European Central Bank – News Stories About European Central Bank - Page 2

Feb 9, 2010 2:32 AM CST

Eurozone Mulls Greece Bailout

Officials avoid B-word while planning 'rescue package'

(Newser) - Greece won't be getting a bailout from the EU itself, officials said yesterday, but they're scrambling to put together a package of loans from member nations to shore up the staggering Greek economy. The EU charter forbids the European Central Bank and national central banks from bailing out countries, but...

Merkel Rips the Fed
for Deepening Crisis

Jun 3, 2009 6:46 AM CDT

Merkel Rips the Fed for Deepening Crisis

German chancellor says central banks have made economy worse

(Newser) - World leaders rarely criticize central banks in public, but yesterday Angela Merkel laid into the Fed, the European Central Bank, and other institutions for deepening the global economic crisis. In a tough speech, the German chancellor claimed that the banks were too powerful, had acted too aggressively, and, in the...

Europe Cuts Rates Less
Than Expected to 1.25%

Apr 2, 2009 7:18 AM CDT

Europe Cuts Rates Less Than Expected to 1.25%

Economists, markets had hoped for 50-point cut

(Newser) - The European Central Bank cut interest rates today by 25 basis points, less than expected, to 1.25%. Economists had widely expected a cut double that size, reports the Financial Times, and financial markets soared on the news this morning. The ECB has been more hesitant to cut rates than...

US-Style Stimulus Might Not Be Right for Europe

OPINION

Mar 24, 2009 10:04 AM CDT

US-Style Stimulus Might Not Be Right for Europe

To each economy its own, says central bank head

(Newser) - Today, in newspapers worldwide, President Obama called on nations to stimulate their economies, but Europe isn't sold on the idea. Europe's leaders are viewed as cautious, but perhaps their “policy is appropriate for European conditions,” Jack Ewing writes in Der Spiegel. For one thing, Europe already spends much...

Obama to G-20: We Must Act Fast on Crisis

OPINION

Mar 24, 2009 9:55 AM CDT

Obama to G-20: We Must Act Fast on Crisis

Responds to Europe's stimulus reluctance with global op-ed blitz

(Newser) - President Obama published an op-ed piece in more than 30 newspapers worldwide today, urging the G-20 nations to take immediate, bold action to fix the economy. “The United States is ready to lead,” he wrote in the Los Angeles Times, among others, “and we call on our...

Euro Bank Chief
Slams US
on Stimulus

Mar 23, 2009 8:34 AM CDT

Euro Bank Chief Slams US on Stimulus

Central bank chief says nations must get the last effort right

(Newser) - The head of the European Central Bank says the continent does not need to spend more to combat recession, heightening the standoff between Washington and European governments over response to the financial crisis. In an interview with the Wall Street Journal, Jean-Claude Trichet said governments should concentrate on executing measures...

Euro Central Banks Slash Interest Rates

UPDATED

Dec 4, 2008 7:21 AM CST

Euro Central Banks Slash Interest Rates

Bank of England drops rate to 2%, ECB to 2.5%, Sweden to 2%

(Newser) - The Bank of England cut interest rates a full 1% today to 2%, the lowest level since 1939, and the European Central Bank followed with a cut of 75 basis points, to 2.5%, the largest cut in its 10-year history, MarketWatch reports. Those moves came on the heels of...

EU Unveils $260B Stimulus Package

Nov 26, 2008 3:55 PM CST

EU Unveils $260B Stimulus Package

Struggling industries, member governments targeted in 2-year plan

(Newser) - The European Union Commission passed a $260 billion stimulus package today intended to boost its members’ economies during the next 2 years, Der Spiegel reports. The plan calls for more funds than most economists expected, but as the commission president Jose Barroso put it: “Exceptional times call for exceptional...

Germany, Europe's Largest Economy, in Recession

Nov 13, 2008 8:13 AM CST

Germany, Europe's Largest Economy, in Recession

Europe's largest economy posts worse-than-expected declines

(Newser) - New figures today confirmed that Germany, Europe's largest economy and the world's top exporter, is in recession. The nation's GDP contracted 0.5% in the third quarter, far worse than predicted and the biggest decline in growth in 12 years. The magnitude of the German contraction pushed the euro down...

'Race to Zero' Under Way
as Central Banks Cut Rates

Nov 7, 2008 12:25 PM CST

'Race to Zero' Under Way as Central Banks Cut Rates

With Fed at 1% and European, Asian banks trimming, no-interest loans not far off, perhaps

(Newser) - Interest rates around the world are falling, with no end in sight as central banks hack away at obstacles to lending and try to jump-start their economies, Bloomberg reports. With the US rate at 1%, the Bank of England yesterday cut its key figure to 3%, the lowest since 1955,...

