European Economics Preview: Eurozone Final GDP, Retail Sales Data Due
Retail sales figures from the Eurozone and detailed data on the region's third quarter gross domestic product are the major European economic news on tap for Wednesday. At 3 am ET, the Hungarian Central Statistical Office is scheduled to release the final third quarter GDP and retail sales data. Preliminary GDP figures from Romania are also due at the same time.
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Eurogroup Says Troika Unlikely To Finalize Greek Review In December
The Eurozone finance ministers said on Monday that Greece's creditors are unlikely to conclude the ongoing review of the country's fiscal adjustment program in December as more progress is required on the already agreed measures. The Troika comprising the International Monetary Fund, the European Union and the European Central Bank will return to Athens on Tuesday.
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EU Ministers Move Closer To Bank Resolution Deal
European finance ministers on Tuesday took one step further in finalizing an agreement on a joint mechanism to deal with failing banks, despite visible divisions among member countries over the key measures of the plan. Though the ministers failed to arrive at a precise agreement on Tuesday's meeting, they appeared keen to finalize the banking resolution plan before the EU leaders meeting.
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ECB's Nowotny: Monetary Policy Faces Limits In Stimulating Credit Demand
European Central Bank Governing Council member Ewald Nowotny said on Wednesday that there are limits to what monetary policy can do to boost credit development.
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German FinMin Schaeuble Backs Lautenschlaeger For ECB Board
German Finance Minister Wolfgang Schaeuble said on Monday that it would be a good idea to consider Bundesbank Vice President Sabine Lautenschlaeger as the replacement for Joerg Asmussen on the European Central Bank's Executive Board.
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Bank Of Greece: Economy To Emerge From 6-year Recession In 2014
Greece's central bank said on Tuesday that the country's economy is set to exit a six-year long recession and start recovering next year.
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EU Ministers Reach Deal On Banking Union
European Union finance ministers on Wednesday struck a deal on a much-awaited scheme to handle bank failures in the region, ahead of EU leaders' summit in Brussels on Thursday. The ministers agreed to set up a EUR 55 billion-single resolution fund over the next 10 years, financed by bank levies raised at national level. The fund will be backed by a new agency.
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ECB's Praet: Italy's Turning Point Still Very Fragile
The Italian economy may be exiting recession signaled by a strong turnaround in confidence indicators, but downside risks remain, European Central Bank Executive Board member Peter Praet said on Sunday.
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