi said.

ECB policymakers play down prospect of deposit rate cut

May 8, 2013 17:28
By Michael Winfrey and Jan Lopatka BRATISLAVA (Reuters) - European Central Bank policymakers played down on Friday prospects of the bank cutting its deposit rate below zero any time soon, saying it was just one of several possible treatments for the sickly euro zone economy. ECB President Mario Draghi said on Thursday the ECB was "technically ready" to shift the deposit rate into negative territory, meaning it would start charging lenders for holding their money overnight - a thorny issue for already strained financial markets.

ECB's Asmussen tips end of bailout 'Troika'

Agence France-PresseMay 8, 2013 15:45
Top ECB official Joerg Asmussen said Wednesday that the eurozone should begin to prepare for debt rescues without the help of the International Monetary Fund (IMF). The German central banker, an increasingly vocal participant in EU decision-making and policy presentation, said that eurozone and EU-level managers were moving towards a "totally European system."

Canada loses WTO appeal in renewable energy case, EU says

May 8, 2013 14:37
BRUSSELS/GENEVA (Reuters) - Canada has lost an appeal at the World Trade Organization in a landmark case over incentives offered to local companies, the European Union said on Monday, ahead of the official publication of the appeal decision. Japan and the European Union brought the case over a scheme intended to promote renewable energy in the province of Ontario. They said the incentives were illegal because they discriminated against foreign firms, a complaint that was upheld by a WTO adjudication panel in December 2012.
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