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Finance ministers fail to strike EU spending rules deal after hours of talks

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Finance ministers fail to strike EU spending rules deal after hours of talks

BRUSSELS ― EU finance ministers failed to agree on a reform of the bloc’s national spending rules as a meeting in Brussels broke up at about 3 a.m. without finding a compromise.

Ministers disagreed on several technical details around the pace at which countries have to reduce spending despite months of negotiations on the overhaul of the Stability and Growth Pact, which in its current version had been considered too strict and barely enforceable.

“Tonight we have made essential progress on the reform of European budgetary rules, thanks in particular to the Spanish presidency [of the EU],” French Finance Minister Bruno Le Maire said at the end of the meeting. “An agreement in the Council should be possible before the end of the year. We continue!”

Another EU diplomat was less positive, saying earlier in the night that “each of the 27 countries expressed a different opinion and different demands” and raising questions about the way in which discussions had been conducted.

Germany and other likeminded frugal countries had been insisting on stricter rules for highly-indebted countries, requiring them to cut their annual deficits ― the difference between spending and revenue ― at a faster pace. France and other southern countries called for greater flexibility.

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Earlier this week, officials from Spain circulated a compromise text aimed at finding a middle ground between the two camps. The proposal, which served as a negotiation basis for the dinner talks, required highly-indebted countries to keep their annual deficits at about 1.5 percent of GDP and reduce debt by at least 1 percent of their GDP every year. 

But the Spanish mediation proved to be insufficient.

“We have made a lot of progress today,” a separate EU diplomat said. “This is a challenging negotiation, and we are getting there.”

They said work would continue “in the coming days.”

Already on Thursday morning Le Maire hinted at Paris and Berlin being not yet on the same page on how fast high-indebted countries should cut spending.

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As before, the rules will still require countries to bring their budget deficits to below 3 percent of GDP and limit their debt to 60 percent of GDP. Rules were suspended in 2020 to allow countries to fight the economic consequences of the COVID pandemic and remained on ice until the end of this year. 

A French economy ministry official said a new compromise text by France, Germany, Italy and the Spanish EU presidency will serve as basis of new discussions.

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Fintech's Fight Against Oversight in the Age of Frictionless Finance

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Fintech's Fight Against Oversight in the Age of Frictionless Finance

Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast


Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast

Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast


Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast

Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast


Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast

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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.

We’re discussing the challenges and shifts caused by MetaQuotes’ pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.

Tune in for expert analysis on the future of trading and innovative funding models.

The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.

This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.

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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.

We’re discussing the challenges and shifts caused by MetaQuotes’ pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.

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The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.

This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.

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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.

We’re discussing the challenges and shifts caused by MetaQuotes’ pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.

Tune in for expert analysis on the future of trading and innovative funding models.

The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.

This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.

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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.

We’re discussing the challenges and shifts caused by MetaQuotes’ pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.

Tune in for expert analysis on the future of trading and innovative funding models.

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The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.

This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.

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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.

We’re discussing the challenges and shifts caused by MetaQuotes’ pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.

Tune in for expert analysis on the future of trading and innovative funding models.

The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.

This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.

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📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:

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Don’t miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔


Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.

We’re discussing the challenges and shifts caused by MetaQuotes’ pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.

Tune in for expert analysis on the future of trading and innovative funding models.

Advertisement

The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.

This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.

📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:

🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
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Hong Kong introduces green finance taxonomy to boost fundraising credentials

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Hong Kong introduces green finance taxonomy to boost fundraising credentials
The Hong Kong Monetary Authority (HKMA) has issued a “green taxonomy” framework to help banks and investors determine the sustainability of economic activities, the de facto central bank’s latest effort to boost the city’s standing as a green finance centre.

“The release of the Hong Kong Taxonomy for Sustainable Finance marks a key milestone for Hong Kong’s sustainable finance landscape,” Eddie Yue Wai-man, CEO of HKMA, said in a statement on Friday.

“By providing a common language and framework for sustainable finance, we are equipping market participants with an important tool to make informed decisions, drive impactful cross-border investments and contribute to global efforts in combating climate change.”

The taxonomy covers 12 economic activities under four sectors: energy, transport, construction, and water and waste management.

The green taxonomy provides a common language and framework for sustainable finance, HKMA CEO Eddie Yue said. Photo: Xiaomei Chen

Having a taxonomy is important to prevent “greenwashing”, the act of making unsubstantiated claims about the environmental benefits of a product or practice.

The HKMA plans to expand the taxonomy soon to cover other sectors like retail and services, said Arthur Yuen Kwok-hang, deputy CEO of HKMA, who added that the authority had received positive feedback following market consultations last May on preparing the taxonomy.

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“We encourage the financial sector to use the taxonomy to assess the greenness of projects when they decide to make green loans to these companies,” Yuen said at a media briefing on Friday.

“A green taxonomy is an integral part of the green finance ecosystem. It enables investors to look for green investment opportunities and make informed decisions, thus easing the mainstreaming of sustainable finance flows.”

The taxonomy has adopted local elements such as listing out Hong Kong certifications and standards that could be used to prove the buildings or operations are environmentally friendly and also are in line with guidelines issued by mainland China and the EU.

A green taxonomy is an integral part of the green finance ecosystem, says HKMA deputy CEO Arthur Yuen. Photo: Xiaomei Chen

“This will help companies operating in mainland China and Europe to consider borrowing green loans or raising green bonds in Hong Kong,” Yuen said, noting that Asia alone will require US$66 trillion in climate investments over the next 30 years.

“Addressing climate change requires the support of the financial industry, which in turn will bring about enormous opportunities,” he said. “Hong Kong, which is an international financial centre, is the ideal capital market to support these green financing activities.”

Investments on such a massive scale are needed to meet the global aim of containing global warming within 1.5 degrees Celsius of pre-industrial levels and avoid the worst effects of extreme climate events. Last year was the warmest year on record, according to the World Meteorological Organization.

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“Extreme weather is clear evidence of accelerating climate change and a reminder for an urgent need for decarbonisation,” Yuen said.

02:01

What is climate finance, and why is it crucial to the global energy transition?

What is climate finance, and why is it crucial to the global energy transition?

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The Hong Kong government’s decision to extend the US$100 billion Green and Sustainable Finance Grant Scheme for another three years will cover transition bonds and loans for companies to upgrade their equipment to save energy and cut down on pollution.

The move was announced by Financial Secretary Paul Chan Mo-po in his budget speech in February. The current scheme expires on May 10.

“The scheme will encourage more companies and industries in the region to make use of Hong Kong’s financing platform as they move towards decarbonisation,” Yuen said.

Separately, the HKMA will soon launch a cloud-based platform for banks to assess the potential impact of physical risks on residential and commercial buildings in Hong Kong under different climate scenarios, such as flooding and typhoons.

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Indian shares likely to open higher; Bajaj Finance in focus

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Indian shares likely to open higher; Bajaj Finance in focus
Indian shares are set to open higher on Friday, tracking a rise in global stocks after the U.S. Federal Reserve signalled that further rate hikes were unlikely, while Bajaj Finance will be in focus after the local central bank lifted restrictions on its lending products.
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