The European Union is considering Italy’s plea to get more leeway on the bloc’s fiscal rules as the Iran war raises costs for households and businesses.
The European Union is considering Italy’s plea to get more leeway on the bloc’s fiscal rules as the Iran war raises costs for households and businesses.
Valdis Dombrovskis, economy commissioner for the European Union (EU), at the Economic and Financial Affairs Council (ECOFIN) meeting in Brussels, Belgium, on Tuesday, May 5, 2026. Europe will consider all retaliatory options should US President Donald Trump follow through on his threat to raise tariffs on cars and trucks from the European Union to 25%, the bloc’s finance ministers said.
Germany plans to increase the firepower of its national raw-materials fund by as much as half to €1.5 billion ($1.7 billion) as it seeks to reduce dependence on critical supplies from countries such as China and shore up supply chains. Officials are also considering expanding the vehicle into a sovereign wealth fund from 2028 onward.
Germany plans to increase the firepower of its national raw-materials fund by as much as half to €1.5 billion ($1.7 billion) as it seeks to reduce dependence on critical supplies from countries such as China and shore up supply chains. Officials are also considering expanding the vehicle into a sovereign wealth fund from 2028 onward.
A laboratory technician prepares lithium brine in the Vulcan Energy Resources Ltd. laboratory at the ZEISS Innovation Hub in Karlsruhe, Germany, on Thursday, Oct. 21, 2021. A new mining process aims to produce battery-grade lithium in Germany without hurting the environment.
European Union economy chief Valdis Dombrovskis said the European Central Bank will need to address the continent’s rising inflation due to the war in Iran.
European Union economy chief Valdis Dombrovskis said the European Central Bank will need to address the continent’s rising inflation due to the war in Iran.
European Union economy chief Valdis Dombrovskis said the European Central Bank will need to address the continent’s rising inflation due to the war in Iran.
European Union economy chief Valdis Dombrovskis said the European Central Bank will need to address the continent’s rising inflation due to the war in Iran.
European Union economy chief Valdis Dombrovskis said the European Central Bank will need to address the continent’s rising inflation due to the war in Iran.
European Union economy chief Valdis Dombrovskis said the European Central Bank will need to address the continent’s rising inflation due to the war in Iran.
German Finance Minister Lars Klingbeil said Europe must assert its own interests against global competitors with measures such as favoring companies from the region.
German Finance Minister Lars Klingbeil said Europe must assert its own interests against global competitors with measures such as favoring companies from the region.
German Finance Minister and Vice Chancellor Lars Klingbeil leaves the Elysee Presidential Palace after meeting with France's President on the sidelines of G7 discussions in Paris on May 18, 2026. Photographer: Alain Jocard/AFP/Getty Images
German Finance Minister Lars Klingbeil said Europe must assert its own interests against global competitors with measures such as favoring companies from the region.
German Finance Minister Lars Klingbeil said Europe must assert its own interests against global competitors with measures such as favoring companies from the region.
German Finance Minister and Vice Chancellor Lars Klingbeil leaves the Elysee Presidential Palace after meeting with France's President on the sidelines of G7 discussions in Paris on May 18, 2026. Photographer: Alain Jocard/AFP/Getty Images
German Finance Minister Lars Klingbeil said Europe must assert its own interests against global competitors with measures such as favoring companies from the region.
German Finance Minister Lars Klingbeil said Europe must assert its own interests against global competitors with measures such as favoring companies from the region.
German Finance Minister and Vice Chancellor Lars Klingbeil leaves the Elysee Presidential Palace after meeting with France's President on the sidelines of G7 discussions in Paris on May 18, 2026. Photographer: Alain Jocard/AFP/Getty Images
International Energy Agency Executive Director Fatih Birol warned that the tally of commercial oil inventories is shrinking at an accelerated pace.
Fatih Birol, executive director of the International Energy Agency (IEA), left, and Villeroy de Galhau, governor of France's central bank, at the G-7 finance ministers and central bank governors meeting in Paris, France, on Monday, May 18, 2026. While the talks in Paris were meant to dwell on imbalances ranging from the US budget deficit to China’s weak consumption, ministers and central bankers are preoccupied by a another day of spiking yields, driven by investor concerns about consumer prices.
International Energy Agency Executive Director Fatih Birol warned that the tally of commercial oil inventories is shrinking at an accelerated pace.
