EU starts debate on budget rules
The European Commission opened a debate on how to reform the European Union’s fiscal rules. So that they can deal with a pandemic-induced surge in public debt and with the huge investment needed to fight climate change. European Economic Commissioner Paolo Gentiloni said that they are re-launching this review of their economic governance against a […]
Europe’s top development banks agree to deepen cooperation outside EU
The EU’s lending arm, the European Investment Bank, and the London-based European Bank for Reconstruction and Development said that they would deepen their cooperation outside of the European Union. EIB President Werner Hoyer said that their shareholders, the EU member states, have asked them to develop a more effective partnership with the EBRD. The agreement they have signed […]
EU ministers want EU budget rules to support investment
European Union finance ministers said that changes to EU budget rules is now under review. It should support investment in the post-pandemic economy for allowing a more realistic path in cutting some countries’ public debts. Finance ministers from the 27-nation bloc are starting discussions during a two-day summit in the Slovenian town of Brdo. This summit is about […]
EU pressure should be waited out all banks, says Bank of England
Bank of England Governor Andrew Bailey said that all the Banks should hold their nerve in the face of European Union pressure to shift euro derivatives clearing from London to the bloc. Since Britain fully left the EU, the bloc has asked banks to move euro clearing from London. This has resulted in the bulk of activity, […]
EU can take months on euro clearing
The European Union will take months for deciding if banks can continue clearing derivatives in London. The EU’s financial services chief said that in a sign of how Brussels is keeping up pressure to shift business to Frankfurt. A European Commission working group looked at how trillions of euros in interest rate swaps could be shifted from London […]
AerCap to win unconditional EU okay for $30 BLN GE deal
Irish aircraft leasing company AerCap is set to secure unconditional EU antitrust approval for its $30 billion bid for General Electric’s aircraft leasing business. The deal between the world’s two largest aircraft leasing companies would create a new financing giant and the largest buyer of airliners built by Airbus and Boeing. The deal will reshape […]
EU leaders to commit to finishing banking union one day
European leaders will promise to complete the EU’s banking union in the future, but will leave it to their finance ministers to work out when, their draft conclusions showed. Completion of the banking union would mean setting up a controversial common deposit insurance scheme. This would sharply reduce the possibility of a major banking crisis […]
Market power of Siri, Alexa, Google a concern, EU regulators say
The market dominance of Amazon’s Alexa, Apple’s Siri and Alphabet’s Google Assistant has triggered concerns of potential anti-competitive practices. This is stated by the EU regulators. After a year-long inquiry into voice assistants and other internet-connected devices and also responses from more than 200 companies, the European Commission gave the comment. Sectors such as e-commerce, […]
BoE’s Kashyap wants forensic investigation of Archegos collapse
The Bank of England policymaker Anil Kashyap said that the financial regulators should undertake a detailed cross-border probe into how the collapse of U.S. investment fund Archegos cost mostly foreign banks more than $10 billion. Kashyap is a finance professor at Chicago Booth business school. And also, he is an external member of the BoE’s Financial Policy […]
EU’s carbon border tariff to target steel, cement, power, Bloomberg news says
The European Union plans to impose carbon emission costs on imports of goods including steel, cement and electricity, Bloomberg News reported. The European Commission is due to propose its carbon border tariff policy on July 14. This is a move which is designed to put EU firms on an equal footing with competitors in countries […]