eurozone

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EU Unveils $260B Stimulus Package
EU Unveils $260B Stimulus Package
Nov 26, 2008 3:55 PM CST

EU Unveils $260B Stimulus Package

Struggling industries, member governments targeted in 2-year plan

(Newser) - The European Union Commission passed a $260 billion stimulus package today intended to boost its members’ economies during the next 2 years, Der Spiegel reports. The plan calls for more funds than most economists expected, but as the commission president Jose Barroso put it: “Exceptional times call for exceptional...

China Scraps Summit Over EU Meetings With Dalai Lama

Relations between Brussels and Beijing hit a new low

(Newser) - The Chinese government canceled a summit with leaders of the EU in response to the plans of several European countries to host the Dalai Lama next month, the Financial Times reports. The summit was to address the global financial crisis, and an EU statement expressed regret that China pulled out....

Japan Sinks Into Recession
 Japan Sinks Into Recession 
Nov 17, 2008 2:39 AM CST

Japan Sinks Into Recession

Economic downturn could last a year

(Newser) - The financial crisis rippling through the global economy has claimed another casualty as Japan has slipped into its first recession in seven years, Reuters reports. Third quarter statistics reveal a 0.1% contraction in Japan's Gross Domestic Product. Japanese economists warn the nation could languish in recession for an entire...

15-Nation Eurozone Falls Into Recession

New figures confirm bloc's first ever contraction

(Newser) - The 15-nation eurozone has entered recession for the first time since the introduction of the common currency in 1999. The bloc's GDP contracted 0.2% in the second quarter, worse than expected, according to new figures released today. Several individual European nations, including giant Germany, are already contracting, and forecasters...

Euro Nations Agree to Snap Up Bank Shares

(Newser) - European leaders emerged from a summit in Paris today and echoed the latest from Washington and London: It's time to buy up the banks, the New York Times reports. None of the 15 nations named an official price, but Germany and France will roll out plans tomorrow to buy equity...

Inflation Hurts US Workers; Europeans Keep Pace

But higher Europe wages drive up prices

(Newser) - Workers in the US are falling behind inflation while their counterparts in the 15-nation Eurozone are keeping pace, in part because of more powerful unions, the Wall Street Journal reports. But rising wages may damage the European economies, as they deter companies from hiring and in turn boost inflation. When...

Eurozone Sees First Slump; Germans Lead Decline

For the first time in a decade the vaunted union of 15 nations sees a collective dip

(Newser) - The eurozone economy contracted 0.2% in the second quarter, the first time the 15-nation union has seen negative growth since it was formed a decade ago, reports the Guardian. The group of countries that share the euro saw 0.7% growth in the first quarter but were hurt this...

Europe Hikes Interest Rates to Curb Inflation

Central bank's quarter- point increase to 4.25% is first move in a year

(Newser) - The European Central Bank today adjusted interest rates for the first time in more than a year, reports MarketWatch, raising the main rate by a quarter-point to 4.25%. The increase comes just after a report that inflation in the eurozone has reached 4%, the highest rate since the introduction...

Cyprus, Malta Adopt Euro
Cyprus, Malta Adopt Euro
Jan 1, 2008 12:35 PM CST

Cyprus, Malta Adopt Euro

Fireworks herald Mediterranean islands' currency change

(Newser) - The new year brought a new currency to Malta and Cyprus, which today became the 14th and 15th countries to adopt the euro. The changeover went smoothly, the EC said in a statement. "Both Cyprus and Malta are small, open and thriving economies for whom having a stable and...

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