European Central Bank - updates

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'Never give up,' ECB's Draghi says on monetary policy legacy

Oct 24, 2019 - 11:53 PM

'Certainly this experience has been very intense, profound and fascinating, I take this with me,' says outgoing European Central Bank chief Mario Draghi

OUTGOING. Mario Draghi, president of the European Central Bank, leaves a press conference following the meeting of the Governing Council in Frankfurt am Main, western Germany, on October 24, 2019. Photo by Daniel Roland/AFP

Former IMF chief Lagarde takes swipe at Trump's Twitter habits

Oct 20, 2019 - 12:13 AM

'Market stability should not be the subject of a tweet here, a tweet there,' says Christine Lagarde, who is set to head the European Central Bank

Eurozone growth slows to 0.2% in Q2 2019

Jul 31, 2019 - 10:00 PM

An economist says the weak data would strengthen the case of the European Central Bank to announce 'stimulus measures'

Photo from Shutterstock

Eurozone inflation falls sharply amid slowdown fears

Jun 04, 2019 - 5:39 PM

The latest data puts consumer prices in the 19-nation single currency bloc even further from the European Central Bank's inflation goal of just below 2.0%

ECB. This file photo show the headquarters of the European Central Bank. File photo by Daniel Roland/AFP

Eurozone 'not resilient enough' to weather another economic crisis – IMF chief

Mar 28, 2019 - 9:33 PM

IMF Managing Director Christine Lagarde says the currency union 'is not resilient enough' to emerge unscathed from 'unexpected economic storms'

LAGARDE. International Monetary Fund chief Christine Lagarde in Frankfurt am Main, Germany, April 5, 2016. File photo by Daniel Roland/AFP

Mixed emotions in Germany as 500-euro note bows out

Jan 27, 2019 - 8:45 PM

The 500-euro note is being phased out after research linked its use to money laundering, tax evasion, and terrorism financing

A person presents several 500 Euro notes on February 12, 2016 in Paris. - The European Central Bank will take a decision soon on whether to keep printing 500-euro banknotes, with the arguments for doing so becoming "less and less convincing", a top-ranking official said on February 11, 2016. (Photo by MIGUEL MEDINA / AFP)

European Central Bank launches real-time payments in challenge to tech giants

Nov 30, 2018 - 1:22 PM

The so-called TIPS system will allow consumers and businesses across the 19-nation euro area to send and receive money in mere seconds, without the usual lags associated with online and real-world transactions

EU weighs post-Brexit jab against London finance hub

Jun 13, 2017 - 11:26 AM

If confirmed the rules would be seen as a hostile move against Britain ahead of coming Brexit negotiations

FINANCIAL HUB. The Canary Wharf financial district and the River Thames are seen in London on June 5, 2017. Odd Andersen/AFP

Greece, creditors look to debt relief after provisional fiscal deal

May 02, 2017 - 12:39 PM

3rd UPDATE Greece reaches a preliminary deal with its creditors that should pave the way for long awaited debt relief talks the Greek finance minister says

A woman stands by European Union and Greek flags in central Athens on April 21, 2017. Louisa Gouliamaki/AFP

Central banks move to reassure markets after Brexit

Jun 25, 2016 - 11:00 AM

Britain s decision to leave the EU – following a bitterly contested referendum – has rocked global stock markets and sent the pound crashing to its lowest level in more than 3 decades

AFTER BREXIT. This file photo shows a Euro symbol projected onto the European Central Bank (ECB) in Frankfurt am Main, Germany March 12, 2016. File photo by Boris Roessler/EPA

Greece in debt relief 'breakthrough' with eurozone, IMF

May 25, 2016 - 8:59 AM

UPDATED Analysts warn however that the details of the crucial deal are sketchy

An European Union and Greek flags fly in central Athens on July 4, 2015. Louisa Gouliamaki/AFP/File

Greek parliament approves new austerity measures to unlock bailout cash

May 23, 2016 - 12:48 AM

UPDATED The 7 000 page bill that raises the sales tax cap and introduces a contingency mechanism to slash spending further in case of budget overruns is passed thanks to the Syriza led coalition government s slim majority

Greece says 'close' to deal with creditors

Apr 13, 2016 - 8:44 AM

Greece says it is very close to clinching a deal with its international creditors despite a suspension in a tough round of talks on the country s latest reforms

European Union and Greek flags fly in central Athens on July 4, 2015. Louisa Gouliamaki/AFP

Why is eurozone inflation so persistently low?

