The European Commission has warned France's new government over its spending plans. While freshly elected President François Hollande says he'll lower the retirement age, the EU says it's the opposite that's required if France is to trim its deficit to 3% of GDP this year, along with reforms to its labour market.
European Central Bank President Mario Draghi warned Thursday that Europe was at a “crucial moment” if it wanted to save the euro as fears over the eurozone debt crisis mounted upon news that businesses had hit a near three-year low.
European shares made a modest recovery on Thursday, a day after an EU summit failed to shed new light on handling the debt crisis. Investors remained cautious after surveys showed manufacturing deteriorating in major economies.
European shares tumbled and the euro hit a four-month low against the dollar on Friday, a day after Moody’s rating agency downgraded 16 Spanish banks in a move that unnerved investors amid growing concern over the eurozone debt crisis.
Melissa Bell speaks to Jacques Attali, President of PlaNet Finance. They discuss the appeal published by Jacques Attali, the head of the WTO and other prominent economists and politicians calling for a shift to growth in the euro area and deeper integration to combat the region's debt crisis. Has the time finally come for a federal Europe?
European leaders kick off a summit on the eurozone economic crisis in Brussels on Thursday, with the focus switching from austerity to growth. EU leaders are marking out a new plan to tackle the increasing rate of unemployment.
The European Central Bank released a record 530 billion euros on Wednesday, with hundreds of banks borrowing big on the low-interest loans. The cash injection is spurring hopes it will lead to lower borrowing costs across Europe.
France has successfully sold 8.59 billion euros in short-term bonds, paying a lower rate of interest than at a previous similar auction. This comes despite the loss of its triple-A credit rating last Friday. Jan Randolph gives us his insight into Standard & Poor’s ratings downgrades and the seemingly paradoxical market reaction.