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Latest Finance News related to Currency Union

Brighter skies over eurozone as growth and employment pick up image
Source : Guardian [Read Article] Saturday 27th of May 2017 03:00:30 PM
.... In the event, the predicted surge for Dutch populist Geert Wilders failed to materialise and in France, Front National candidate Marine Le Pen was decisively beaten by pro-EU centrist Emmanuel Macron. Now, the economic picture for the currency union is looking brighter. ...
If London subsidises the rest of the UK, where does that leave Scotland? | Nils Pratley image
....Back then, the Scottish National party said a post-independence Scotland would continue to use the pound sterling. The economic logic looked weak at the time, and remains so: Scotland would be embracing a currency union that could damage its own competitiveness at the moment of separation and make balancing the budget harder, especially if the oil price was low. ...
No bailout funds for Greece as eurozone finance chiefs fail to agree deal image
....The IMF does not want to write off Greece’s debts, but is arguing for longer grace and repayment periods so they do not weigh so heavily on its economy. Earlier on Monday the French finance minister and his German counterpart pledged to work towards deeper integration of the single currency union. ...
IMF tells EU it must give Greece unconditional debt relief image
Source : Guardian [Read Article] Monday 23rd of May 2016 05:55:38 PM
....5%. “This would clearly be highly controversial among member states in view of the constraints – political and legal – on such commitments within the currency union,” the report said. ...
Volkswagen hands staff five per cent rise despite emissions row image
Source : Daily Express [Read Article] Saturday 21st of May 2016 02:03:00 PM
....Economists say higher wages and inflation in Germany would help the European Central Bank towards its 2 per cent target. As the currency union’s biggest economy, Germany would make the largest contribution in raising price levels. ...
ECB cuts interest rates to zero amid fears of fresh economic crash image
Source : Guardian [Read Article] Thursday 10th of March 2016 08:32:28 PM
....Negative rates on these new loans to banks would “partially compensate the extra costs related to the further cut in deposit rates, easing worries about negative interest rates cutting into banks’ profitability and potentially hurting the banking system”, she added. But analysts at the consultancy Capital Economics were less sanguine about the overall ECB package: “There is no guarantee that its latest ‘bazooka’ will be any more effective than previous ones in securing the strong and sustained growth required to eliminate the threat of deflation in the currency union and allow the peripheral countries to tackle their debt problems. ...
How the ECB is trying to revive the eurozone image
Source : Guardian [Read Article] Thursday 10th of March 2016 02:41:32 PM
.... The ECB, though, is trying to mitigate the impact by allowing the rate at which banks borrow over the long term to drop into negative territory, too. Analysts at the consultancy Capital Economics said: “There is no guarantee that its latest ‘bazooka’ will be any more effective than previous ones in securing the strong and sustained growth required to eliminate the threat of deflation in the currency union and allow the peripheral countries to tackle their debt problems. ...
Finland: The sick man of Europe? image
Source : BBC [Read Article] Monday 29th of February 2016 12:18:35 AM
.... It's an alternative to devaluing the national currency to improve competitiveness, an option that is not available because Finland uses the euro. It was widely recognised that one potential risk of a currency union was the loss of a flexible currency to respond to economic developments that affect different members differently - sometimes called idiosyncratic or asymmetric shocks. ...
Support for Brexit grows after business leaders unswayed by PM’s negotiations image
Source : Telegraph [Read Article] Wednesday 17th of February 2016 05:00:10 AM
.... . EU watchers believe the Prime Minister will claim victory, allowing him to cut welfare payments to EU migrants, and preserving the UK’s place outside the eurozone currency union. ...
Botched Brexit negotiations could damage the eurozone, admits ECB's Mario Draghi image
.... . The ECB chief said that the central bank was not a party to negotiations over a possible Brexit, and had only two concerns; that the single market and further integration within the European currency union are protected. ...
Bank of England keeps interest rates unchanged as financial volatility hints at global growth risks image
.... . Minutes of the European Central Bank’s December meeting have revealed that eurozone policymakers were divided on how much economic stimulus was needed to support flagging growth in the currency union. ...
Treasury permanent secretary Sir Nicholas Macpherson to step down image
Source : Guardian [Read Article] Monday 4th of January 2016 01:24:02 PM
....Macpherson, 56, who joined the Treasury in 1985, has held various roles including principal private secretary to Kenneth Clarke, the former Tory chancellor, and then to Labour’s long-running chancellor, Gordon Brown during the banking crisis. He came to prominence last year during the Scottish independence referendum when he advised the chancellor, George Osborne, against entering into a currency union with Edinburgh. ...
