Europe economy - updates

Rappler's latest stories on Europe economy

ARTICLE FINDER

EU chief makes bid to break recovery fund deadlock

Jul 11, 2020 - 8:00 AM

Finland, Sweden, Hungary, and the Netherlands all voice concerns over the European Union's proposed 750-billion-euro fund to recover from the coronavirus pandemic's economic impact

European Council President Charles Michel speaks during a press conference to present his new proposal for the MFF (Multiannual financial framework) and the recovery package at the European Council building in Brussels on July 10, 2020. (Photo by Kenzo TRIBOUILLARD / POOL / AFP)

Merkel calls for swift agreement on EU virus package

Jul 09, 2020 - 12:10 PM

'Our common objective is to find a quick agreement as time is running out due to the economic crisis. We must not waste time. The poorest are paying the price,' says German Chancellor Angela Merkel

(L-R) European Council President Charles Michel, German Chancellor Angela Merkel, President of the European Commission Ursula von der Leyen and European Parliament President David Sassoli pose for a photo ahead of a meeting at the European Commission in Brussels, on July 8, 2020, upon the presentation of the German programme for EU presidency. (Photo by STEPHANIE LECOCQ / POOL / AFP)

EU sees eurozone economy crashing 8.7% in 2020

Jul 07, 2020 - 10:50 PM

'The economic impact of the lockdown is more severe than we initially expected,' says European Commission Vice President Valdis Dombrovskis

A waitress walks past empty chairs and tables in a restraurant in the city of Rheda-Wiedenbrueck, western Germany on June 23, 2020. - After a coronavirus outbreak at a slaughterhouse in the town of Rheda-Wiedenbrueck that has infected more than 1,500 workers out of a total of nearly 7,000 German authorities ordered a new lockdown for an entire district -- the first since easing coronavirus restrictions and a major setback for hopes of a swift return to normality. (Photo by Ina FASSBENDER / AFP)

ECB's Lagarde says 'we've probably passed lowest point' of economic crisis

Jun 26, 2020 - 11:40 PM

'We probably have passed the lowest point. I say that with some trepidation because of course there could be a severe second wave,' says European Central Bank chief Christine Lagarde

UNDER FIRE. Christine Lagarde, president of the European Central Bank, addresses a news conference in Frankfurt am Main, Germany, on January 23, 2020. File photo by Daniel Roland/AFP

ECB ramps up eurozone support as pandemic persists

Jun 04, 2020 - 11:00 PM

The European Central Bank announces 600 billion euros ($674 billion) more of emergency bond-buying and the scheme's extension until June 2021

ECB. The European Central Bank, based in Germany. Photo from Shutterstock

'Starting point': EU's frugal members cool on recovery plan

May 28, 2020 - 1:30 AM

Austria, the Netherlands, Denmark, and Sweden want emergency help for countries badly hit by the coronavirus to take the form of one-off loans

German police officers wearing a protective mask work at the border crossing between Austria and Germany, near the German village of Oberaudorf as Germany enforces border controls with five countries amid the novel coronavirus COVID-19 pandemic on May 7, 2020. - Germany introduced border controls with Austria, Denmark, France, Luxembourg and Switzerland in a bid to stem the coronavirus outbreak. Only those with a valid reason for travel, like cross-border commuters and delivery drivers, are allowed through, officials said. (Photo by Christof STACHE / AFP)

Battle ahead for EU's massive virus recovery plan

May 27, 2020 - 11:40 PM

If passed, this proposal would be the biggest European Union stimulus package in history. But Germany predicts talks would drag on until the end of 2020.

