PM says time to end France’s addiction to spending
Prime Minister Édouard Philippe said on Tuesday (4 July) it was time to end France's addiction to easy public spending, promising to cut expenditures over the next five years and rein in debts he said...
View ArticleRomanian government backtracks from plan to tax companies’ turnover
Romanian Prime Minister Mihai Tudose said yesterday (17 July) his leftist-led government had scrapped a plan to tax companies' turnover.
View ArticleMacron praised as French economy powers ahead
The good news keeps coming for the French economy: data published yesterday (15 February) showed unemployment at its lowest level since 2009 while the head of the IMF praised recent reforms by...
View ArticleRussia’s economy: Still dependent on oil
After two years of recession caused by lower oil prices and western sanctions, Russia’s recovery benefits Vladimir Putin who is seeking a new term of office. However this improvement won’t last long...
View ArticleSpain pledges to ‘square the circle’ on public finances in Eurogroup debut
Spain's new Socialist government said on Thursday (21 June) it had “no reasons” to believe that it would miss its deficit target, despite a planned increase to pensioners’ benefits being questioned by...
View ArticleTurkish instability threatens Europe from the Italian flank
Market pressure, financial exposure and a potential review of a key migration deal with Ankara has made Italy the most vulnerable country to the recent financial turmoil in Turkey.
View ArticleItaly on collision course with EU over budget deficit
Party leaders in the Italian coalition government signalled they will seek leeway from the EU to increase next year's budget deficit, heading on a collision course with the European Commission and...
View ArticleItaly defies Brussels with budget deficit at 2.4%
Italy's government on Thursday (27 September) targeted the budget deficit at 2.4% of gross domestic product for the next three years, defying Brussels and marking a victory for party chiefs over...
View ArticleMoscovici slams Italy budget as stocks plunge
The European Union on Friday (28 September) issued a stern warning to Italy's populist leaders following their defiant pledge to increase spending and run a budget deficit that risks putting Rome on a...
View ArticleItaly dismisses concern the EU will reject its budget plan
The Italian government on Thursday (4 October) dismissed concerns that the European Commission would reject its plan to raise deficit spending next year and signalled that it would not backtrack, even...
View ArticleItaly coalition chiefs defiant on budget, forecast GDP growth
The leaders of Italy's ruling parties said on Tuesday (9 October) they would permit no change to the government's 2019 budget plan, despite financial market pressure and criticism from the country's...
View ArticleItalian populist government braces for EU budget rejection
The Italian government expects the European Commission to decide for the first time ever on Tuesday (23 October) to ask a member state to revise its draft budget, a government source said on Sunday.
View ArticleGermany proposes tough conditions for ‘European IMF’
Germany's plans for a "European Monetary Fund" to help eurozone states in difficulty would set strict eligibility criteria that shut out those who are failing to tackle high national debt.
View ArticleCommission: Italy, EU to work to bring views on 2019 budget closer together
Italy and the European Commission will work in the coming days to bring closer their positions on Italy's 2019 draft budget, which the EU executive says breaks EU laws by not reducing the country's...
View ArticleMacron announces financial concessions in bid to end ‘yellow vest’ revolt
Embattled French President Emmanuel Macron Monday (10 December) announced a series of financial measures seeking to defuse the "yellow vest" revolt that has triggered violent protests in cities across...
View ArticleItaly’s Conte admits defeat on budget, presents new plan to EU
Italy has admitted defeat and agreed to change its “beautiful” budget plan to avoid the opening of a disciplinary procedure against Rome.
View ArticleSalvini says Commission approved the Italian budget
Italy has done a deal with the European Commission over its contested 2019 budget, a spokeswoman at the Economy Ministry said on Tuesday (18 December), signaling an end to weeks of wrangling that had...
View ArticleGreek parliament approves first post-bailout budget
Greek lawmakers approved on Tuesday (18 December) the country's first post-bailout budget which projects a high primary surplus next year and sees a pick-up in economic growth.
View ArticleSalvini calls for ‘Italian-Polish axis’ to replace Paris-Berlin
Italy's far-right Interior Minister Matteo Salvini on Wednesday (9 January) said populists from Italy and Poland should spark a "European spring" to replace the centre-right influence of Germany and...
View ArticleItaly’s populist leaders pledge to replace central bank’s top brass
Italy's populist leaders on Saturday (9 February) promised to replace top officials at the country's central bank, who they said must pay for failing to prevent a spate of banking scandals in which...
View ArticleItaly accuses EU of prejudice after grim economic forecasts
Italy accused EU authorities of prejudice on Tuesday (7 May) after they forecast the euro zone's third largest economy would stagnate this year and its huge public debt would rise further.
View ArticleIsolated Italy excluded from EU top jobs race, faces pressure over debt
Italy risks a rude awakening in the race for top European Union jobs as it faces growing isolation after eurosceptic nationalists in its ruling coalition won big in last week's European Parliament...
View ArticleItalian PM Conte says he will resign if coalition squabbles persist
Italian Prime Minister Giuseppe Conte said Monday (3 June) he was ready to resign unless the two parties in the governing populist coalition -- the League and the Five Star Movement -- stopped squabbling.
View ArticleIMF urges France to step up reforms to rein in debt
The International Monetary Fund on Monday (3 June) warned France that its public debt is "too high for comfort", calling on the nation to tackle the issue by stepping up spending reforms.
View ArticleItaly’s Di Maio, Salvini slam EU debt warning
Italy's populist Deputy Prime Minister Luigi Di Maio on Wednesday (5 June) dismissed Brussels' formal warning over the country's excessive public spending as "too easy".