Top Treasury civil servant Sir Nick Macpherson to step down in April image
Source : Telegraph [Read Article] Monday 4th of January 2016 12:54:18 PM
.... . In the run up to a referendum on Scottish independence, a letter from Sir Nicholas was released, in which he advised “strongly against” the construction of a currency union between an independent Scotland and the remnants of the United Kingdom, in the event of a vote to split. ...
Europe, in or out? The key questions facing David Cameron and Britain image
Source : Guardian [Read Article] Sunday 20th of December 2015 12:05:37 AM
....Another of his demands is that non-euro countries should have greater protections against possible negative effects of the decisions taken by eurozone members. He wants a recognition that the EU is a multi-currency union, not a single currency zone. ...
How the eurozone missed its shot at a recovery image
Source : Telegraph [Read Article] Thursday 3rd of December 2015 08:50:55 PM
.... . More than a third of the audience said the level of activity in the currency union was permanently dented. ...
Q&A: Chinese yuan set to join IMF currency basket image
Source : Guardian [Read Article] Monday 30th of November 2015 01:19:00 PM
.... On 30 November, the IMF’s executive board, whose members represent all 188 countries in the IMF, voted to add the yuan. The basket is based on currencies from the four countries or currency unions – such as the eurozone – whose exports of goods and services had the largest value over a five-year period. ...
Eurozone economy 'sizzles' as ECB readies monetary bazooka image
Source : Telegraph [Read Article] Monday 23rd of November 2015 01:30:42 PM
....” . Germany yet again helped to buoy the wider 19-country currency union, as companies enjoyed their strongest monthly gains in new business orders for two years. ...
Britain's EU renegotiation will force ECB into action, says Mario Draghi image
Source : Telegraph [Read Article] Thursday 12th of November 2015 05:00:55 PM
.... Prime Minister David Cameron has made the jettisoning of "ever closer union" one of his key renegotiation demands. This is tied to his desire to enshrine the EU as a multi-currency union and make sure British interests, particularly those of the City of London, are protected despite sitting outside the European Monetary Union. ...
Why Britain has nothing to fear from stunted eurozone integration image
Source : Telegraph [Read Article] Friday 23rd of October 2015 05:00:50 PM
.... . The Bank's ability to preserve financial stability could be compromised unless Britain secured a "principled" and "upfront" guarantee that the EU is a multi-currency union, he said. ...
Bank of England Governor Mark Carney to intervene in Brexit debate image
Source : Telegraph [Read Article] Monday 19th of October 2015 05:32:11 PM
.... . Mr Carney spoke on currency unions just three weeks before the referendum in September 2014, saying that a 'currency union' was incompatible with Scottish independence. ...
Europe needs €2.4 trillion to smash deflation threat, warn experts  image
Source : Telegraph [Read Article] Wednesday 30th of September 2015 11:20:40 AM
.... . However, S&P painted a picture of a fragile currency union exposed to a range of external shocks, from a US interest rate rise to a Chinese slowdown. ...
How Sweden's negative interest rates experiment has turned economics on its head image
.... To a great extent, the Riksbank’s hand has been forced by the plight of the eurozone. A tepid recovery in the currency union has required the European Central Bank (ECB) to bring in ever-looser policy. ...
Brussels to embark on radical plans to create joint EMU treasury and euro parliament image
.... . The move is necessary to "increase the robustness and minimise the vulnerabilities of the currency union", said Mr Regling. ...
ECB risks renewed criticism with 'magic money tree' sculpture image
Source : Guardian [Read Article] Friday 4th of September 2015 05:40:53 PM
....In a stroke of unhappy timing, that euro was dismantled in early July as the Greek debt crisis was raging. The blue and gold structure reappeared after two days’ renovation – a far quicker fix than solving the problems of the currency union. ...
What if Greece won the eurozone argument after all? image
Source : Telegraph [Read Article] Tuesday 1st of September 2015 06:36:01 PM
.... This is not about being pro or anti-austerity; that gross over-simplification was always a red herring. It is about ensuring that countries don’t reap the benefits of the currency union while shirking their shared responsibilities. ...
Eurozone jobless rate lowest since 2012 image
Source : BBC [Read Article] Tuesday 1st of September 2015 09:49:43 AM
....Unemployment in the eurozone fell to its lowest rate in July for more than three years, figures have shown. European Union statistics agency Eurostat said the jobless rate in the currency union fell to 10. ...
