EU commission urges legal action against Italy over debt
BRUSSELS (AP) — The European Commission recommended Wednesday that legal action be launched against Italy because it failed to respect EU debt rules last year and is likely to do so again in 2019...
EU asks Italy to explain failure to reduce debt
MILAN (AP) — The European Commission has sent the Italian government a letter asking it to clarify why the eurozone's third-largest economy has not made sufficient progress in reducing...
EU unhappy with Greek reforms, debt relief in doubt
BRUSSELS (AP) — Greece's bailout creditors say the country has fallen behind on several key reforms that have been set as a condition for debt relief worth nearly 1 billion euros ($1.1...
Bulgaria still hopes to adopt euro by 2022
SOFIA, Bulgaria (AP) — Bulgaria's prime minister said Tuesday that his country still aims to adopt the euro by 2022 despite some opposition by some local businesses that fear greater scrutiny of the economy.
100 days to Brexit: EU, UK act to cushion no-deal chaos
LONDON (AP) — The European Union marked 100 days until Brexit on Wednesday by triggering an action plan to ensure planes can still fly and money can still flow between Britain and the bloc in the increasingly likely event that the U.K. leaves the EU without a divorce deal.
EU reaches deal with Italy on budget
BRUSSELS (AP) — The European Commission said Wednesday it has reached an agreement with Italy on its budget plans, which the EU's executive arm had warned could break the euro's rules and lead to legal action.
European Commission Vice President Valdis Dombrovskis said the "agreement is not ideal" but allows the Commission to avoid legal action against Italy, "provided that the measures are fully implemented."
EU calls for sanctions against Italy over budget
BRUSSELS (AP) — The European Commission warned Italy on Wednesday that its budget plans are in serious breach of the rules underpinning the euro single currency and said that the country should face sanctions.
The European Union's executive arm, which supervises national budget plans, has invited eurozone countries to examine its assessment in two weeks and, if they agree with it, the Commission would launch an "excessive deficit procedure" that could result in fines for Italy.
EU rejects Italy’s budget, raising stakes in dispute
BRUSSELS (AP) — The European Union set up a high-stakes battle with Italy, one of the bloc's biggest economies, over who has final control over a member state's budget after the executive Commission took the unprecedented step of ordering the country to revise its public spending plans.
In a move that escalates a monthlong standoff, the EU said the populist government's budget for next year is out of line and breaks earlier promises to lower public debt.
Italy says ‘no plan B’ to spending plans despite EU alarm
ROME (AP) — Italy's deputy premier is vowing to press ahead with spending plans after the European Commission expressed "serious concern" over what it termed a "significant deviation" from previous targets.
Five-Star leader Luigi Di Maio said Saturday "there is no plan B" to plans that will increase the deficit to 2.4 percent of annual gross domestic product next year.
ATHENS, Greece (AP) — Greece will need a "credible package" of measures to help deal with its oversize debt as it leaves its eight-year international bailout program in August, the European Commission's vice president said Friday.
BRUSSELS (AP) — The European Union is warning Italy to rein in government debt, as political parties in Rome try to form a government that aims to increase public spending.
European Commission Vice President Valdis Dombrovskis said Wednesday that "Italy needs to continue to reduce its public debt, which is indeed second highest in the EU after Greece." Italy's debt is currently over 130 percent of GDP.
EU blacklists 17 nations as tax avoidance havens
BRUSSELS (AP) — The European Union on Tuesday put 17 non-EU countries on a blacklist of those it deems guilty of unfairly offering tax avoidance schemes.
EU Vice President Valdis Dombrovskis said after a meeting of the bloc's finance ministers that beyond the 17 nations, over 40 more were put on a "grey list" to be monitored until they are fully committed to reforms.
"Tax havens will not disappear from our radars and we will keep the pressure on," he said.
EU hopes leaks lead to Europe-wide deal against tax havens
BRUSSELS (AP) — EU finance chiefs are working on a blacklist of uncooperative tax havens amid growing public concern about widespread tax dodging by multinationals and the wealthy.
But finance ministers meeting in Brussels remain divided over how and where to tax online companies that operate across the European Union.
Hungary premier dismisses university fear as EU takes action
BRUSSELS (AP) — Hungary's prime minister on Wednesday dismissed concerns about his country's new higher education law after the European Union launched legal action amid fears the legislation is aimed at shutting down a university founded by billionaire philanthropist George Soros.
EU approves $638 million loan for Ukraine
BRUSSELS (AP) — The European Union's executive has approved a 600 million-euro ($638 million) loan to Ukraine, part of a program meant to help the country implement reforms and support its economy.
The EU's executive Commission said Thursday that the payout will bring to 2.81 billion euros the amount that the 28-nation bloc has loaned to Ukraine since 2014. The money will be loaned in late March or early April.
Top EU official sees brighter financial future for Portugal
LISBON, Portugal (AP) — A senior European Union official says EU authorities are poised to release Portugal from tight fiscal oversight and the threat of sanctions because the country's financial health has improved.
EU Commission Vice President Valdis Dombrovskis says that if statistics next month show Portugal's budget deficit has continued to fall and that its economy has kept growing, the EU's special surveillance of Portugal will end.
Portugal, Spain face prospect of EU budget fines
BRUSSELS (AP) — Portugal and Spain face the prospect of fines for failing to meet European Union budget rules.
At a meeting in Brussels, finance ministers from the 28-country EU agreed that both countries haven't taken "effective action" to get their borrowing down to prescribed levels.
Under EU rules, countries have to get their budget deficits down below 3 percent of their annual gross domestic product.
Portugal, Spain risk EU fines for missing deficit targets
BRUSSELS (AP) — Spain and Portugal face the risk of getting fined by the European Union for missing targets to get their finances in order. Portugal lashed back over the threat, saying it would worsen popular views of the EU only days after Britain voted to leave.
The EU's executive Commission said Thursday that Spain and Portugal had failed to take "effective action" to rein in their excessive deficits over the last two years. Madrid is likely to miss its goals in 2016...