Ukraine's rejection of a EU trade deal, was met with dismay. However, economic analysts said a move towards Russia and away from Europe could benefit Ukraine over the coming months.» Read More
BRUSSELS, Oct 3- European leaders have clearly agreed that the euro zone's rescue fund, the European Stability Mechanism, should be able to directly recapitalise banks once a supervisory mechanism has been put in place, the president of the European Commission said on Wednesday.
BRATISLAVA- The central bank to comment on preliminary July current account data. BRATISLAVA- The central bank to publish preliminary July and revised June current account data.
European Commission President Jose Manuel Barroso called for more European integration to help tackle the euro zone debt crisis in his State of the Union speech on Wednesday through the creation of a “federation of nation states”.
Jose Manuel Barrosso, president of the European Commission gives his State of the Union Address in Strasbourg.
The European Central Bank would be given sweeping authority over all 6,000 eurozone banks under a plan being drawn up by the European Commission, putting Brussels on a collision course with Germany and the ECB itself, which have urged a more decentralised first step towards “banking union”, the Financial Times Reports.
What did we think of European Commission President Jose Manuel Barroso’s comments last week on the UK and Europe?
Plans to force Europe’s banks to increase their equity capital to ensure they can withstand the worsening euro zone debt crisis and restore confidence in the sector have been met with criticism from analysts and business leaders, who fear the proposals will lead to dilution for shareholders and a further backlash.
As European markets fell Wednesday immediately after European Commission President Jose Manuel Barroso confirmed plans for a financial transaction tax, the idea was met with scorn in some quarters.
Markets around the world have been waiting for decisions from euro zone leaders on greater fiscal integration and euro bonds since July.