Multi-speed Europe

Austria is dropping its veto on Romania and Bulgaria becoming full members of Europe's Schengen free-travel area, its interior ministry said on Monday, paving the way for European Union interior ministers to approve the move at a meeting on Thursday.

Austria has officially announced that it is lifting its veto on Bulgaria and Romania's accession to the Schengen Area by land. The decision was confirmed by the Austrian Interior Ministry, marking a significant step forward for the two countries' integration into the Schengen zone.

The low interest rates on deposits, the high commissions for a number of banking services or transactions, as well as the slow pace in granting mortgage loans constitute the three levels of government intervention in banks. The aim, according to the statements of Prime Minister Kyriakos Mitsotakis, is "to make them realize that they must fulfill their debt to Greek society".

Economist Rumen Galabinov has stated that Bulgaria's potential future membership in the Eurozone could significantly benefit the country's economy, leading to an increase in GDP. According to Galabinov, the positive economic impact seen in other countries that joined the Eurozone is expected to be mirrored in Bulgaria.

The Dutch government has expressed its support for Bulgaria's accession to the Schengen area by land, according to diplomatic sources and local media. The decision has been formally submitted to the Dutch parliament, as required by national legislative procedures.

The small size of the Cypriot economy and the surplus liquidity of the banking sector contribute to the adjustment of interest rates at a slower pace than in larger eurozone economies, Central Bank of Cyprus Governor Christodoulos Patsalides said on Monday. 

Bulgaria's admission to the Schengen area could bring substantial financial benefits, amounting to an estimated 1.63 billion leva annually. This projection comes from a study conducted by the Institute for Economic Research at the Bulgarian Academy of Sciences, commissioned by the Ministry of Economy and Industry to evaluate the economic implications of joining Schengen.

The boards of directors of the European Stability Mechanism (ESM) and the European Financial Stability Facility (EFSF) agreed on Thursday to waive the mandatory repayment obligation of the ESM/EFSF loans in relation to the early repayment to the lenders of the Hellenic Loan Facility, EMS and EFSF announced.

Greece is about to get the nod from the European Union for the early repayment of the three installments of bilateral loans, as well as for the use of the "hard" cushion, in the next 24 hours, with the payment to follow by December 12, giving a strong message to the markets that the country is "aggressively" reducing its debt and continuously improving its fiscal position.

The European Commission has given a positive evaluation of Greece's 2025 budget plan and medium-term fiscal strategy, according to the autumn package of the European Semester released on Tuesday.