LONDON - European Union officials will next week propose capping financial sector pay above 500,000 euros, accountancy firm PwC said on Friday, suggesting the world's most stringent curbs for the industry will affect far more bankers than previous rules.
BRUSSELS - European officials gave a lukewarm response to French President Francois Hollande's sweeping proposals for deeper euro zone integration on Friday, noting that many of his ideas were already in circulation.
SOFIA - Bulgarian President Rosen Plevneliev will convene parliament on May 21, in an attempt to have a government formed quickly and end a political impasse in the European Union's poorest country.
ROME - The Italian government will reform an unpopular housing tax, IMU, by the end of August, Prime Minister Enrico Letta said on Friday, saying that the changes would be fully funded and would respect European Union deficit limits.
LONDON - An assessment of banks' assets before the European Central Bank takes over bank supervision in the euro zone could start in the third quarter of this year, ECB policymaker Yves Mersch said on Friday.
BRUSSELS - Falling prices in Germany and France pulled euro zone consumer inflation to a three-year low in April while imports fell 10 percent in March, as new data showed the depth of the bloc's downturn.
PARIS - French President Francois Hollande called on Thursday for an economic government for the euro zone with its own budget, the right to borrow, a harmonised tax system and a full-time president.
BERLIN - The German lower house of parliament approved Croatia's entry to the European Union on Thursday, clearing the last formal hurdle for the former Yugoslav republic to enter the bloc.
LONDON - Supervisors across the European Union will examine the way that top banks classify and value loans and other assets to ensure that the stress tests they conduct do a better job of finding any problems.
BRUSSELS - European Union trade chief Karel de Gucht urged EU members on Thursday not to exclude film and television from EU-U.S. free trade talks, saying that could prompt similar action from the Americans and undermine an eventual deal.
EURO ZONE EMERGES FROM CRISIS
Regardless of who wins the election, Italy's long economic decline is likely to continue because the next government won't be strong enough to pursue the reforms needed to make its economy competitive again. Full Article
BRUSSELS AND THE EU LABYRINTH
The euro zone will not return to growth until 2014, the European Commission said, reversing its prediction for an end to recession this year and blaming a lack of bank lending and record joblessness for delaying the recovery. Full Article
The siren call of Euro-pessimism should be ignored. It was wrong in 2010, and it will be wrong now. Europe faces hard years with no clear path, but that is not the same as dissolution and chaos. Full Article