BIKING. People exercise along an esplanade in Barcelona, early on May 2, 2020. Photo by Pau Barrena/AFP

ECB warns virus response could renew fears of euro breakup

May 26, 2020 - 11:25 PM

The European Central Bank reiterates that more joint action at the European level could keep government debt sustainable for individual nations

ECB. The headquarters of the European Central Bank is pictured in Frankfurt am Main, Germany, on March 12, 2020. Photo by Daniel Roland/AFP

Macron, Merkel agree 500-billion-euro virus recovery plan for Europe

May 19, 2020 - 7:00 AM

The Merkel-Macron plan now faces a potentially painful negotiation with all 27 member states of the European Union and then a vote in European Parliament

German Chancellor Angela Merkel listens during a joint press conference with French President Emmanuel Macron, who attends via video link, at the Chancellery in Berlin, Germany, on May 18, 2020 on the effects of the novel coronavirus COVID-19 pandemic. (Photo by Kay NIETFELD / POOL / AFP)

Euro ministers back crisis credit, split on next steps

May 09, 2020 - 8:00 AM

A plan to allot 240 billion euros ($260 billion) for credit lines gets approval from eurozone ministers

ALL QUIET. A man rides his bike on the deserted commercial street via Dante in center Milan, Italy, during the country's lockdown. Photo by Miguel Medina/AFP

How will European tourism survive the virus?

May 08, 2020 - 9:15 AM

Here are immediate questions for Europe's tourism industry as it reels from the coronavirus pandemic

TOURISM. People wear protective face masks as they walk in front of the Eiffel Tower in Paris, France, on March 12, 2020. Photo by Ludovic Marin/AFP

Europe's 'historic' recession threatens eurozone survival

May 06, 2020 - 10:10 PM

The European Union estimates that the eurozone economy would shrink by 7.7% in 2020, a 'recession of historic proportions'

HALTED. Buildings of the business district of La Defense, on the outskirts of Paris, as France is under lockdown on March 25, 2020. Photo by Philippe Lopez/AFP

ECB stands firm after shock German ruling on bond buying

May 06, 2020 - 7:50 AM

In a shock ruling, Germany's Constitutional Court gives the European Central Bank 3 months to clarify key elements of its support to the eurozone

ECB. The headquarters of the European Central Bank is pictured in Frankfurt am Main, Germany, on March 12, 2020. Photo by Daniel Roland/AFP

Europe races to shield virus-hit firms from bargain hunters

Apr 22, 2020 - 10:00 PM

European Union nations seek to bolster their defenses against hostile takeovers that could see key technologies and know-how being lost to countries like China and the United States

NEW NORMAL. A man walks along a deserted Via Galvani in the Testaccio district of Rome on March 20, 2020 during the country's lockdown aimed at stopping the spread of the COVID-19 (new coronavirus) pandemic. Photo by Alberto Pizzoli/AFP

ECB eases bank risk capital requirements to calm markets

Apr 17, 2020 - 1:30 AM

The European Central Bank says it is 'responding to the extraordinary levels of volatility recorded in financial markets since the outbreak of the coronavirus'

ECB. The European Central Bank, based in Germany. Photo from Shutterstock

EU aims to bar 'predatory' takeovers of weakened firms

Apr 17, 2020 - 12:30 AM

A statement from European Union trade ministers does not identify potential threats, but participants later make it clear China is the main source of concern

CLOSED. People walk past a closed Chinese restaurant under the arcades of Piazza Vittorio Emanuele II in the Esquillino district of Rome, Italy, on March 9, 2020. Photo by Tiziana Fabi/AFP

IMF says eurozone economy will crash in 2020

Apr 14, 2020 - 10:55 PM

The International Monetary Fund expects the eurozone economy to crash by a staggering 7.5%, a free fall not seen since the 1930s Great Depression

An elderly homeless man stands by a barrier closing access to the Vatican's St. Peter's Square on April 10, 2020 during the lockdown aimed at curbing the spread of the COVID-19 infection, caused by the novel coronavirus. (Photo by Filippo MONTEFORTE / AFP)

Brussels eyes 1.5-trillion-euro virus recovery fund

Apr 14, 2020 - 8:30 PM

The European Commission is 'working on new financing instruments' to fight the 'unprecedented' coronavirus pandemic

FRONTLINER. A medical worker at the Erasme Hospital in Brussels, Belgium, on March 25, 2020. Photo by Kenzo Tribouillard/AFP

The EU's 500-billion-euro coronavirus emergency deal

Apr 10, 2020 - 7:30 PM

Here's what European Union finance ministers agreed on during a crunch meeting on their economic response to the coronavirus pandemic

