Anti-austerity Syriza party has won Greece's general election, putting the country on a possible collision course with the EU over its massive bailout. With nearly 75% of the votes counted, Syriza is projected to win 149 seats, just two short of an absolute majority, though that number could change.
The Swiss franc soared as much as 30% in chaotic trade after the central bank abandoned the cap on the currency's value against the Euro. The Swiss National Bank (SNB) said the cap, introduced in September 2011, was no longer justified. It also cut a key interest rate from -0.25% to -0.75%, raising the amount investors pay to hold Swiss deposits.
Inflation in the Euro-zone has turned negative, official figures have shown, with prices in December 0.2% lower than the same month a year earlier. The tip into deflation adds pressure on the European Central Bank (ECB) to take further action to stimulate the bloc's economy.
The Euro entered circulation in Lithuania on New Year, bringing the number of European Union (EU) Member States using the single European currency to 19. The European Central Bank (ECB) announced that Lithuania also joined its banking supervision under the Single Supervisory Mechanism.
The euro fell Friday to a 4 ½-year low against the dollar after European Central Bank President Mario Draghi indicated the bank could soon back a government bond-buying program to deal with alarmingly low inflation across the 19-country Euro-zone.
The European Central Bank (ECB) has stepped up plans for more stimulus measures aimed at revitalizing the Euro-zone economy, bank president Mario Draghi said on Thursday. His comments came after the ECB held interest rates at 0.05%.
The president of the European Central Bank (ECB), Mario Draghi, says the bank stands ready to give the Euro zone further economic stimulus should it become necessary. The comments boosted shares in Europe. It also prompted a fall for the euro, with analysts increasingly braced for more dramatic stimulus measures.
A survey measuring business activity in the Euro zone shows the economy remains stuck in a rut, according to the company behind the report. The Euro zone purchasing managers index (PMI) fell to 52 in September, down from an initial estimate of 52.3.
The European Central Bank has kept its benchmark interest rate at 0.05% and given details of its asset purchase program announced last month. The bank's head Mario Draghi said it would start buying covered bonds this month and other assets in the final three months of the year. This would go on for two years.
French President Francois Hollande and Mario Draghi the head of the European Central Bank (ECB) have agreed that European demand must be lifted to head off a risk of deflation, French officials said.