Leading world economies pressed the United States on Sunday to act decisively to avert a rush of spending cuts and tax hikes, warning that the so-called fiscal cliff is the biggest short-term threat to global growth. Unless a fractious Congress …
Europe divided on Friday in a historic rift over building a fiscal union to preserve the euro, with a large majority of countries led by Germany and France agreeing to move ahead with a separate treaty, leaving Britain isolated. Twenty-three …
The euro and stocks rallied on Thursday after European leaders struck a deal to provide debt relief for Greece, but analysts warned the plan would fail to halt the euro zone’s two-year-old debt crisis unless crucial details were resolved soon. …
European Union leaders are poised to hold an emergency summit after finance ministers acknowledged for the first time that some form of Greek default may be needed to cut Athens’ debts and stop contagion to Italy and Spain. “There will …
Credit rating agencies have warned the European Commission that they could stop rating risky countries if the EU executive goes ahead with plans to make them legally liable for errors of judgment, industry sources said. Tensions have been rising between …
The European Union agreed on Thursday to sign a free-trade pact with South Korea and grant Pakistan trade concessions after floods, but a row over France’s deportation of Roma migrants marred a one-day summit. The agreement on trade issues was …
Efforts to clinch a deal on the way banks, insurers and markets in the European Union are supervised failed on Wednesday and talks will resume in late August or early September. The talks on creating pan-European authorities to prevent any …
A $1 trillion global emergency rescue package to stabilize the euro reversed the slide in world financial markets on Monday but left longer-term questions about whether Europe’s weakest economies can manage their debt. The plan, hammered out by European Union …
The European Union’s economy will face serious consequences if a volcanic ash cloud that has disrupted flights across the continent continues for a long time, its trade chief said on Monday. “If this were to take long, it would really …
