Brussels: Under pressure to prevent a catastrophic breakup of their single currency, Eurozone leaders agreed on Friday to let their rescue fund inject aid directly into stricken banks from next year and intervene on bond markets to support troubled member states.
They also pledged to create a single banking supervisor for Eurozone banks based around the European Central Bank in a landmark first step towards a European banking union that could help shore up struggling member Spain.
"It is a first step to break the vicious circle between banks and sovereigns," European Council President Herman Van Rompuy told a final news conference after talks which stretched right through the night.
The deal was widely seen as a political victory for embattled Italian Prime Minister Mario Monti and his Spanish counterpart, Mariano Rajoy, over German Chancellor Angela Merkel, who had brushed aside any need for such emergency measures earlier this week....more
08:54 AM, Jun 30, 2012
Strasbourg: Europe is an a "very grave" economic situation, European Central Bank President Mario Draghi said on Monday, but he added that euro zone governments are progressing well with efforts to put their finances in order. Speaking in his capacity as head of Europe's recently created financial system super-watchdog, Draghi added that markets had to a large extent anticipated Standard and Poor's downgrade of a slew of euro zone countries...
09:39 AM, Jan 17, 2012