European Commission President Jose Manuel Barroso has confidence in the overall resilience of the European banking system, an EU source said on Thursday. Barroso will deliver this message to European Union leaders at a summit and backs calls to publish the results of bank stress tests on a bank-by-bank basis, the source said. "President Barroso

Remarks by Athanasios Orphanides, Governor of the Central Bank of Cyprus, at the conference on “Financial Interdependence in the World’s Post-Crisis Capital Markets”, organised by the Global Interdependence Center and the Banque de France As crises always do, the global financial crisis we have been experiencing has brought to the forefront a number of policy

German Chancellor Angela Merkel appealed to the rest of the European Union to unite behind plans for a levy on the banks she blames for the economic crisis, but deep divisions remained over how and when to impose it. Merkel made her pitch on Thursday ahead of a meeting of EU leaders to discuss tightening

The European Commission will make more detailed proposals of changes to EU budget rules on June 30 focusing on early budget coordination, reducing debt and more sanctions for rule breakers, an EU source said. The Commission, executive arm of the 27-country European Union, will also offer further detail of plans for ensuring EU budget rules

France joined Spain in calling for rapid publication of "stress tests" on European banks as EU leaders began a summit on Thursday to agree new budget rules and tried to allay concern about euro member Spain. The euro got a boost and the premium investors demand to hold Spanish debt rather than benchmark German issues

World stocks fell from this week's one-month high on Thursday and the euro and oil prices dropped as worries about Spain's public finances encouraged investors to cut back on risky assets. The spread of Spanish government bond yields over benchmark Bunds soared to a euro lifetime high with the market watching the auction of up

The outlook for the European steel industry is stable, reflecting the rebound of prices and volumes in recent months, as well as continued strong demand from China, Moody's Investors Service said in its latest Industry Outlook report for the sector. The outlook also factors in the fragility of the economic recovery in major markets and

European Union leaders hope to agree on ways to strengthen budget discipline and economic policy coordination on Thursday to show financial markets they can prevent a repeat of the euro zone debt crisis. Leaders of the 27 member states and the executive European Commission will also work on tightening financial regulation to help prevent another

Bank of Cyprus has withdrawn an application to raise its stake in Romanian Banca Transilvania <BATR.BX> to up to 20 percent, it said on Wednesday. The Cypriot bank cited "other priorities" for its decision to withdraw its request from the Romanian Central Bank. On May 17, Bank of Cyprus said it had received an initial

The European Central Bank will continue to buy government bonds until markets have sufficiently stabilised, ECB executive board member Jose Manuel Gonzalez-Paramo told a German newspaper. "So far the programme is going very well," he said in an interview published in Financial Times Deutschland on Thursday. The ECB started buying sovereign bonds last month in