# Eurozone

(LtoR) Austria's Chancellor Sebastian Kurz, Netherlands' Prime Minister Mark Rutte, Sweden's Prime Minister Stefan Lofven, Denmark's Prime Minister Mette Frederiksen (up L), President of the European Council Charles Michel and President of the European Commission Ursula von der Leyen meet on the sidelines of a special European Council summit in Brussels on February 20, 2020, held to discuss the next long-term budget of the European Union (EU). (Photo by Virginia Mayo / POOL / AFP)
(LtoR) Austria's Chancellor Sebastian Ku […]

Sweden and Denmark step out of the shadows as EU’s frugals

Normally perceived as team players, Sweden and Denmark have found themselves playing the unaccustomed role of outliers in EU politics, blocking the widely backed COVID-19 recovery plan
(FILES) In this file photo taken on October 8, 2019 Irish Finance Minister Paschal Donohoe gestures during a photo call prior to presenting his Budget 2020 to parliament, at Government Buildings in Dublin. - Irish finance minister Paschal Donohoe was picked as the new president of the Eurogroup on July 9, 2020, which brings together the eurozone finance ministers who help guide European economic policy. (Photo by Paul FAITH / AFP)
(FILES) In this file photo taken on Octo […]

Ireland’s Donohoe takes leadership of Eurogroup amid historic recession

Irish finance minister Paschal Donohoe has been picked as the new president of the Eurogroup, a key role as Europe sits in the depths of its deepest recession since World War II
(FILES) (COMBO) This combination of file pictures made on June 10, 2020, shows (L-R) Luxembourg's Finance Minister Pierre Gramegna on December 4, 2017, in Brussels; Spain's Minister for Economic Affairs Nadia Calvino on June 8, 2018, in Madrid; and Ireland's Finance Minister Paschal Donohoe on October 8, 2019, in Dublin. - The new head of the Eurogroup will replace Mario Centeno, Portugal's soft-spoken finance minister who is stepping down after just two-and-a-half years. Luxembourg's Finance Minister Pierre Gramegna, Spain's Nadia Calvino, and Ireland's Paschal Donohoe, are among three names strongly rumoured to replace Centeno. (Photo by AFP)
(FILES) (COMBO) This combination of file […]

Eurozone picks new chief as pandemic recession looms

Who will be the next Eurogroup president? Eurozone finance ministers will meet to elect a new president, filling a key job just as the continent is facing the worst recession in EU history.
Netherlands' Prime Minister Mark Rutte arrives for a European Union Summit at the Europa building in Brussels on December 12, 2019. - European Union leaders meet without Britain on December 12, but their departing neighbour's absence will not make agreeing a budget any easier. Inside the chamber, the clash over climate take Brexit's place as the dominant theme of the summit, the first to be chaired by incoming EU Council president Charles Michel. (Photo by Kenzo TRIBOUILLARD / AFP)
Netherlands' Prime Minister Mark Rutte a […]

Dutch ‘preachers and salesmen’ lead EU frugality drive

The Netherlands will be at the centre of upcoming talks over European spending on the coronavirus crisis, driven by a mix of traditional Calvinist frugality and political reality, experts say
Cranes operate at a construction site on Berlin's Friedrichstrasse on August 21, 2019. - The 25.300 square-meter site in central Berlin, which includes the old Tacheles artist colony (building 2nd from L), is being redeveloped to include retail space, offices and residential units, designed by Swiss architects firm Herzog & De Meuron. (Photo by John MACDOUGALL / AFP)
Cranes operate at a construction site on […]

Eurozone economy to crash 8.7% in 2020: EU forecast

The eurozone economy will plunge 8.7% in 2020 due to the coronavirus crisis, the European Commission said in more pessimistic forecasts that do not see a complete rebound next year
A photo taken on February 5, 2013 in Marseille shows credit cards. French police has arrested, early this morning in Paris and in several French and overseas departments, 22 people in connection with the trade of credit cards numbers on internet. AFP PHOTO / ANNE-CHRISTINE POUJOULAT (Photo by ANNE-CHRISTINE POUJOULAT / AFP)
A photo taken on February 5, 2013 in Mar […]

European banks team up to offer alternative to Visa, Mastercard

European banks have teamed up to deliver by 2022 a new unified payment system that will offer consumers cards and digital wallets that could offer a serious alternative to Visa and Mastercard
German Chancellor Angela Merkel speaks at the Bundestag, Germany's lower house of parliament, during a session to answer MPs questions on July 1, 2020 in Berlin. (Photo by John MACDOUGALL / AFP)
German Chancellor Angela Merkel speaks a […]

Merkel’s legacy at stake as Germany takes EU reins

Germany has taken over the European Union's presidency, with Chancellor Angela Merkel staking her legacy on a massive economic recovery plan to help the bloc with the coronavirus fallout
People wearing face masks walk past a Euro sign in front of the European Central Bank (ECB) headquarters in Frankfurt am Main, western Germany, on April, 24, 2020 amid the coronavirus pandemic. Photo: Yann Schreiber / AFP
People wearing face masks walk past a Eu […]

Europe boosts aid to virus-hit economies as UN seeks ‘people’s vaccine’

The European Central Bank has ramped up efforts to help its coronavirus-hit economies as the UN's chief called for a "people's vaccine" to battle the pandemic