EU tries to assuage credit crisis
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The head of the Euro Group of finance ministers said Friday that the European Union's banking system is strong enough to ride out the global liquidity crisis sparked by the collapse of the U.S. subprime mortgage market.
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Banks may need $143bn to weather the credit crisis if bond insurers lose their top credit ratings, new research shows.
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The world's major central banks face the delicate balancing act of trying to ease the global credit crunch sparked by the US subprime home loan crisis while trying to rein in rising inflation.
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New reforms aim to avert another Rock-style crisis as consumers and firms face worsening of credit supply
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With half the European Union countries exceeding public deficit limits this year, the EU&#39;s head office bowed to reality Friday and proposed to be more flexible in how it enforces the budget rules underpinning the euro.
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The European Union wrestled with proposals to overhaul its ineffective budget rules but put off concrete action until January at the earliest in the face of big divisions.
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The European Central Bank emphasized on Thursday it needed more time to assess the fallout from recent turbulence on global credit markets but policymakers said they are ready to tackle inflation dangers if needed.
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The European Union and the United States should try to reach a deal quickly on the way financial transactions are monitored to help the fight against terrorism, the European Commission's security chief said.
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The incoming European Commission president is to meet parliament heads to defuse the crisis over his proposed justice commissioner.
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The European market rules will force deals to be made one country at a time.
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The EU has told Italy to end the crisis that has left mounds of rubbish in Naples within a month or face court action.
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EU finance ministers have called on the United States to do more to halt the steep fall of the dollar against the euro and other currencies.
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The European Commission faces a new crisis after it was revealed incoming French commissioner Jacques Barrot has a fraud conviction.
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The European Commission said it had adopted a plan to adapt eurozone rules intended to control budget deficits in order to improve the way they work and their credibility.
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"Growth is robust and the economy is strong, therefore we can deal with it"  The head of the Euro Group of finance ministers said Friday that the European Union's banking system is strong enough to ride out the global liquidity crisis sparked by the collapse of the U.S. subprime mortgage market.Speaking before a meeting of euro-zone finance ministers, Luxembourg Prime Minister Jean-Claude Juncker said the subprime crisis should have only a modest impact on the EU economy.'I do think the European banking system is robust enough to resist' the liquidity squeeze, he said. 'The impact will not be a huge one.' Read more
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The European Union last night started legal action against Athens after it was revealed that a systematic under-reporting of Greece&#39;s budget deficit should have ruled the country out of joining the single currency.
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European Union finance ministers pressed for action by the United States to prop up the dollar as eurozone nations expressed their deep disquiet at the parlous state of America's national finances.