View ArticleEU moves closer to debt action as Italy angles for compromise
The European Union moved closer on Tuesday (11 June) to taking disciplinary action over Italy's growing debt, as authorities in Rome made tentative steps to avert a procedure that could saddle the...
View ArticleItaly’s Tria sees no obstacles to budget deal with EU
Italy's economy minister said on Tuesday (25 June) he was confident of reaching an agreement with the European Union over the country's budget, adding that deficit targets in a draft deal would reflect...
View ArticleCoronavirus deaths rise in Italy, government prepares economic support
The death toll from an outbreak of coronavirus in Italy has risen to 34, five more than a day earlier, officials said on Sunday (1 March), as the government prepared to boost spending to help the...
View ArticleFrance’s budget deficit could skyrocket to 7% of GDP in COVID-19 aftermath
The French government continues to announce stimulus spending, as well as support measures for companies, employees and the research sector worth billions to mitigate the COVID-19 crisis. Although...
View ArticleBerlin to borrow €218.5bn to fund virus stimulus
The German government plans to take on €218.5 billion in new debt this year to pay for massive stimulus to help the country recover from the coronavirus impact, finance ministry sources said Monday (15...
View ArticleEU likely to waive borrowing limits again in 2022
The European Union is likely to waive limits on government borrowing again in 2022, given persistent uncertainties about the pace of economic recovery once the coronavirus pandemic is contained,...
View ArticleDraghi on quest to challenge EU rules and grow out of public debt
Italian Prime Minister Mario Draghi unveiled an ambitious Italian budget for 2022-2024 last week, with deficits above the limits set by the Stability and Growth Pact, in what appears to be a bet on a...
View ArticleLife after COVID: EU re-thinks budget rules for new era
So often the source of rows between its members, the European Union starts reviewing its rules for national budgets to fit a post-pandemic reality of higher public debt and the huge costs of...
View ArticleMacron, Draghi call for reform of EU fiscal rules
French President Emmanuel Macron and Italian Prime Minister Mario Draghi called Thursday (23 December) on Brussels to reform its fiscal rules to allow greater investment spending while acknowledging...
View ArticleEU to extend budget rule suspension because of Ukraine war
Rules against overspending by EU governments will remain suspended through 2023, extending a pandemic-era reprieve because of the war in Ukraine, sources said on Thursday (19 May).
View ArticleEU fiscal rules to be suspended for another year
Reacting to the economic consequences of the Russian invasion of Ukraine, the European Commission postponed the renewed enforcement of its fiscal rules by a year, to 2024.
View ArticleEU to provide €5 billion macro-financial assistance for Ukraine
All EU member states, apart from Hungary, have agreed to financially guarantee a further €5 billion of macro-financial assistance in long-term loans to Ukraine, EURACTIV has learned.
View ArticleItaly plans at least €15bn package to tame energy costs
Italy plans to set aside at least €15 billion in its 2023 budget to soften the impact of sky-high energy costs on firms and families, two government sources told Reuters on Thursday (3 November).
View ArticleLooming reform of EU debt and deficit rules: A look at current rules
With the European Commission expected to put forward its ideas for the reform of the much-criticised fiscal rules for EU member states on Wednesday (9 November), EURACTIV takes a look at the current...
View ArticleCommission proposes more individual debt rules for EU countries
The European Commission presented its proposals to reform the debt and spending rules for national governments on Wednesday (9 November) as individual plans for every EU country, negotiated between...
View Article‘Approaching crunch time’: Sluggish progress on EU fiscal rules
EU member state finance ministers met in Brussels on Tuesday (14 February) to discuss the reform of EU fiscal rules under time pressure, but the positions remain far apart.
View ArticleEU debt rules: Member states edge closer to agreement on reform
According to draft conclusions for an EU leaders' meeting at the end of March, seen by EURACTIV, member states seem to agree on more country-specific fiscal paths instead of relying on...
View ArticleUS may default on 1 June without debt ceiling hike
US President Joe Biden on Monday (1 May) summoned the four top congressional leaders to the White House next week after the Treasury warned the government could run short of cash to pay its bills by June.
View ArticleBiden, McCarthy reach tentative US debt ceiling deal
US President Joe Biden and top congressional Republican Kevin McCarthy reached a tentative deal to suspend the federal government's $31.4 trillion debt ceiling on Saturday evening (27 May), ending a...
View ArticleUS Congress averts historic default, approves debt-limit suspension
The US Senate on Thursday (1 June) passed bipartisan legislation backed by President Joe Biden that lifts the government's $31.4 trillion debt ceiling, averting what would have been a first-ever default.
View ArticleCzech government approves plan seeking EU recovery fund loan
The Czech centre-right Cabinet on Wednesday (14 June) approved seeking a 137 billion crown (€5.75 billion) loan from the European Union's post-COVID recovery funds, part of efforts to boost its energy...
View ArticleFrance readies for charm offensive as debt levels back on rating agencies’ radar
As the French government pushed its 2024 budget bill through Parliament without a vote on Wednesday (18 October), and threats of an excessive deficit procedure (EDP) hover, France is once again under...
View ArticleEU reaches agreement on spending rules
The European Parliament and member states reached an agreement early Saturday (10 February) on reforms to EU budgetary rules aimed at boosting investment while keeping spending under control.
View ArticleFrench markets wobble as EU Commission launches deficit procedure
France's financial markets lost further ground on Wednesday (19 June) after the European Commission announced it intends to open an excessive deficit procedure (EDP) over the national budget,...
View ArticleIncoming French government faces tricky balancing act to avert EU fiscal...
Amid a deeply divided National Assembly, France's new government leaders will face tough negotiations on the 2025 budget, with European Commission financial penalties looming if the country's public...
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