European Commission (EC)
Latvia to adopt euro in 2014
European Commission gives Latvia the green light to become eighteenth eurozone member after it comfortably meets convergence criteria, but ECB voices concerns over price and financial stability
EC recognises member state fears that FTT will hurt clearing
Tax liability could send CCPs "directly into insolvency" warn Czech officials in leaked document
Pressure builds on ECB as figures show no lending growth
OECD and the European Commission call on the European Central Bank to do more, as ECB figures show lending to the eurozone's productive economy continues to shrink
Danish governor rejects financial transaction tax
Per Callesen says tax will restrict market liquidity and banks are ‘right to complain’ about it; says the central bank’s experience with negative interest rates has been a success
Europe's finance ministers inch closer to bail-in framework
Meeting of finance ministers, the ECB and the European Commission highlights differences between member states but strikes a hopeful note for agreement
European Parliament poised to approve next step in banking union
European political groupings have reached agreement on a text for the recovery and resolution piece of Europe's planned banking union
Asmussen and Rehn sketch plans for European body to replace ‘troika'
ECB board member defends scale of emergency liquidity extended to ‘insolvent' Cypriot banks; confirms the bank has an open mind on ABS purchases to ease SME credit crunch
European Commissioner defends under-fire Tobin tax
Algirdas Šemeta says the European Commission’s proposal for a financial transactions tax is ‘technically and legally sound’; numerous stakeholders concerned by impact on repo markets
Dijsselbloem defends Eurogroup over Cyprus bail-in plan
Eurogroup president fields questions from European Parliament and defends the original Cyprus plan; refuses to name names over who proposed levy on smaller depositors
ECB lifts ban on Cypriot ‘junk' bond eligibility
Rule suspension allows Cypriot government-issued or guaranteed debt instruments to be used as collateral in Eurosystem operations; follows precedent set for Greece in September 2012
European Parliament claims substantive agreement on EU bank resolution legislation
Vote on legislation for harmonised recovery and resolution processes postponed till May, but European Parliament says it has reached agreement on all the main points
EC to fight new US prudential rules for foreign banks, says EBF
EC "very concerned" about capital and liquidity proposals, says chief executive of the European Banking Federation
EU and OECD say weak supervision shares blame for Slovenia's impending bank crisis
European Commission follows OECD in highlighting Slovenia's 'excessive imbalances'; both bodies call for improved supervision from the central bank
European legislators agree sweeping rules for banking sector reform
European Parliament and Commission agree CRD IV package to tighten capital rules, increase bank transparency and curb bankers' bonuses
EC and FDIC team up to tackle G-sifi resolution
European Commission and Federal Deposit Insurance Corporation establish working group to co-ordinate G-sifi resolution efforts
Eurozone recession to last through 2013, say new EC forecasts
EU researchers revise 2013 GDP growth forecasts down from +0.1% to -0.3%; inflation to fall to 1.5% this year, putting pressure on ECB for further easing
Draghi wants variable NAV for all European MMFs
European Systemic Risk Board – chaired by ECB president – demands changes to the way money market funds present asset value, but industry body slams recommendations
European Commission sets out detailed Tobin tax proposal
Proposal would tax most transactions at 0.1% and derivatives at 0.01%; belt-and-braces approach to clamp down on tax avoidance draws fire from US financial lobby
Banks could be forced into Euribor submission
European Commissioner Michel Barnier says banks could be compelled to take part in rate-setting process under new legislation
EC buttresses anti-money laundering defences
European Commission toughens line on money laundering, proposing new rules to cope with estimated $580 billion laundered in the global financial system in 2009, with just 0.2% intercepted
Barnier still examining ‘where to draw the line' on bank ring-fencing
Commission spokesman admits tension between maintaining competitive banks that can still finance economic growth and eliminating risks remaining in the European banking system
Bank of Finland's Erkki Liikanen on bank separation in Europe
Bank of Finland governor, Erkki Liikanen, tells Christopher Jeffery why he believes the separation of ‘risky’ activities at banks represents the third leg to ensure financial stability in Europe
Legal traps facing the ECB
The European Central Bank is set to gain supervisory powers over the continent’s banks via the single supervisory mechanism. René Smits explains the practical issues linked with the banking union
EC gives go-ahead for Spanish recapitalisation plans
European Commission says recapitalisation and resolution plans for four Spanish banks under Frob control do not violate state aid rules; paves way for capital injection in early December