Spain's Finance Minister Carlos Cuerpo proposed a new "European Sovereign Facility" for joint EU borrowing to strengthen the euro's international role amid geopolitical uncertainty. The mechanism aims to centralize debt, reduce costs, and build a €5 trillion stock within five years, though some member states oppose further joint debt.
Spain has proposed a new EU common borrowing mechanism worth up to €850 billion annually to create a benchmark safe asset, reduce financing costs for European firms, and strengthen the euro. The plan, to be presented by Economy Minister Carlos Cuerpo, faces opposition from Germany and the Netherlands but has support from France and Greece. Spain suggests a voluntary "European Sovereign Facility" with potential for a "coalition of the willing" if not all members participate.
EU finance ministers met in Cyprus to address rising inflation and energy prices, with Commissioner Valdis Dombrovskis forecasting 3.1% inflation for the bloc this year due to the Iran conflict. ECB President Christine Lagarde pledged to maintain price stability, while Eurogroup President Kyriakos Pierrakakis called for free maritime passage through the Strait of Hormuz.
The European Central Bank cautioned EU finance ministers against expanding euro stablecoin issuance, citing risks to bank lending and monetary policy. The ECB's stance opposes proposals from think tank Bruegel aimed at boosting the euro stablecoin market.
EU finance ministers, backed by the ECB, are demanding "temporary, selective, and tailored" measures for the energy crisis, rejecting broad fiscal stimulus. Spain and Italy seek flexibility in fiscal rules for energy transition and defense investments, but face resistance from core EU members.
G7 finance chiefs met in Paris, focusing on global debt governance and financial security issues like AI and cybersecurity. They agreed to enhance the G20 Common Framework for debt resolution and discussed risks from new technologies, reaffirming support for Ukraine.
G7 Finance Ministers met in Paris, releasing two joint statements. Despite US skepticism towards multilateralism, a common text was negotiated, acknowledging economic uncertainty and risks to growth and inflation due to the conflict in Iran.
European finance ministers urged U.S. Treasury Secretary Scott Bessent to end the Middle East conflict, citing its impact on oil prices, economic growth, and potential food crisis. U.S. officials, however, blamed European governments for their economic woes.
G7 finance ministers and central bank governors met in Paris and agreed to urgently address the risk of Middle East tensions impacting food supplies. They noted rising fertilizer prices due to the Strait of Hormuz situation could decrease global food production.
G7 finance ministers and central bank governors concluded their meeting in Paris by adopting a joint statement to strengthen responses to cyberattacks using advanced AI like Claude Muthos. Discussions will continue towards the June summit in Evian.
G7 finance ministers and central bank governors agreed to concretize response measures for advanced AI like "Claude Muthos" at their meeting in Paris. They will proceed with discussions for the G7 Summit in June.
وزراء مالية مجموعة السبع يجتمعون في باريس لمناقشة التوترات الاقتصادية العالمية، الحرب في أوكرانيا وإيران، وتنسيق إمدادات المواد الخام. الوزير الأميركي يدعو لفرض عقوبات على إيران، بينما يناقش الاتحاد الأوروبي فتح مضيق هرمز.
US Treasury Secretary Scott Bessent extended a temporary pause on Russian oil sanctions until mid-June, surprising European allies. The move aims to stabilize the crude market and aid energy-vulnerable countries, though it disappoints Kyiv.
G7 finance ministers and central bank governors meet in Paris to discuss rising debt pressures, the risk of recession, and the economic impact of the Iran war. Meanwhile, Putin visits Beijing, and Ryanair reports a 40% profit jump.
وزراء مالية مجموعة السبع يناقشون اختلالات التجارة العالمية، إمدادات المواد الخام، تمويل الدول النامية، مكافحة الإرهاب، ودعم أوكرانيا. وزير المالية الألماني يحذر من عواقب الحرب الاقتصادية وإغلاق المضيق.
G7 finance ministers and central bankers convene in Paris to discuss the Middle East conflict's economic impact, rising inflation, and energy supply concerns. Discussions also include Australia's foreign investment review and the US Federal Reserve's leadership change.
G7 finance ministers convene in Paris amid concerns over global economic exposure to external shocks, particularly from the Middle East. Rising oil prices and bond yields in several G7 nations highlight the interconnectedness of the global economy.
Rolling coverage of the latest economic and financial newsAustralia hikes interest rates to 4.35% in blow to mortgage holdersThe Financial Times have a corking story this morning – UK chancellor Rachel Reeves had a “fierce row” with US Treasury secretary Scott Bessent in Washington last month, they say.The pair of finance ministers clashed over the Iran war on the sidelines of the IMF’s Spring Meeting, after Reeves said she was “not convinced” that “we are safer today than we were a few weeks ago”.Reeves responded angrily by telling Bessent she did not work for him and disliked how he had spoken to her.She also reiterated her argument about the Iran conflict lacking clear goals and not necessarily making the world safer.“This is a war that we did not start. It was a war that we did not want. I feel very frustrated and angry that the US went into this war without a clear exit plan, without a clear idea of what they were trying to achieve. And as a result the strait of Hormuz is now blocked.”The decrease reflected higher expected credit losses and other credit impairment charges (‘ECL‘) in 1Q26, an adverse impact from notable items and a rise in operating expenses.The macroeconomic outlook is facing heightened uncertainty, creating volatility in both economic forecasts and financial markets resulting in both tailwinds and headwinds.The Group is well-positioned to manage the impacts of these challenges through our high-quality revenue streams, conservative approach to credit risk and strong deposit franchise. Supporting our clients through this volatile period is a top priority.9am BST: UK car sales for April1.30pm BST: US trade report for March3pm BST: US service sector PMI Continue reading...
The damage to the economy dwarfs the upsides from the various non-EU trade deals the UK has struck since 2016Rachel Reeves joined EU finance ministers for dinner in Washington last week, on the sidelines of the International Monetary Fund spring meetings – the first time a chancellor had done so since Brexit.It was the latest symbolic step in Labour’s marked shift towards prioritising closer EU relations. Continue reading...
Experts say Mythos potentially has an unprecedented ability to identify and exploit cyber-security weaknesses.
Finance ministers and central bank governors meet in Washington as the IMF prepares to cut growth forecasts. The US-Iran conflict has triggered a major energy shock, fueling inflation and threatening global economic stability.