Unworkable and unreformable, the euro surely cannot survive another serious downturn image
.... Small countries tend to view the euro as protection from speculative financial attack, even though the examples of Switzerland, Singapore and a host of other tiddlers demonstrate that it is perfectly possible to be both small and economically robust. Supposed geo-political security, particularly for Eastern European states still regarded by Moscow as by rights part of Russia’s sphere of influence, provides a further reason for sheltering beneath the umbrella of currency union. ...
Brutish, nasty – and not even short: the ominous future of the eurozone | Wolfgang Streeck image
.... To northern voters, in any case, they will appear as what they were in the past: political subsidies to keep pro-European governments – like Syriza mark II? – in power, by enabling them to keep their respective clienteles “pro-European” in turn. Not that the limits of development assistance for backward regions in a currency union with high regional disparities were unknown. ...
The most important  unanswered questions about Greek bail-out deal image
Source : Telegraph [Read Article] Tuesday 11th of August 2015 10:31:39 PM
.... . It is a currency union devoid of a corresponding political union held together by a series of rules that are designed to maintain fiscal discipline. ...
Why a beer costs €1 in Portugal but €3 in Germany image
Source : Guardian [Read Article] Wednesday 5th of August 2015 08:15:58 AM
.... The cost of living and relative purchasing power varies across each of the member states. In other words the real value of €100 varies across the currency union. ...
Global economic growth 'to slow' image
Source : BBC [Read Article] Tuesday 4th of August 2015 11:51:10 PM
.... Its forecast is based on the assumption that there will be "large-scale debt relief" for Greece, which is currently far from certain. It says that the latest Greek crisis has revived doubts about whether the eurozone currency union can succeed without greater integration. ...
Greek markets suffer worst sell-off in history as economy is decimated by capital controls image
.... . The scale of economic damage "looks set to be far worse than the provisional plans for a third bail-out envisaged and suggests that Greece is still likely to leave the currency union at some point", said Jonathan Loynes, chief economist at Capital Economics. ...
Greek industry decimated by eurozone crisis as capital controls crush output image
.... Manufacturing output across the bloc grew to 52. 4 in July, with survey compilers Markit noting that there "was no conclusive evidence from survey respondents of events in Greece directly impacting operating performance elsewhere in the currency union’s manufacturing sector". ...
The eurozone's nagging problems image
Source : BBC [Read Article] Sunday 2nd of August 2015 11:38:26 PM
....But there are plenty of other festering sores around. They are not immediate existential threats to the currency union, but serious problems nonetheless. ...
IMF warns of gloomy eurozone outlook image
Source : Guardian [Read Article] Monday 27th of July 2015 02:00:07 PM
....The IMF’s latest healthcheck on the eurozone found it was “susceptible to negative shocks” as growth continues to falter and monetary policymakers run out of ways to help. It called for an urgent “collective push” from the currency union to speed up reforms or else risk years of lost growth. ...
Grexit would still be best for the survival of the eurozone image
Source : Telegraph [Read Article] Sunday 26th of July 2015 05:32:38 PM
.... Would the UK or the US not expect to be repaid debts our government was owed? . Commentators attacking Germany for wanting its loans repaid also merrily expect Germany, having forgiven the loans it already made, to lend Greece billions more! Accepting responsibility for the debts of other countries is not what being in a currency union is all about. ...
Is the euro tarnished for good? image
Source : BBC [Read Article] Sunday 19th of July 2015 11:13:54 PM
....But there are reasons for supposing that the eurozone is built on foundations that are harder to shake than those of the exchange rate system. The costs of departing a currency union are a lot higher than giving up an exchange rate peg. ...
Greek debt relief possible - Merkel image
Source : BBC [Read Article] Sunday 19th of July 2015 06:20:35 PM
....Bailout deal at a glance. But Mrs Merkel said again on Sunday that "a classic haircut of 30, 40% of debt cannot happen in a currency union". ...
The Guardian view on the euro crisis: the triumph of experience over hope | Editorial image
.... Both are collections of different states that simply trade in a common currency. So why is the euro an also-ran? Mr Cohen argues that it lacks the architecture to ensure a stable currency union. ...
No bailout can save Greece from itself - or from the German voters image
Source : Telegraph [Read Article] Friday 17th of July 2015 01:00:30 PM
.... This seemed to be roughly the level of transfers that taxpayers in the net contributor countries were prepared to pay (although the funding streams were never particularly transparent, so we cannot even know that for sure). But a currency union of countries that are so economically far apart requires transfer levels an order of magnitude above that. ...
