EU can be flexible on fiscal consolidation, but reforms first: officials

(Reuters) - The European Union could be flexible about the time members need to fix their budgets if they reform to boost growth, but it must first have proof such efforts are taking place, EU policymakers said on Thursday.

Euro Area Seen Improving While Trailing U.S.-China Growth

The euro-area economy will continue to lag behind its main competitors, the U.S. and China, this year and next as high levels of unemployment and debt hinder the currency bloc’s recovery.

EU loses AAA rating in S&P downgrade

Credit rating agency Standard & Poor's incited the ire of European Union officials on Friday when it snatched away the region's top AAA rating, citing tensions between member states and a deterioration in their overall financial health.

Euro zone economy turns corner, but growth, inflation subdued: EU executive

(Reuters) - The euro zone economy will expand slightly more slowly next year than previously expected because of weaker private demand and investment and inflation will stay well below the central bank target over the next two years.

Ireland says may not need financing backstop to exit bailout

DUBLIN: Ireland may exit its EU-IMF bailout without requesting a financing backstop from its European partners, its finance minister said on Saturday, a move that would block its access to European Central Bank bond-buying.

Italy must still meet targets after scrapping property tax, says Rehn

(Reuters) - European authorities will want to ensure Italy can still meet its fiscal commitments after scrapping a property tax, the European Commission's top economic official said on Thursday.

Euro Zone Returns to Growth

The euro-zone economy emerged more strongly than expected from its longest postwar contraction in the three months to June, but a resolution to its banking and fiscal crises remains a distant prospect.

EU sees deeper recession in gloomy outlook

BRUSSELS: Recession in the crisis-hit eurozone will be deeper than expected for the rest of the year, hitting even Europe's biggest economies and leaving unemployment at record levels, the EU warned Friday.

Greek vote important step, key issues remain: EU

BRUSSELS: Greece has made an important step in approving tough new austerity measures but must still pass the 2013 budget and key issues remain before it can secure the next debt aid payment, the European Commission said on Thursday.

ECB's Patrick Honohan says Greek euro exit would not be 'fatal'

A Greek exit from the eurozone would damage confidence in the single currency bloc but not necessarily be fatal, Irish central bank chief and European Central Bank policymaker Patrick Honohan said on Saturday.

EU bars Hungary's 2013 aid funds, may reconsider in June

BRUSSELS/BUDAPEST (Reuters) - EU finance ministers suspended on Tuesday Hungary's access to half a billion euros in aid from next year for failing to keep its budget in check, but told Budapest it could escape the sanctions if it takes remedial fiscal action by June.