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June 2010
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Greater budget discipline is a goal that all EU countries are pursuing, with tax increases (including in VAT rates) and often-drastic cuts in government spending. A country-by-country table of these measures being adopted by EU member states has been compiled by the European Institute and is available here as a survey current as of July 1.
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May 2010
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A remarkably informative set of graphic maps about the eurozone economies comes from the BBC website. This multi-layered snapshot confirms that the eurozone is in crisis, but this generalization is shown to obscure very different case-by-case situations in the 16 EU countries in the “eurozone.” This visual survey drives home how much painful change will be required for the eurozone (and the EU as a whole) to recover its fiscal balance. However, the survey also brings out positive situations in some countries in the single-currency group, demonstrating stability and even recovery.
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May 2010
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A closely-watched meeting of EU finance ministers announced agreement Friday on a four-point plan to regain credibility for their countries’ bonds and for the embattled euro.
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May 2010
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Written by J. Paul Horne
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EU leaders have been galvanized by the Greek crisis into uncharacteristically rapid and remarkable cooperation on critical policy issues, including coordinating fiscal policies and accelerating financial regulatory reform. Already their actions have been remarkable: a 110 billion euro bailout of Greece plus an extraordinary 750 billion euro package combining a new European Stabilization Fund (ESF), EU borrowing and IMF stand-by loans. The package is proof that they understand the critical challenge to the euro and to a single monetary policy posed by international bond markets. Even more importantly, European leaders are proposing coordination of EU fiscal policy in a way euro-skeptics thought impossible before the recent crisis in the eurozone.
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Roundtables
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05/11/10 |
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On his maiden visit to the United States in his current capacity, The Honorable Michel Barnier, European Commissioner for the Internal Market and Services discussed ongoing efforts in both Europe and the United States to restructure financial services: measures made all the more contentious in light of the sovereign debt crisis affecting member states of the European Union and the Eurogroup. Mark Sobel, Deputy Assistant Secretary for International Monetary and Financial Policy at the U.S. Department of the Treasury; James Chanos, Chairman of the Coalition of Private Investment Companies; Patrick Herman, Minister-Counselor for Economics at the Embassy of Belgium; and Julie Chon, Senior Advisor to Chairman Christopher Dodd on the U.S. Senate Banking Committee then participated in a panel discussion regarding the U.S., EU and private sector perspectives on the new proposed financial regulations. Frank Kelly, Managing Director and Head of Government Affairs – Americas at Deutsche Bank and The Honorable Clay Lowery, Vice President of International Government Affairs at Cisco served as moderators for the discussion.
Click here for the full text of Commissioner Barnier's keynote address, "Building a New Financial Framework Together." |
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