Tag: European Central Bank

Thursday, December 19th 2013 - 05:41 UTC
Euro-zone agrees on banking reform, another step towards banking union

Euro-zone finance ministers have agreed on a long-awaited pact on how to deal with failing banks in the region. It aims to create a 55bn euro fund - financed by the banking industry, over the next 10 years. The fund would be backed by a new agency, which will decide on how to deal with failing banks.
Thursday, November 7th 2013 - 19:25 UTC
Euro zone lowers rate to prop economy and avoid deflation; shares at five-year high

A surprise rate cut by the European Central Bank sent Euro zone shares to a five-year high on Thursday as traders bet a weaker Euro and easier lending conditions would help revive the region's economy and boost demand for stocks.
Sunday, October 13th 2013 - 12:09 UTC
China becomes world’ biggest net importer of oil displacing the US

$US is increasingly able to support itself after the growth of its domestic hydraulic fracturing, or fracking$

China has knocked the US from its top spot as the world's biggest net importer of oil, US government data shows. The country's fast-growing economy, as well as the rise in car sales, has led to its new status, according to September's data. Oil consumption in China had outstripped production by 6.3 million barrels a day, said the Energy Information Administration (EIA). In the US, the figure was 6.1 million.
Friday, September 6th 2013 - 00:39 UTC
ECB ready to cut rates or pump more money to help sustain Euro-zone recovery

The European Central Bank said it was ready to cut interest rates or pump more money into the Euro zone economy if necessary to bring money market rates down and help the Euro zone's economic recovery. ECB chief Mario Draghi said the policymaking Governing Council did discuss a possible rate cut at its monthly meeting, partly due to concern about money market rates and the uncertain “very green” nature of the recovery.
Friday, August 2nd 2013 - 03:55 UTC
Brazil supports IMF aid to Greece and summons delegate back home to explain

Brazil on Thursday expressed support for the IMF latest aid package for Greece, disavowing its IMF delegate who abstained in a vote on the issue. Finance Minister Guido Mantega spoke with IMF chief Christine Lagarde and backed the Fund's decision to release 1.7 billion Euros in rescue loans to ailing Greece Monday, his spokesman said.
Friday, August 2nd 2013 - 02:42 UTC
Euro rates to remain unchanged for extended period of time, says ECB

The European Central Bank left interest rates at a record low 0.5% on Thursday and said that they will remain there for some while to come and could yet fall further. ECB President Mario Draghi hinted that policy would not be tightened until well into next year at the earliest, although the central bank will give no time horizon for when rates might move.
Wednesday, July 10th 2013 - 05:57 UTC
Global Euro use slips in 2012; Dollar remains king; Canada and Australian currencies emerge

International use of the Euro slipped last year because of the debt crisis in Europe, but the US dollar held its own as the world’s leading currency for reserves held by central banks, according to the European Central Bank.
Thursday, June 6th 2013 - 23:12 UTC
Dragui forecasts Euro-area return to growth by end of 2013

European Central Bank President Mario Draghi said on Thursday that the Euro-area economy will return to growth by the end of the year, handing policy makers a reason to hold back fresh stimulus. Draghi spoke after the ECB Governing Council in Frankfurt left its main refinancing rate at 0.5% after reducing it by a quarter points last month.
Saturday, May 4th 2013 - 09:12 UTC
Van Rompuy joins chorus of Euro zone policy makers promoting pro-growth measures

European Union governments and institutions must take “immediate action” to promote growth and jobs creation as countries are tired of austerity, European Council President Herman Van Rompuy said this week.
Thursday, March 28th 2013 - 09:30 UTC
All EU eyes on Cypriot banks which open Thursday with tough deposit controls

Cyprus trucked out cash for its banks on Wednesday night to prepare them to reopen to a siege by anxious depositors, with tough controls imposed on the use of currency to avert a bank run as a result of its harsh rescue deal.