The crucifixion of Greece is killing the European project | Seumas Milne image
....Once that happens, and euro membership is seen to be reversible, the future of the wider eurozone will be thrown into question. A half-baked currency union, without fiscal transfers or democratic structures, cannot last. ...
Merkel 'gambling away' Germany's reputation over Greece, says Habermas image
Source : Guardian [Read Article] Thursday 16th of July 2015 11:21:21 AM
....“Such tendencies can only be countered, if at all, by a change in political direction, brought about by democratic majorities in a more strongly integrated ‘core Europe’. The currency union must gain the capacity to act at the supra-national level. ...
Greek crisis: why the European commission is planning a €7bn emergency loan image
....The European commission has proposed a €7bn (£4. 9bn) emergency loan for Greece from an EU bailout fund, defying the UK and other non-eurozone countries that object being on the hook for a crisis in the currency union. ...
Would Grexit have been a better deal? image
Source : BBC [Read Article] Tuesday 14th of July 2015 11:06:00 PM
....The optimistic view is that it's exactly what Greece needs. It would, in this view, put right the two principal dangers involved in a currency union: the loss of an independent monetary policy and the loss of the exchange rate as a mechanism for adjusting to economic shocks. ...
Interest rate hike is moving closer, Bank of England governor tells MPs image
....An interest rate hike in the UK is “moving closer”, the governor of the Bank of England told MPs in comments that have fanned market expectations that policymakers could start to tighten borrowing costs before the end of the year. Speaking to the Treasury select committee on Tuesday, Mark Carney also expressed misgivings about the euro project, the sustainability of Greece’s debts and the prospects for the embattled country’s economy in the wake of this week’s deal hammered out by leaders in the single currency union. ...
Alexis Tsipras pledged to end austerity. And now he is asked to sign up for more image
.... The template for such a strategy is Argentina in 2001-02, but it is not really a fair comparison. Argentina was never in a currency union and did not need to print a new currency when it abandoned the peg with the dollar. ...
Trouble brews on EU doorstep over German plan to shut out Greece image
Source : Guardian [Read Article] Sunday 12th of July 2015 07:23:31 PM
....France brusquely dismissed the German ultimatum, revealing the potential for a serious rift between Paris and Berlin should moves to kick Greece out of the single currency succeed. Responding on Sunday to proposals from the German finance ministry that Greece could be expelled from the currency union for five years if it is impossible to agree on a new bailout, the French president, François Hollande, declared there could be no temporary Grexit. ...
Eurozone crisis: which countries are for or against Grexit image
Source : Guardian [Read Article] Sunday 12th of July 2015 06:20:40 PM
. As emergency talks drag on, the prospect of Greece tumbling out of the currency union is dividing Europe like never before. ...
Greece debt crisis: Athens accepts harsh austerity as bailout deal nears image
....Athens has put forward a 13-page document detailing reforms and public spending cuts worth €13bn with the aim of securing a third bailout from creditors that would raise €53. 5bn and allow it to stay inside the currency union. ...
Greece debt crisis: Three experts give their views on Grexit, the euro and how Athens could reinstate the drachma image
....Later, Greece could re-introduce the Drachma, with similar consequences. Countries who exited a currency union or peg since the 1980s suffered a loss in 6. ...
Greece debt crisis: Like earlier currency unions, this one will end with a whimper image
.... But membership does make it much harder to compensate for errors once you have made them, and Greece has made them in spades. As my colleague Steve Richards noted this week, a currency union cannot work without political union, “and the crisis in Greece shows that political union cannot follow monetary union”. ...
Eurozone tells Greece not to expect debt relief in near future image
Source : Guardian [Read Article] Tuesday 7th of July 2015 06:58:20 AM
. The Greek government has been told by its eurozone partners not to expect debt relief any time soon, amid fading hopes of decisive action to stop the country tumbling out of the currency union. ...
China stocks tumble despite action to stop rout image
Source : Telegraph [Read Article] Tuesday 7th of July 2015 06:26:42 AM
.... Chinese stocks fell on Tuesday despite official efforts to shore up slumping prices. Euro-area leaders and finance ministers meet on Tuesday as German Chancellor Angela Merkel said “time is running out” for Greece to come up with a plan to stay in the currency union. ...