EUROPEAN UNION. European flags are reflected at the entrance of the Berlaymont building EU Commission in Brussels on May 21,2014. File photo by Georges Gobet/AFP

EU finance ministers agree on coronavirus rescue deal

Apr 10, 2020 - 9:15 AM

The package agreed is worth about 500 billion euros ($546 billion), short of what many observers believe is necessary to restart the European economy when the health crisis recedes

French Economy Minister Bruno Le Maire (L) applauses past French Treasury managing director Odile Renaud-Basso (R) as they attend an EU finance ministers meeting by videoconference, at the minister's office in Paris on april 9, 2020, on the twenty-fourth day of a strict lockdown aimed at curbing the spread of COVID-19, the novel coronavirus. - EU finance ministers agreed a 500-billion-euro ($550-billion) rescue on April 9, 2020 for European countries hit hard by the coronavirus epidemic, but sidelined a demand by Italy and France for pooled borrowing. (Photo by Ludovic MARIN / AFP)

EU rescue talks fail as Netherlands blocks virus compromise

Apr 08, 2020 - 10:20 PM

Bickering European Union finance ministers are unable to bridge differences on how to rebuild their economies

Netherlands' Finance Minister Wopke Hoekstra looks on during a video conference with EU finance ministers in The Hague on April 7, 2020, during discussions on the economic effects of the ongoing coronavirus (COVID-19) situation. (Photo by Bart MAAT / ANP / AFP) / Netherlands OUT

ECB eases bank funding rules in 'unprecedented' step

Apr 08, 2020 - 8:30 AM

This is the European Central Bank's latest move to keep cash flowing through the financial system as the coronavirus pandemic batters the global economy

ECB. The headquarters of the European Central Bank is pictured in Frankfurt am Main, Germany, on March 12, 2020. Photo by Daniel Roland/AFP

EU inches towards economic virus plan after infighting

Apr 04, 2020 - 8:00 AM

Here is a summary of the ideas being talked about ahead of a crunch meeting of European Union finance ministers on Tuesday, April 7

U.S., eurozone output to crash in Q2 2020 – Fitch

Apr 02, 2020 - 9:50 PM

Fitch Ratings says it does not see US and EU gross domestic product returning to pre-coronavirus levels until late 2021

SHOPS CLOSED. The sculpture 'Torso' by Robert Graham stands on iconic and nearly empty Rodeo Drive in Beverly Hills, California, on March 18, 2020. Photo by Mario Tama/Getty Images/AFP

ECB asks banks to halt dividends over virus crisis

Mar 28, 2020 - 9:20 AM

The European Central Bank urges banks to lend to households and businesses during the coronavirus pandemic

ECB. The headquarters of the European Central Bank is pictured in Frankfurt am Main, Germany, on March 12, 2020. Photo by Daniel Roland/AFP

Italy papers slam 'Ugly Europe' over delayed economic plan

Mar 27, 2020 - 10:00 PM

There is strong criticism in Italy as the European Union has yet to agree on a unified economic response to the coronavirus pandemic

OUTBREAK IN ITALY. Women wearing respiratory masks walk across Piazza del Duomo in central Milan on February 23, 2020. Photo by Andreas Solaro/AFP

Eurozone given 2 weeks to find economic response to virus

Mar 27, 2020 - 11:30 AM

European countries have yet to agree on a unified way to cushion the economic impact of the coronavirus

CLOSED. People walk past a closed Chinese restaurant under the arcades of Piazza Vittorio Emanuele II in the Esquillino district of Rome on March 9, 2020. Photo by Tiziana Fabi/AFP

Britain, eurozone face 2% recession in 2020 – S&P

Mar 26, 2020 - 8:30 PM

S&P says a 2% recession for Britain and the eurozone would amount to a loss in real GDP of about 420 billion euros ($460 billion) in 2020

A man wearing a mask walks past the Regional Science Centre in Oldham, Lancashire on March 26, 2020, during a country-wide lockdown to slow the spread of the novel coronavirus COVID-19. (Photo by Oli SCARFF / AFP)