Mar 06, 2016 - 9:25 PM

Here s how oil prices exchange rates wages and corporate investment affect inflation

epa05023363 Clouds are howering over the Finnish capital Helsinki, with the Finnish flag on a boat almost hanging half-mast, Helsinki, Finland, 26 September 2015. Eurozone economic growth slowed in the third quarter of 2015, coming in at a less-than-expected 0.3 per cent compared with the previous three months, according to data released 13 November 2015. The 19-member currency bloc has struggled to rev up its economic engine after emerging from recession in 2013. Inflation is hovering around zero and unemployment is only gradually falling.  Growth in the eurozone's gross domestic product (GDP) continued to slip after dropping from 0.5 per cent in the first quarter and 0.4 per cent in the second, according to an estimate by the European Union's statistics office, Eurostat. Finland is part of Eurozone and it's currently worst performing economy. EPA/MAURITZ ANTIN

Eurozone unemployment at lowest since August 2011

Mar 02, 2016 - 1:10 PM

Unemployment in the 19 nation eurozone drops to 10 3 in January 2016

epa05023342 A general view of the Estonian capital Tallinn, as seen from the Toompea old town of Tallinn, Estonia, 25 September 2015. Eurozone economic growth slowed in the third quarter of 2015, coming in at a less-than-expected 0.3 per cent compared with the previous three months, according to data released 13 November 2015. The 19-member currency bloc has struggled to rev up its economic engine after emerging from recession in 2013. Inflation is hovering around zero and unemployment is only gradually falling.  Growth in the eurozone's gross domestic product (GDP) continued to slip after dropping from 0.5 per cent in the first quarter and 0.4 per cent in the second, according to an estimate by the European Union's statistics office, Eurostat. Estonia is part of Eurozone. EPA/MAURITZ ANTIN

Asia stocks surge on central bank stimulus hopes

Jan 22, 2016 - 3:52 PM

After a rout that has wiped several trillion dollars off global markets so far this year the prospect that two of the planet s biggest central banks were ready to step in finally gives investors something to cheer about

STOCK CHECK. Visitors talk in front of a display showing afternoon trade figures at the Tokyo Stock Exchange in Tokyo, Japan, 04 February 2014. Kimimasa Mayama/EPA

ECB speculation sends Asia stocks surging, euro sinks

Oct 23, 2015 - 5:09 PM

Regional investors were set to end another week on a positive note extending an October rally that has been fueled by hopes for more monetary easing from key central banks

ASIA STOCKS SOAR. The European Central Bank's hint at fresh stimulus measures sent Asia stock markets and emerging currencies surging. Photo by EPA

Enrile’s bail, Recto’s degrees, LeBron in Manila | 6PM wRap

Aug 21, 2015 - 6:43 PM

Watch the 6PM edition of Rappler s newscast The wRap

Eurozone approves Greek bailout in return for far-reaching reforms

Aug 15, 2015 - 9:58 AM

New loans of up to 86 billion euros 96 billion will be made available over the next 3 years to Greece says the European Commission

APPROVED. President of Eurogroup and Dutch Finance Minister Jeroen Dijsselbloem leaves after a special Eurogroup Finance ministers meeting on the Greek crisis. Eurozone finance ministers on August 14 approved Greece's third bailout package in five years moving within reach of a deal that will commit the near-bankrupt country to wide-reaching reforms in return for urgently needed funds. Photo by Julien Warnand/EPA

Germany skeptical over Greek bailout deal backing despite Tsipras confidence

Aug 13, 2015 - 10:31 AM

As eurozone ministers prepared to examine the accord in Brussels on Friday August 14 Tsipras says he is confident the 400 page document will be approved

