EU adopts flexible stance on bank crises
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European Union finance ministers and central bankers decided at the weekend against establishing fixed rules in advance on how to bail out banks or other financial institutions that have cross-border operations in the EU.
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The European Commission approved a multi-billion pound bailout of the nuclear group British Energy, after securing guarantees that the company would not breach EU competition rules.
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"Consumers in Europe have no reason to lose confidence, the economic situation in Europe seems to be uncoupled from the situation in the U.S."  Euro nations see no immediate need to react to the growing threat of a U.S. slowdown that sent stock markets plunging Monday, the head of the group of 15 euro finance ministers said after they met for talks. via BusinessWeek
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Britain's finance minister said on Wednesday he was working on a set of measures which will allow the government to launch emergency rescues if other banks run into trouble similar to that experienced by Northern Rock.
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A group of US and European banks borrow $2bn from the Federal Reserve to ease credit woes, following recent turmoil.
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European Commission president Romano Prodi has unveiled proposals to loosen the deficit rules under the EU Stability Pact. The loosening was drafted by monetary affairs commissioner Joaquin Almunia, who stood beside the president at the announcement.
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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 action by the European bank eases conditions in credit markets that are grappling with a lending squeeze linked to the U.S. housing downturn and traditional year-end demands for cash.
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Bulgaria's government and central bank on Thursday signed an agreement about their mutual obligations related to the adoption of the single European currency, the euro.
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The European Commission yesterday presented a proposed revision of the Stability and Growth Pact, the rules that underpin the euro.
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The European Commission proposes a partial relaxation of the eurozone's strict public spending rules.
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Bank regulators tightened standards for mortgage lending on Friday in a bid to curtail risky practices that have been blamed for a record level of foreclosures.
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JosÃ© Manuel Barroso, president-designate of the European commission, has a crisis on his hands. The former Portuguese prime minister won plaudits in the summer for picking his Brussels team without bending to the will of powerful EU governments.
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Bowing to the inevitable -- following persistent breaches of the rules by the eurozone&#39;s two most powerful members, Germany and France -- Brussels announced plans that would make the pact less rigid.
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EU member states backed tough measures against ships polluting European waters on Thursday to try to head off any repetition of a disaster in 2002 that caused one of Europe's worst oil slicks.
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The European Central Bank meets Thursday to decide how best to guide the 13-nation euro zone through a storm of market volatility, with many analysts believing it will opt to keep interest rates on hold for now.
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The European Union ended two years of limbo at the weekend by agreeing new guidelines for the 27-member club&#39;s future and throwing off the shackles of the failed constitution.