EU warns virus could expose firms to foreign buyouts

Mar 26, 2020 - 8:00 AM

European Commission President Ursula von der Leyen says 'critical assets and technologies' must be protected

MORE DEATHS. A lonely Italian National policeman patrols near St. Peter's Square (Rear) at the border between Italy and the Vatican, on March 19, 2020 in Rome during the lockdown within the new coronavirus pandemic. Photo by Filippo Monteforte/AFP

EU finance ministers split on coronavirus rescue plan

Mar 25, 2020 - 7:30 AM

Italy, with the backing of France and Spain, wants a massive response from European Union partners. But northern countries, led by Germany and the Netherlands, are not in a hurry.

SLOWDOWN. Eurozone growth is only at 0.2% in the 2nd quarter of 2019. Photo from Shutterstock

Coronavirus sparks 'unprecedented collapse' in eurozone economy

Mar 24, 2020 - 8:45 PM

Figures show a slump in eurozone activity in March 2020 'far exceeding that seen even at the height of the global financial crisis'

EU ministers suspend budget rules to fight virus impact

Mar 24, 2020 - 8:00 AM

The escape clause will allow European Union countries to spend without limit on medical equipment, enforcing containment measures, and expanding hospitals

Image via Shutterstock

ECB says banks now have extra 1.8 trillion euros to lend in virus fight

Mar 21, 2020 - 8:30 AM

The European Central Bank eases rules to free up more funds that financial institutions can use for loans to households and corporate customers

ECB. The European Central Bank, based in Germany. Photo from Shutterstock

ECB brings 750-billion-euro bazooka to virus fightback

Mar 19, 2020 - 9:30 AM

The European Central Bank's Pandemic Emergency Purchase Program involves buying government and corporate bonds to keep liquidity flowing

(FILES) In this file photo taken on March 12, 2020 The headquarters of the European Central Bank (ECB) is pictured in Frankfurt am Main, western Germany, on March 12, 2020. - The European Central Bank on Wednesday announced a surprise 750-billion-euro scheme to purchase government and corporate bonds, as it joined other central banks in stepping up efforts to contain the economic damage from the coronavirus. (Photo by Daniel ROLAND / AFP)

ECB rushes to clear up Lagarde stumble on virus response

Mar 13, 2020 - 11:30 PM

Christine Lagarde, president of the European Central Bank, comes under fire for the ECB's response to the novel coronavirus

WHAT'S AHEAD? Christine Lagarde, president of the European Central Bank, addresses a news conference in Frankfurt am Main, Germany, on January 23, 2020. Photo by Daniel Roland/AFP

Chiding governments, European Central Bank brings big guns to virus fight

Mar 13, 2020 - 12:50 AM

The European Central Bank launches a flurry of measures to cushion the impact of the coronavirus, including increased bond purchases and cheap loans to banks

CORONAVIRUS IN EUROPE. Tourists wearing protective masks visit Venice on February 25, 2020, during the usual period of the Carnival festivities which have been canceled following an outbreak of the COVID-19 novel coronavirus in northern Italy. Photo by Andrea Pattaro/AFP

Out of ammo? European Central Bank on the spot in coronavirus fightback

Mar 06, 2020 - 2:30 AM

Critics question how much more the European Central Bank can do to deal with the economic impact of the novel coronavirus

Christine Lagarde, President of the European Central Bank (ECB) addresses a news conference following the meeting of the governing council of the ECB in Frankfurt am Main, western Germany, on January 23, 2020. - ECB chief Christine Lagarde said risks to the eurozone economy had become "less pronounced" in the wake of a US-China trade truce. (Photo by Daniel ROLAND / AFP)

Coronavirus is 'new layer of uncertainty' for European economy

Feb 06, 2020 - 2:10 AM

European Central Bank chief Christine Lagarde's remarks place the novel coronavirus on the same level of menace to growth as trade tensions and geopolitical flashpoints

A military personnel (Front) sits in coach transporting Italian citizens (Rear) repatriated from the coronavirus hot-zone of Wuhan, leaves the Mario De Bernardi military airport in Pratica di Mare, south of Rome, on February 3, 2020 after landing from China, to be placed in quarantine at the nearby Cecchignola center. (Photo by Andreas SOLARO / AFP)

IMF cuts 2019, 2020 eurozone growth outlook as Germany lags

Oct 16, 2019 - 10:55 AM

The International Monetary Fund says Germany, Europe's biggest economy, is laid low by a slumping auto market

Why is eurozone inflation so persistently low?

