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Estonia, without qualms, to join eurozone

Sat, 12/11/2010 - 23:06 by Prince damin

Brussels -- Estonian President Toomas Ilves said now is as good a time as any to join the eurozone, despite the economic region's debt crisis.

"I don't know if there is a good time or a bad time to join the euro, but it's quite clear that it is in our interest to join the eurozone," he said in an interview in Brussels, EUobserver reported Saturday.

"It will boost business confidence, investor confidence and also the well-being and confidence of our people," he said.

Lending in Europe trending back to normal

Thu, 07/29/2010 - 02:16 by Prince damin

Brussels -- The European Central Bank said demand for loans rose from both consumers and businesses in the second quarter in the 16 nations that use the euro as currency.

In a survey of 120 banks in the eurozone, lenders indicating demand for loans was up rose from minus 13 percent in the first quarter to minus 2 percent in the second, while lenders indicating loan demand from consumers -- mostly for mortgages -- jumped from minus 2 percent to 24 percent, The Financial Times reported Wednesday.

Deutsche Bank economist Gilles Moec said a trend towards normal lending would continue in the next six months, but "not spectacularly, because the situation is still stressed."

Europeans call for defense contract probe

Tue, 07/27/2010 - 09:30 by Prince damin

Brussels -- Sales of German submarines to Greece and Portugal look all the more suspicious given the economic times, a defense expert from London said.

"What's striking about Greece and Portugal is the inappropriateness of these purchases. It makes no sense at all to urge austerity and at the same time encourage them to buy weapons," said Nick Witney at the European Council on Foreign Relations, the EUobserver reported Monday.

Seven European banks fail stress tests

Fri, 07/23/2010 - 23:42 by Prince damin

Brussels -- Only seven of 91 European banks failed stress tests on their financial stability in the event of a sharp economic downturn, regulators said Friday.

Five banks in Spain, one in Germany and one in Greece came up short when European Union regulators found they needed modest amounts of new capital, The Wall Street Journal reported. The stress tests were similar to those conducted to restore confidence in U.S. banks last year.

The EU's Committee of European Banking Supervisors examined balance sheets to determine what banks in the 16 nations that use the euro as currency -- as well as Britain, Denmark, Hungary, Poland and Sweden -- were strong enough to survive a financial crisis, the EUobserver said.

Brussels to host EU-India business summit in October

Wed, 04/29/2009 - 17:38 by Salinder Kumar

Brussels, April 29: A business partnership summit between India and the European Union (EU) will be held here October 1-3 to build a strategic partnership between India and the 27-member bloc, organisors of the event said Wednesday.

The three-day summit titled "India Calling 2009" will be organised by the Mumbai-based Indian Merchants' Chamber (IMC) in association with the Brussels-based Europe India Chamber of Commerce (EICC) and Belgo-India Chamber of Commerce and Industry.

"The objectives of the conference are to show what India is, what India can offer, and how we can do bilateral trade together as partners," Gul Kripalani, the president-elect of IMC, told EuAsiaNews in an interview.