'A LOT WORSE BEFORE IT GETS BETTER.' Luca Paolini, Pictet Asset Management’s chief strategist in London, says 'there are still critical risks to be resolved'

Greece reaches deal on third bailout with creditors

Aug 11, 2015 - 4:07 PM

Finance Minister Euclid Tsakalotos: We are very close There are a couple of very small details remaining on prior actions

IN TATTERS. A ripped off Greek national flag flutters in central Athens on July 22, 2015. Louisa Gouliamaki/AFP

Germany gained 100 bn euros from Greece crisis

Aug 10, 2015 - 10:37 PM

A new study says Germany which has taken a tough line on Greece has profited from the country s crisis to the tune of 100 billion euros

BAILOUT. An elderly man stands beside a lifebuoy hanging on a wall outside a chapel in central Athens on July 7, 2015. Photo by Aris Messinis / AFP

Greek bailout talks with auditors begin as market to reopen Monday

Aug 01, 2015 - 1:04 PM

The government hopes to conclude the EU IMF fiscal audit before August 20 when it is scheduled to repay 3 4 billion euros to the European Central Bank including interest

REOPENING. The Greek stock market is set to reopen on August 3, 2015 as talks continue between Greece's finance and economy ministers with the representatives of the country's creditors on a new multi-billion-euro bailout. File photo by Orestis Panagiotou/EPA

Greece prepares to reopen Athens stock market

Jul 29, 2015 - 2:31 AM

The aim was to protect the banking sector which is seen huge withdrawals over the past six months

GREEK ECONOMY. A boy holds a Greek national flag as people celebrate in front of the parliament on July 5, 2015 in Athens. AFP file photo

A frosty welcome for Greece's hated creditors

Jul 27, 2015 - 1:13 PM

The IMF EU and ECB became a widely loathed emblem of the painful austerity demanded by Greece s creditors in return for two previous bailouts cuts many say brought the country s economy to its knees

IN TATTERS. A ripped off Greek national flag flutters in central Athens on July 22, 2015. Louisa Gouliamaki/AFP

New Greek bailout talks to begin Monday, July 27 –EU, IMF

Jul 27, 2015 - 12:49 AM

Technical teams from Greek s creditors will begin talks on Monday July 27 for a bailout package of up to 86 billion euros

EU CRISIS. A Greek and a European Union flag flutter in front of the Acropolis hill in Athens, Greece, July 7, 2015. Orestis Panagiotou/EPA

Greece, creditors to begin bailout talks Tuesday – govt source

Jul 26, 2015 - 7:16 AM

The source says talks to finalize the bailout deal would only begin on Tuesday July 28 though heads of missions would arrive a day or two later in Athens

NEGOTIATIONS. Talks from the creditors -- who have bailed Greece out twice already since 2010 -- have not set foot in Athens for more than a year as hostility has grown between the two sides. Photo from AFP

Creditors expected in Greece by Sunday night

Jul 25, 2015 - 9:12 PM

Representatives from Greece s international creditors are expected to arrive in Athens by Sunday night

GREEK CREDIT. This photo taken in Athens on July 11, 2015 the map of Europe represented on a euro coin and banknotes. AFP file photo

Greece creditors due in Athens 'in coming days'

Jul 25, 2015 - 12:18 AM

The officials from the European Commission European Central Bank and International Monetary Fund are due in Athens after Prime Minister Alexis Tsipras agreed to start talks on a new bailout for Greece

This photo taken in Athens on July 11, 2015 the map of Europe represented on a euro coin and banknotes. Photo by Aris Messinis/AFP

Greece passes second crucial bailout bill

Jul 23, 2015 - 8:25 AM

UPDATED The bill passes by a resounding 230 votes out of the 298 members of parliament present after a marathon debate stretching into the early hours that nonetheless exposed deep divisions in the governing Syriza party

APPEAL. Greek Prime Minister Alexis Tsipras delivers his speech during a parliamentary session in Athens, Greece July 22, 2015. Yannis Kolesidis/EPA

Greece to vote on second bailout bill in test for Tsipras

Jul 22, 2015 - 1:05 PM

Analysts say it will nonetheless prove a test of whether Tsipras can avoid a split within Syriza that could fell his fragile coalition government