Fatih Birol, executive director of the International Energy Agency (IEA), left, and Villeroy de Galhau, governor of France's central bank, at the G-7 finance ministers and central bank governors meeting in Paris, France, on Monday, May 18, 2026. While the talks in Paris were meant to dwell on imbalances ranging from the US budget deficit to China’s weak consumption, ministers and central bankers are preoccupied by a another day of spiking yields, driven by investor concerns about consumer prices.
International Energy Agency Executive Director Fatih Birol warned that the tally of commercial oil inventories is shrinking at an accelerated pace.
Fatih Birol, executive director of the International Energy Agency (IEA), left, and Villeroy de Galhau, governor of France's central bank, at the G-7 finance ministers and central bank governors meeting in Paris, France, on Monday, May 18, 2026. While the talks in Paris were meant to dwell on imbalances ranging from the US budget deficit to China’s weak consumption, ministers and central bankers are preoccupied by a another day of spiking yields, driven by investor concerns about consumer prices.
German Finance Minister Lars Klingbeil urged partners to deepen cooperation on raw materials, energy and supply chains to reduce vulnerability in face of challenges such as the Iran war.
German Finance Minister Lars Klingbeil urged partners to deepen cooperation on raw materials, energy and supply chains to reduce vulnerability in face of challenges such as the Iran war.
Lars Klingbeil, Germany's finance minister, during a news conference on the budget in Berlin, Germany, on Wednesday, April 29, 2026. Germany agreed on a budget blueprint and prepared a healthcare overhaul as the governing coalition seeks to push forward a reform agenda in the face of energy upheaval and persistent infighting in Berlin. Photographer: Krisztian Bocsi/Bloomberg
German Finance Minister Lars Klingbeil urged partners to deepen cooperation on raw materials, energy and supply chains to reduce vulnerability in face of challenges such as the Iran war.
German Finance Minister Lars Klingbeil urged partners to deepen cooperation on raw materials, energy and supply chains to reduce vulnerability in face of challenges such as the Iran war.
Lars Klingbeil, Germany's finance minister, during a news conference on the budget in Berlin, Germany, on Wednesday, April 29, 2026. Germany agreed on a budget blueprint and prepared a healthcare overhaul as the governing coalition seeks to push forward a reform agenda in the face of energy upheaval and persistent infighting in Berlin. Photographer: Krisztian Bocsi/Bloomberg
German Finance Minister Lars Klingbeil urged partners to deepen cooperation on raw materials, energy and supply chains to reduce vulnerability in face of challenges such as the Iran war.
German Finance Minister Lars Klingbeil urged partners to deepen cooperation on raw materials, energy and supply chains to reduce vulnerability in face of challenges such as the Iran war.
Lars Klingbeil, Germany's finance minister, during a news conference on the budget in Berlin, Germany, on Wednesday, April 29, 2026. Germany agreed on a budget blueprint and prepared a healthcare overhaul as the governing coalition seeks to push forward a reform agenda in the face of energy upheaval and persistent infighting in Berlin. Photographer: Krisztian Bocsi/Bloomberg
Chancellor Friedrich Merz’s coalition agreed to scale back subsides worth about €3 billion ($3.5 billion) to create fiscal space for tax relief for lower-income households, according to people familiar with the discussions.
Chancellor Friedrich Merz’s coalition agreed to scale back subsides worth about €3 billion ($3.5 billion) to create fiscal space for tax relief for lower-income households, according to people familiar with the discussions.
Germany’s fiscal watchdog warned the government risks breaching European Union debt rules and undermining long-term fiscal sustainability if its current spending push continues.
Germany’s fiscal watchdog warned the government risks breaching European Union debt rules and undermining long-term fiscal sustainability if its current spending push continues.
The Bundestag Federal Eagle symbol in the Bundestag in Berlin, Germany, on Wednesday, July 9, 2025. Bundesbank President Joachim Nagel has warned that Europe’s largest economy is in danger of suffering a recession due to the tariff fallout. Photographer: Krisztian Bocsi/Bloomberg
German Chancellor Friedrich Merz drew shouts and jeers at a labor union conference as he made a pitch for ambitious reforms, underscoring the difficulty he’ll face as he seeks to reverse his beleaguered government’s fortunes.
German Chancellor Friedrich Merz drew shouts and jeers at a labor union conference as he made a pitch for ambitious reforms, underscoring the difficulty he’ll face as he seeks to reverse his beleaguered government’s fortunes.
Lars Klingbeil and Friedrich Merz in Berlin in March. Photographer: Christoph Soeder/picture alliance/Getty Images
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