Eurozone News
LAST UPDATE: May 29, 2025
ECB’s Kazimir Convicted of Bribery and Given €200,000 Fine
Peter Kažimír, Slovakia’s central bank governor and European Central Bank governing council member, was convicted of bribery and fined €200,000, stemming from actions during his tenure as finance minister.
Insight
Kažimír’s conviction marks a significant development in the EU’s efforts to uphold integrity within its financial institutions. As a member of the ECB’s governing council, his legal troubles raise concerns about the credibility and ethical standards of the EU’s monetary policy leadership. The case also reflects broader challenges in combating corruption within EU member states. While Kažimír plans to appeal, the situation underscores the need for stringent oversight and transparency in public office. The ECB’s response to this incident will be closely watched as a measure of its commitment to ethical governance.
Germany’s economy minister urges Brussels to back support plan for heavy industry
Germany’s new economy minister, Katherina Reiche, has urged the European Commission to approve a support plan to subsidize electricity costs for heavy industries, aiming to revive Germany’s stagnating economy and reinforce European sovereignty.
Insight
Reiche’s proposal highlights Germany’s strategic shift towards bolstering its industrial base amid economic challenges. By seeking EU approval for subsidies, Germany aims to maintain competitiveness and reduce reliance on external energy sources. The plan may face scrutiny under EU state aid rules, but it underscores the urgency of supporting key industries in the face of global competition and energy transitions.
Portugal far-right party becomes second biggest in parliament
Portugal’s far-right Chega party secured second place in the recent legislative elections, obtaining 60 seats and surpassing the Socialist Party, which garnered 58 seats.
Insight
Chega’s ascent marks a significant shift in Portugal’s political landscape, reflecting growing support for nationalist and anti-immigration sentiments. This development aligns with a broader trend of far-right gains across Europe, challenging traditional centrist parties. The party’s rise may influence national policies and debates, particularly concerning immigration and national identity. Additionally, Chega’s position as the main opposition could impact legislative dynamics and coalition-building efforts in the Portuguese parliament.
