Strict rules to prevent future euro crisis

The European Parliament's economics committee yesterday backed a set of laws which will strengthen the EU's powers over member states' budgets and debts as it attempts to prevent a future financial crisis.

The so-called "six-pack" of measures to boost economic governance will give the European Commission a much greater role in policing member states' finances as part of a package to strengthen the Stability and Growth Pact. The proposals were first put forward by the commission and the European Council.

Euro crisis bleak future for ASEAN single currency

Economists and policymakers in euro-adopter countries are experiencing stormy weather outside their office windows.

Early this month the Portuguese government declared its inability to pay its debts and requested financial assistance from the EU. After the economies of Greece and Ireland collapsed last year, Portugal is the third euro-adopter country that has failed to pay its debts and ask for a bailout.

Current arrangements insufficient to ensure neat outcome to euro crisis

Russell Investments' John Velis says Europe's leaders can avoid messy conclusion to euro crisis.

In Europe, our “square-root-sign” recovery still seems like the most probable scenario. In some ways, such a modest trajectory represents a bit of a disappointment.

As we have been saying, the usual recovery after a recession is often sharp and quick, akin to the letter ‘V’. Yet, the 2008 Great Recession, the severest global contraction since the Great Depression, has not been followed by such a steep recovery.

Eurozone crisis as Ireland's credit rating cut again over economy

The crisis in the eurozone deepened yesterday as Ireland’s credit rating was cut to just one rung above ‘junk’ status.

One of the world’s biggest ratings agencies cut Dublin’s status by two grades and warned further reductions may follow – potentially barring investors from buying Irish government bonds should the rating fall further.

Euro Advances on Prospects Debt Crisis Will Be Contained

The euro climbed towards a 15-month high against the U.S. dollar on Thursday on estimations that the cwill be contained, and following disappointing U.S. economic data.

The dollar fell against most of its major currency counterparts today after a report showed that applications for jobless benefits rose by 27,000 in the week ended in April 9 to 412,000, well above expectations for 379,000 claims, said the Labor Department.