OECD: Eurozone Needs Bigger Bailout Fund, Reforms

The Organization for Economic Cooperation and Development (OECD) demanded more reforms and a stronger financial rescue fund to help the eurozone recover from its debt crisis. The call by the Paris-based group comes just days before a key European fin

Eurozone Finance Ministers Launch Bailout Fund

Eurozone Finance Ministers Launch Bailout Fund PARIS Europe's new bailout fund is being unveiled as finance ministers from the 17-nation eurozone meet in Luxembourg, amid more gloomy indicators about Europe's economic health. Officially called the Eu

EU agrees on growth compact, eurozone heads for banking union

BRUSSELS, June 29 (Xinhua) -- The European Union's (EU) top leaders have agreed on a growth compact for long-term economic revival, while the crisis-hit eurozone has been one step closer to the banking union as a two-day summit ended here on Friday.

ECB raises eurozone interest rates to 1.5%

The European Central Bank (ECB) has raised interest rates to 1.5% from 1.25% in an attempt to cool inflation in the 17-nation eurozone. ECB president Jean-Claude Trichet said that inflation, now 2.7%, was likely to remain clearly above the ECB's 2% t

Sarkozy Lays Out Vision on Eurozone Reforms

French President Nicolas Sarkozy made an impassioned appeal for saving the euro currency union and outlined the broad framework of what he thinks must be done. Sarkozy's speech in the southern city of Toulon comes as the clock ticks down to finding a

Germany's Credit Warning Underscores Eurozone Problems

PARIS Stock markets and the euro currency dipped Tuesday after the international financial-rating agency Moody's lowered its credit outlook for Europe's strongest economy, Germany. New jitters are also surfacing over two shakier European economies, S

Eurozone Leaders Try Again to Resolve Debt Crisis

For more than two years, Europe's 17-nation euro currency bloc has grappled with containing its burgeoning governmental debt crisis. Its leaders often took half-steps they thought surely would calm international financial markets worried about the fa

Eurozone Braces for Greek Election

PARIS - Eurozone countries will be anxiously watching the outcome of second-round of legislative elections Sunday in Greece, which may determine the country's future role in the eurozone. Greek voters will be choosing between parties that call for tw

Europe's Chief Banker Says Eurozone 'Unsustainable'

Europe's chief banker says the current operation of the 17-nation euro currency bloc is unsustainable and that it must create a new vision of how it will manage its affairs in the coming years. The head of the European Central Bank, Mario Draghi, sai

S&P downgrades eurozone's bailout fund EFSF

LONDON, Jan. 16 (Xinhua) -- Ratings agency Standard Poor's lowered the AAA long-term issuer credit rating of European Financial Stability Facility (EFSF), eurozone's rescue fund, to AA+ from AAA on Monday. The ratings agency cited the now-reduced cre

Eurozone Faces Contentious Choices to Save Currency

As European leaders attempt to defuse the continent's debt crisis, they are confronting contentious issues over national identity, vastly different economies and how much power should be centralized to control the spending of individual nations. The

Eurozone finance ministers downplay inflation risk

BRUSSELS, Feb. 14 (Xinhua) -- Finance ministers of eurozone countries downplayed(不予重视) inflation risk in the European single currency club on Monday, despite the recent rises due to higher oil prices. Inflation（通货膨胀） in the euro a

Eurozone trade falls into deficit in November

BRUSSELS, Jan. 14 (Xinhua) -- The eurozone trade balance with the rest of the world fell into deficit in November last year as imports rose more than exports, the European Union (EU)'s statistics（统计学） office Eurostat said on Friday. In Nove

European Leaders Discuss Eurozone Debt Crisis

French and German leaders met with Italy's new prime minister Thursday, promising to change EU treaties to allow for closer financial integration. They hope such changes will prevent future economic problems like the current eurozone debt crisis. Fre

Far Right Poised to Take Advantage of Eurozone Crisis

The eurozone crisis is feeding far-right, nationalist parties in Europe which have long criticized the single European currency - and the broader idea of a European project of closer economic and political unity. But will that translate into more vot

Greek Political Deadlock Fans Eurozone Worries

World stocks fell sharply Monday as traders voiced new concerns about political uncertainty in Greece. Analysts say failure by the country's politicians to form a coalition government could lead to new elections. And the growing uncertainty is stokin

IMF: Eurozone Crisis at 'Critical Stage'

The International Monetary Fund says the eurozone's debt crisis has reached a critical stage, and that European leaders need to move quickly toward greater financial unity. The IMF's executive board said Wednesday that the 17-nation currency union ne

Merkel: Eurozone Often Failed to Keep Economic Promises

Merkel: Eurozone Often Failed to Keep Economic Promises German Chancellor Angela Merkel says that too often countries in Europe's euro currency bloc have failed to keep their promises for economic reforms, leading to worries that their debts will not

Eurozone Finance Chiefs Fall Short on Bailout Fund

European finance ministers have failed to raise $261 billion to help contain the continent's governmental debt crisis. Finance chiefs from the 17 nations that use the euro agreed Monday to raise $195 billion from eurozone central banks to help the In

Obama urges bold action to check eurozone crisis

WASHINGTON, June 8 (Xinhua) -- In a hastily arranged White House press conference on Friday, U.S. President Barack Obama pressed for a bigger role of government in curbing the simmering eurozone debt crisis and boost the anemic growth on both sides o