Greek indigestion keeps the FTSE 100 in the red image
Source : Telegraph [Read Article] Monday 6th of July 2015 05:25:33 PM
.... . The Greek electorate delivered an emphatic vote against the terms offered on Sunday’s bailout ballot, although European authorities have already embarked upon a further round of talks to prop up Athens within the currency union – this time without Greece’s firebrand finance minister, Yanis Varoufakis, who resigned on Monday. ...
Yanis Varoufakis: Angela Merkel has a red and a yellow button. One ends the crisis. Which does she push? image
....One was the sequential death-embrace of bankrupt banks and insolvent states (beginning with Greece, moving to Ireland, to Portugal and continuing until Italy and Spain were torn asunder). The other was the Minotaur’s simulacrum and its determination to hang on to its option of exiting the eurozone at will, therefore denying each and every rational plan for mending the currency union in a sustainable manner. ...
Greek referendum: optimism fades as eurozone says gulf has widened image
Source : Guardian [Read Article] Monday 6th of July 2015 01:05:06 PM
....Greece had received €184bn (£130bn) in bailout funds since 2010, he said, adding that the no result made finding a solution more complicated. “In the euro area we have 19 democracies, not only one democracy,” said Dombrovskis, a former prime minister of Latvia, one of the newest entrants to the currency union. ...
Does Greece's resounding No vote actually change anything?  image
Source : Telegraph [Read Article] Monday 6th of July 2015 09:49:53 AM
.... . It is hard to argue that the currency union wouldn't make more economic sense if it was also a transfer union; it is impossible to argue that Greece wouldn't be better off if that was the case. ...
Would Grexit derail the euro project? image
Source : BBC [Read Article] Tuesday 30th of June 2015 11:01:38 PM
...."The bottom line was that in the cold light of day they are realising there isn't a willingness to do what is necessary to create a proper monetary union, with a fiscal union and especially a transfer union - transferring money from the rich countries to the poor - which has no support at all in Germany". Vicky Pryce says she has always been sceptical of the eurozone's ability to function as a currency union without political union. ...
How do you change a currency – fast? image
Source : Telegraph [Read Article] Tuesday 30th of June 2015 06:55:51 PM
.... Not really. The last time a currency union broke up was the Austro-Hungarian empire in 1918. ...
Greece on course to miss crucial debt repayment image
Source : Guardian [Read Article] Tuesday 30th of June 2015 07:28:20 AM
....The ECB has pumped €89bn into the Greek financial system, but pressed pause on its emergency aid programme when talks broke down at the weekend. Benoît Cœuré of the Bank’s governing council said in an interview with Les Echos that Greece’s exit from the eurozone could not be ruled out, although he hoped it would stay part of the currency union. ...
Greece crisis: What happens next? And how much money does Greece owe? image
Source : Telegraph [Read Article] Monday 29th of June 2015 05:25:42 PM
.... . The worry is that a 'Grexit' could spook financial markets across the eurozone and that weaker members of the currency union could also end up leaving too. ...
Greece debt crisis live: EU leaders say the referendum is a choice between euro and drachma as Grexit looms image
Angela Merkel – is the Greek crisis too big for Europe’s most powerful woman? | Franziska Augstein image
....But this is bogus. It should be remembered that in 1992 Schäuble, as the CDU/CSU’s parliamentary group leader, was an enthusiastic supporter of the Maastricht treaty, which provided the legal underpinning for currency union. ...
Greek proposals create hope for deal image
Source : BBC [Read Article] Tuesday 23rd of June 2015 12:24:50 AM
....Analysis: Robert Peston, BBC economics editor. There is a script which seemingly all eurozone leaders are urged to learn, which is that if the currency union is in the grips of crisis, no solution can or should be found till markets and economy are on the verge of a heart attack. ...
The future of the euro rests with unfortunate Greeks image
Source : Telegraph [Read Article] Sunday 21st of June 2015 10:43:28 AM
.... • What happens next in the Greek debt drama? • A Greek default must go the whole way and leave the euro . No matter that every currency union in the history of man not based on decades of nation building has collapsed. ...
Why this week is vital for Greece and the eurozone image
Source : Guardian [Read Article] Monday 15th of June 2015 12:41:44 PM
.... A disorderly exit by Greece would probably raise fears about the other eurozone countries that were worst hit by the financial crisis and the interest rates on their government bonds would rise. On the other hand, banks around Europe have reduced their exposure to Greece and the ECB has insisted financial buffers are sufficient to prevent contagion to other weak economies in the currency union. ...

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