Mar 06, 2016 - 9:25 PM

Here s how oil prices exchange rates wages and corporate investment affect inflation

epa05023363 Clouds are howering over the Finnish capital Helsinki, with the Finnish flag on a boat almost hanging half-mast, Helsinki, Finland, 26 September 2015. Eurozone economic growth slowed in the third quarter of 2015, coming in at a less-than-expected 0.3 per cent compared with the previous three months, according to data released 13 November 2015. The 19-member currency bloc has struggled to rev up its economic engine after emerging from recession in 2013. Inflation is hovering around zero and unemployment is only gradually falling.  Growth in the eurozone's gross domestic product (GDP) continued to slip after dropping from 0.5 per cent in the first quarter and 0.4 per cent in the second, according to an estimate by the European Union's statistics office, Eurostat. Finland is part of Eurozone and it's currently worst performing economy. EPA/MAURITZ ANTIN

Eurozone unemployment at lowest since August 2011

Mar 02, 2016 - 1:10 PM

Unemployment in the 19 nation eurozone drops to 10 3 in January 2016

epa05023342 A general view of the Estonian capital Tallinn, as seen from the Toompea old town of Tallinn, Estonia, 25 September 2015. Eurozone economic growth slowed in the third quarter of 2015, coming in at a less-than-expected 0.3 per cent compared with the previous three months, according to data released 13 November 2015. The 19-member currency bloc has struggled to rev up its economic engine after emerging from recession in 2013. Inflation is hovering around zero and unemployment is only gradually falling.  Growth in the eurozone's gross domestic product (GDP) continued to slip after dropping from 0.5 per cent in the first quarter and 0.4 per cent in the second, according to an estimate by the European Union's statistics office, Eurostat. Estonia is part of Eurozone. EPA/MAURITZ ANTIN

Greece seeks eurozone nod but bailout deal ruled out

May 11, 2015 - 9:51 PM

Unfortunately there is not sufficient progress to reach a decision today whatever it is says Germany s powerful finance minister Wolfgang Schaeuble as he went into talks with his Greek counterpart Yanis Varoufakis

IMF's Lagarde defends Europe in heated Davos debate

Jan 22, 2015 - 9:15 PM

There is a general expectation to compare the US economy and the euro area and I don t think that s a reality says IMF chief Christine Lagarde

IN DEFENSE OF EUROPE. Managing Director of the International Monetary Fund (IMF) Christine Lagarde speaks during a panel session of the 45th Annual Meeting of the World Economic Forum (WEF) in Davos, Switzerland, 22 January 2015. The overarching theme of the Meeting, which takes place from 21 to 24 January, is 'The New Global Context'. Photo by Laurent Gillieron/EPA

Europe tightens up financial market rules

Jan 15, 2014 - 8:02 PM

After 2 long years of negotiations the European Parliament agrees on new market regulators

MONEY RULES. This picture taken on December 19, 2013 shows European Union Commissioner for Internal Market and Services Michel Barnier arriving at a European People's Party (EPP) meeting ahead an EU summit of heads of state and government. AFP File Photo

Merkel steels Germans for 'more difficult' 2013

Dec 31, 2012 - 10:57 AM

In fact the economic environment next year will not be easier but more difficult The crisis is a long way from being beaten Germany s Merkel said in her New Year address

German Chancellor Angela Merkel poses for photographers after the recording of her annual New Year's speech at the Chancellery in Berlin on December 30, 2012. AFP PHOTO / POOL/ JOHN MACDOUGALL

New French government to hand itself a pay cut

May 17, 2012 - 11:11 AM

Francois Hollande unveiled a government of mainly moderate Socialists and longtime allies Wednesday as his new prime minister vowed to work quickly to put the country back on its feet