CALM. People sit outside the Greek parliament in Athens on July 21, 2015. Louisa Gouliamaki/AFP

Financial reboot: Banks reopen in Greece after 3-week shutdown

Jul 20, 2015 - 3:42 PM

UPDATED The head of the Greek bank association urges citizens to bring their savings back to the banks

OPEN FOR BUSINESS. People enter a bank in central Athens on July 20, 2015.Louisa Gouliamaki/AFP

Banks to reopen, taxes hiked as Greece prepares to reboot economy

Jul 19, 2015 - 9:24 PM

UPDATED Greece is preparing to restart its struggling economy after months of fraught confrontation with its creditors

EURO. This photo shows the map of Europe represented on a Euro coin and banknotes. Photo by Aris Messinis/AFP

Greek lawmakers back bailout as clashes erupt in Athens

Jul 16, 2015 - 7:39 AM

UPDATED Prime Minister Alexis Tsipras manages to push through a series of unpopular reforms demanded by the country s international creditors despite scenes of anger over austerity in Athens

BAILOUT DEBATE. Greek Prime Minister Alexis Tsipras (C) addresses the members of the parliament during a parliamentary session in Athens, Greece, July 15, 2015. Alexandros Vlachos/EPA

Greece to vote on bailout with ruling party revolt brewing

Jul 16, 2015 - 12:56 AM

The European Central Bank has been keeping Greek banks afloat with emergency liquidity but it could be forced to cut off that aid if Greece misses a huge debt repayment due on Monday

'THE END' Anti-establishment protesters stand in front of a banner that reads, 'The End' during a demonstration against European Union's austerity in front of the Greek parliament in central Athens, on July 12, 2015. Andreas Solaro/AFP

Greece to vote on bailout after explosive IMF report

Jul 15, 2015 - 1:53 PM

UPDATED The outcome of the crucial vote is far from clear after the IMF issued a stark warning that Greece would need far more debt relief to stop it crashing out of the common currency

In this photo, Greek riot police stand on the steps leading up to the parliament building in Athens, as leftist protesters hold an anti-EU demonstration in Athens on July 12, 2015. Louisa Gouliamaki/AFP

Greek PM faces hard sell on bailout deal

Jul 14, 2015 - 12:29 PM

Tsipras needs to secure backing for the deal from the Greek people parliament and his radical Syriza party

DARK DAYS AHEAD? Greek Prime Minister Alexis Tsipras arrives at his office in Athens, Greece, July 13, 2015. Alexandros Vlachos/EPA

Greece, EU avoid 'Grexit' with new bailout deal

Jul 13, 2015 - 2:57 PM

UPDATED EU President Donald Tusk announces the deal for debt stricken Greece on Twitter ending a bitter 6 month struggle between Tsipras s anti austerity government in Athens and the rest of the eurozone

'THE END' Anti-establishment protesters stand in front of a banner that reads, 'The End' during a demonstration against European Union's austerity in front of the Greek parliament in central Athens, on July 12, 2015. Andreas Solaro/AFP

Greece gets ultimatum to avoid euro exit

Jul 13, 2015 - 8:53 AM

Germany pushes for a Greek time out from the euro if leftist Prime Minister Alexis Tsipras fails to agree to tough take it or leave it terms for a 3 year rescue plan worth up to 86 billion euros 96 billion

EU cancels summit on Greece, eurozone talks continue

Jul 12, 2015 - 4:32 PM

UPDATED The announcement by European Council President Donald Tusk comes as eurozone finance ministers meet for a second day to continue difficult Greek bailout talks

MONEY, MONEY, MONEY. This photo taken in Athens on July 11, 2015 the map of Europe represented on a euro coin and banknotes. Aris Messinis/AFP

Greece faces D-Day after bailout talks halted

Jul 12, 2015 - 8:05 AM

UPDATED Skeptical nations demand more commitments from Athens amid claims Berlin had drawn up an internal paper for Greece to leave the eurozone for 5 years while Finland reportedly decides not to accept any new rescue plan for debt laden Greece