Retail Fears Drive Stocks Down

MARKET Open

Nov 6, 2008 8:51 AM CST

Retail Fears Drive Stocks Down

Same-store sales weak in October

(Newser) - Stocks took a modest slide at the open today, thanks to dismal data from retailers. The Dow fell 57 points, while the Nasdaq and S&P dropped 1.1% and 0.9% respectively, the Wall Street Journal reports. Most retailers, with the notable exception of Wal-Mart, posted bleak same-store sales...

UK Hacks Rates by 1.5% as Markets Fall; EU Trims .5%

UPDATED

Nov 6, 2008 6:30 AM CST

UK Hacks Rates by 1.5% as Markets Fall; EU Trims .5%

Grimmer-than-expected economic news pummels the global economy

(Newser) - The Bank of England—under massive pressure to stem the red ink drowning the continent's economy—slashed its key lending rate by an unprecedented 150 basis points today, reports Reuters. The move, which set the rate at 3%, dwarfed the 75-point cut market watchers had anticipated. Moments later the European...

Dow Down 74 After Volatile Day

MARKETS

Oct 29, 2008 3:19 PM CDT

Dow Down 74 After Volatile Day

Late rally evaporates after Fed confirms cut, but most of Tuesday's gains are preserved

(Newser) - Volatility ruled Wall Street today as investors waffled in their response to the expected Fed rate cut, MarketWatch reports. Though the session’s final hour saw the Dow rocket to a 250-point gain in light trading, that evaporated and the Dow closed down 74.16 at 8,990.96. The...

Fed Joins 5
Central Banks
in Shock Rate Cut

Oct 8, 2008 7:04 AM CDT

Fed Joins 5 Central Banks in Shock Rate Cut

US, EU, UK, others offer 50-point reduction to reverse diving markets

(Newser) - The Federal Reserve and five other central banks cut interest rates by 50 basis points in an emergency attempt to stem the economic effects of the credit crisis, reports Bloomberg. The move brings the American benchmark rate to just 1.5%, while the European Central Bank and the monetary authorities...

Europeans Seek Unified Credit Crisis Strategy

Oct 7, 2008 9:19 AM CDT

Europeans Seek Unified Credit Crisis Strategy

As individual states act, leaders scramble for coordinated measures

(Newser) - Finance ministers are meeting today to hash out a plan to steady Europe’s banking system, but resolution continued to be elusive, the New York Times reports. They raised the minimum level for deposit guarantees to €50,000, though some pushed for higher limits; the EU has not developed...

Stocks Creep Higher at Open

MARKETS

Oct 7, 2008 9:02 AM CDT

Stocks Creep Higher at Open

Commercial paper plan breeds cautious optimism

(Newser) - Stocks rose at the opening bell today, buoyed by the Fed’s dramatic promise to intervene in the commercial paper market. The Dow rose 79 points at the open, as the Nasdaq and S&P rose 1.1% and 0.8% respectively, the Wall Street Journal reports. Investors also believe...

Reeling Dow Closes Below 10K

MARKETS

Oct 6, 2008 3:44 PM CDT

Reeling Dow Closes Below 10K

Bailout doesn't provide quick relief for stocks

(Newser) - Stocks saw heavy losses today as investors lost faith in the bailout’s ability to quickly reverse the slumping economy, MarketWatch reports. The Dow closed below 10,000 for the first time since 2004 after managing to claw back from an 800-point intraday loss. The final tick was down 369....

Central Banks Scramble to Feed Cash Into Markets

Sep 26, 2008 7:00 AM CDT

Central Banks Scramble to Feed Cash Into Markets

Biz slows as bailout talks stall

(Newser) - The world's central banks are frantically spraying money into the economy to prevent it from seizing up as the US bailout package stalls and confidence plummets, Reuters reports. The holdup in Washington has made edgy commercial banks even more inclined to hoard cash and not lend to each other—leaving...

European Central Bank
Puts $40B More Into Market

Sep 22, 2008 7:31 AM CDT

European Central Bank Puts $40B More Into Market

With money markets still moribund, the ECB acts to stimulate lending

(Newser) - The European Central Bank is promising another $40 billion influx of cash to help shore up fluttering money markets among banks on the continent, reports the AP. The ECB said it will announce its lending rate and the number of bidders later today.

Central Banks
Throw $360B Lifeline

UPDATED

Sep 18, 2008 4:34 AM CDT

Central Banks Throw $360B Lifeline

Effects of worldwide effort on markets still unfolding

(Newser) - The Fed has joined forces with central banks in Europe, Japan and Canada to pump more dollars into the global financial system in a bid to fend off economic catastrophe, Bloomberg reports. The funds—$180 billion from the Federal Reserve and nearly as much from the other banks—are being...