Tag: Olli Rehn
Olli RehnEC brighter outlook for 2013: UK expands 1.7% and Euro zone 1.3%
The slow economic recovery is in sight across Europe, the European Commission said on Saturday, with the UK in line for 1.7% growth next year compared with an EU average of 1.3%.
EU confirms Euro zone heading for its second recession in three years
The Euro zone's economy is heading into its second recession in just three years, while the wider European Union will stagnate, the EU executive said, warning that the currency area has yet to break its vicious cycle of debt.
S&P likely to downgrade Greece’s rating to “selective default”
Standard & Poor's will likely downgrade Greece's ratings to “selective default” when the country concludes its debt restructuring, but that will not necessarily destroy the credibility of the European Union, an official with the ratings agency said on Tuesday.
Mix of Belgian sacrifices and banks rolling over expiring bonds, proposal for Greece
European Union’s top economic official said a solution to keeping Greece solvent is combining bold deficit cuts reminiscent of Belgian sacrifices in the 1990s and willingness by lenders to roll over expiring bonds, adapting what was done in Eastern Europe two years ago.
EU follows US and approves new framework for financial supervision
The European Union finance ministers agreed Tuesday to establish a new framework for financial supervision, designed to help prevent future financial crises. The measures include a European Systemic Risk Board to oversee the health of Europe's economy.
Europe Calls on Bulgaria, Cyprus, Denmark and Finland to Reduce Budget Deficits
Government deficits in Bulgaria, Cyprus, Denmark and Finland have gone too far over the 3% of GDP reference value for the European Union and need to be brought down through stronger budget consolidation measures, concluded the European Commission in reports considered on Wednesday.