EUROZONE CRISIS. An European Union and Greek flags fly in central Athens on July 4, 2015. Louisa Gouliamaki/AFP

'Major' decision on Greece on July 11

Jul 11, 2015 - 12:44 AM

A make or break summit bringing together leaders of all 28 EU nations not just the 19 that use the euro is due to be held on Sunday July 12

WAITING. A homeless man sleeps in a cardboard box outside a closed shop in the center of Athens on July 5, 2015. Photo by Andreas Solaro / AFP

Greek PM vows 'credible' reforms as deadline looms

Jul 09, 2015 - 11:07 AM

As Greece says its banks will stay closed and ATM withdrawals will remain limited until Monday July 13 in a sign of the deepening crisis gripping the country Tsipras also promises his blueprint for a new deal will have substance

PROMISES. Greek Prime Minister Alexis Tsipras (C, standing) delicers his speech during the plenary session at the European Parliament in Strasbourg, France, July 8, 2015. Patrick Seeger/EPA

Greece given July 12 debt deal deadline

Jul 08, 2015 - 9:19 AM

UPDATED Greece s leftist government must submit detailed reform plans by Thursday July 9 EU President Donald Tusk says after eurozone leaders held an emergency summit with Greek Prime Minister Alexis Tsipras

DEAL OR NO DEAL? Greek Prime Minister Alexis Tsipras leaves at the end of an Eurozone summit at the European Council headquarters in Brussels, Belgium, July 7, 2015. Laurent Dubrule/EPA

Europe demands new Greek debt plan at crisis summit

Jul 07, 2015 - 5:40 PM

Alexis Tsipras will face his 18 eurozone counterparts in Brussels as the country s economy gasps for air

A Greek and a European Union flag flutter in front of the Acropolis hill in Athens, Greece,  July 7, 2015. Orestis Panagiotou/EPA

EU's Juncker wants 'to avoid Grexit'

Jul 07, 2015 - 4:07 PM

Juncker says the EU will continue to work to re open negotiations with Athens but tells Greek Prime Minister Alexis Tsipras it is time to get to the point

In this photo, EU Commission President Jean Claude Juncker holds a joint news conference during the launch of the Luxembourg Presidency of the Council of the European Union 2015 in Luxembourg, July 3, 2015. Julien Warnand/EPA

Germany, France demand 'serious' proposals from Greece after 'No' vote

Jul 07, 2015 - 9:54 AM

It is now up to the government of Alexis Tsipras to make serious credible proposals so that this willingness to stay in the eurozone can translate into a lasting program

UNITED FRONT. French President Francois Hollande and German Chancellor Angela Merkel arrive to deliver a speech to the press following a crisis meeting at the Elysee Palace regarding Greece, in Paris, France, July 6, 2015. Etienne Laurent/EPA

10 days in the Greek debt crisis

Jul 07, 2015 - 12:22 AM

Greek voters defiant rejection of the terms of an international bailout in Sunday s referendum caps a dramatic week for the country in its standoff with EU IMF creditor who are demanding tough austerity measures in exchange for further rescue funds

WAITING. A homeless man sleeps in a cardboard box outside a closed shop in the center of Athens on July 5, 2015. Photo by Andreas Solaro / AFP

IMF 'ready to assist Greece if requested'

Jul 06, 2015 - 11:24 PM

IMF chief Christine Lagarde says the global crisis lender would assist Greece if asked a day after Greek voters rejected a prior bailout plan

‘NO TO FEAR.’ A woman withdraws money from an ATM machine next to a beggar and a graffiti reading "No to fear" in Thessaloniki on July 6, 2015. More than 61 percent of Greek voters rejected fresh austerity demands by the country's EU-IMF creditors in a historic referendum, official results from over 95 percent of polling stations showed. Photo by Sakis Mitrolidis / AFP

Asian markets slip on Greece vote, Shanghai volatile again

Jul 06, 2015 - 8:42 PM

‘The euro was created based on this great dream of a unified Europe and if they withdraw from the euro then the whole system is going to come into question ’ analyst says