Field Narrows for Next Bank of England Chief

LONDON (Reuters) - Chancellor George Osborne now faces a narrower field from which to pick the Bank of England's next governor, after two high-profile contenders decided not to apply.

 

Deputy Governor Paul Tucker, a long-time central banker, appears the best-placed candidate.

The former head of the British civil service, Gus O'Donnell, and Goldman Sachs economist Jim O'Neill - best known for coining the 'BRICs' acronym for Brazil, Russia, India and China - both said they were not interested in the job.

EU Financial Chief 'Less Pessimistic' Now on Euro

LUXEMBOURG (AP) — The European Union's financial affairs chief is "less pessimistic" about the future of the euro than he was earlier this year — but warned that the region was still a long way to go before the crisis over too much debt is solved.

 

Olli Rehn, the EU's financial and monetary affairs commissioner, said the organization's ability to react to the financial crisis in the 17 countries that use the euro has much improved compared with two years ago when the crisis began.

Immigrants as Scapegoats

PROTESTERS in wheelchairs jeered and whistled as officials from the “troika”—the European Commission, the IMF and the European Central Bank—arrived at the labour ministry on October 2nd to press for yet more public-expenditure cuts. Beleaguered Greeks are set to endure a sixth year of recession in 2013. Greek budget planners forecast a 3.8-4% contraction, the IMF a more pessimistic 5%.

Britain's PM Cameron threatens to veto EU budget

     

Britain's PM David Cameron sent a warning to EU leaders on Sunday when he threatened to veto any deal on the EU budget unless it guaranteed "proper control" over spending. Talks over the 2014-2020 budget will take place over the coming months.        

British Prime Minister David Cameron on Sunday threatened to scupper European Union budget talks unless other members of the 27-nation bloc agree to “proper control” of spending, without specifying what would be an acceptable settlement for Britain.

Rajoy, Monti, Hollande to discuss euro zone on Friday

(Reuters) - The leaders of Spain, France and Italy will meet on Friday on the sidelines of a Mediterranean summit in Malta, the office of Italian Prime Minister Mario Monti said on Wednesday.
The meeting between Spanish Prime Minister Mariano Rajoy, Italian Prime Minister Mario Monti and French President Francois Hollande will take place at 1600 GMT.

Two sources with knowledge of the matter said the three leaders would discuss financial issues in the euro zone, including a plan to help Spain handle its finances.

Sixth Year of Recession Forecast as Greece Meets with Creditors

Debt-burdened Greece resumes key talks Monday with its international creditors -- the EU, International Monetary Fund and the European Central Bank -- as the government coalition prepares to submit a draft budget forecasting continuing recession to parliament.

Finance Minister Yannis Stournaras will meet Monday with officials from the so-called troika of international creditors, which will decide whether Greece’s planned budget cuts are sufficient to earn it an additional €31.5 billion ($40.5 billion) in loans under the country's bailout plan.

Eurozone Unemployment Hits Record 18.2 Million

Official jobless figures for the eurozone hit a record 18.2 million in August, new Eurostat data showed Monday, the highest since records for the bloc began in 1995 and indicating an annual rise of more than two million unemployed.

 

Unemployment across the 17 countries that use the euro remained at its record high rate of 11.4 percent in August, official data showed Monday, renewing concerns that efforts to slash debts have sacrificed jobs.