Eurozone
Buba's Weber says Greece will need up to €80 billion: reports
Bundesbank president Axel Weber reportedly tells German parliamentary group Greek bailout costs could soar
ECB’s Stark: fiscal burden a daunting challenge
ECB board member Jürgen Stark draws on risks of failing to reach a quick solution to Europe’s fiscal problems
Greece takes grudging step towards bailout
Greek government initiates procedures concerning proposed $40 billion rescue with eurozone and IMF, problems anticipated in joint effort
ECB: fiscal deficits attributable to crisis
ECB paper shows European fiscal budgets were unprepared for intervening in markets during crisis
Greece’s $40 billion bailout an improvement, but issues remain
Markets soothed as firm details of Greek rescue plan are announced, eurozone will provide €30 billion at discounted 5% rate for year forward, analysts less convinced
ECB: German bonds the European safe-haven
ECB paper shows investors sought refuge in German bonds as crisis struck
Trichet: fixing public finances precursor to price stability
Jean-Claude Trichet calls for member states to put public finances in order
Denmark shoots down covered bonds idea
Danish governor argues against reforms to adjust requirements on covered bond collateral but concedes change is necessary
The end is nigh for the eurozone over Greece
Economists Geoffrey Wood and Charles Dumas say the Greek debt crisis is set to tear asunder Europe’s poorly built Economic and Monetary Union, split over IMF bailout
Italy’s Draghi favours “enforcement” over European Fund
Bank of Italy governor Mario Draghi says a new pact should be drawn up to enforce fiscal discipline, rather than building a continental version of the IMF
Portugal suffers downgrade
Sovereign debt marked down a notch by Fitch; move eaxcerbates eurozone tensions
Extra-euro trade growth tops intra-euro trade
Latest trade consistency exercise shows that Extra-euro dominates intra-euro growth in the last decade.
European monetary fund won't pay
Marco Annunziata, the chief economist at UniCredit, argues against the creation of a European monetary fund
Germans in favour of kicking Greece out: poll
Survey in leading newspaper shows 53% of Germans think Greece should be kicked out of the eurozone if its debt troubles cannot be resolved, 67% want no part in a bail-out
Towards a euro monetary fund
Daniel Gros and Thomas Meyer team up on fix aimed at stopping another Greece
Greece should go to IMF, not EU for aid: Issing
Former ECB chief economist advocates tough love from Washington, rejects Brussels bailout; position conflicts with senior EU bureaucrat
ECB’s Stark places onus on deficit states
European Central Bank's Jürgen Stark says euro area’s deficit states must embrace economic reforms for the common good
Bulgaria joins Europe’s Target2
Euro-hopeful becomes full member of Europe’s large-value payment system
Recapitalise, don’t remunerate – ECB’s Bini Smaghi
European Central Bank’s Lorenzo Bini Smaghi says banks should prepare to meet stronger demand for credit when economy improves
New DSGE model for Estonia
Bank of Estonia makes public its new dynamic stochastic general equilibrium model for the domestic economy
Estonia ready for euro in 2011
Bank of Estonia publishes Report on the Adoption of the Euro
Bank of Estonia leads the way in slashing budget
Estonian central bank sets an example by cutting costs by 10%, with EEK 1 m drop in staff costs; also expects income from reserves to fall
Eurozone may need to rethink strategy on Greece
Brussels and the European Central Bank have underestimated the potential for contagion from Athens’s fiscal woes, argues Marco Annunziata, the chief economist at UniCredit
Bank of Greece governor to reduce salary by a fifth
Greek governor George Provopoulos will cut his wage as a symbolic gesture against the country’s burgeoning debt problem