Olli Rehn News
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Euro-area inflation unexpectedly slowed in January as the economy cooled and governments cut spending across the 17-nation currency region.
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Spain expects the European Union to review its budget-deficit target before the presentation of its 2012 spending plan this week, as last year’s slippage hampers efforts to tackle the euro area’s fourth-biggest shortfall.
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European leaders shift their focus this week to bolstering the euro region’s debt-crisis firewall after the Group of 20 nations rebuffed their call for help.
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European Commission President Jose Barroso will meet with Greek Prime Minister Lucas Papademos on Feb. 29, before a European Union summit scheduled for the following day.
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Europe needs to take a preventive approach in tackling its sovereign debt crisis and must increase its defenses to restore investor confidence, European Union Economic and Monetary Affairs Commissioner Olli Rehn said.
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Germany was left to dig deeper to combat the euro-area debt crisis after the Group of 20 nations told Europe to come up with more financial firepower before they consider lending outside support.
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European Central Bank President Mario Draghi said he expects banks to increase credit supply after its next three-year operation as confidence returns to financial markets, making the currency a “safer place.”
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German Finance Minister Wolfgang Schaeuble said he’s confident his country’s parliament will support a second aid package for Greece in a Feb. 27 vote, leaving open whether the euro region’s financial backstops should be increased.
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European stocks fell this week on investor concern about Greece’s ability to implement austerity measures needed for a second rescue package, and as the European Commission said the euro area’s economy will shrink this year.
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European Union Economic and Monetary Affairs Commissioner Olli Rehn has told the leader of Finland’s euro-skeptic party to apologize for likening him to a Czarist- era ruler in a spat that coincided with the nation’s vote on a second Greek bailout.
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