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NEWS ABOUT: European Central Bank

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ECB Makes Massive $639B Loan to Banks

For a period of three years

(AP) - The European Central Bank loaned a massive $639 billion to 523 banks for an exceptionally long period of three years to steady a financial system that is under pressure from the euro zone debt crisis. It is the biggest ECB infusion of credit into the banking system in the 13-year... More »

As Summit Looms, ECB Slashes Rate Again

Meanwhile, Merkel and Sarkozy try to drum up support for plan

(Newser) - The European Central Bank slashed rates for the second time in as many months today, ahead of a crucial EU summit that could determine the fate of the euro. Analysts had expected the cut, which brings the key rate from 1.25% down to 1%, but sources tell Bloomberg that... More »

Clutching at Straws

Euro leaders must embrace real fiscal union before it's too late

(Newser) - With the survival of the eurozone at stake, European leaders are aiming to complete a plan this week that will transform the region and save the euro, reports the New York Times . Despite major differences that remain between Angela Merkel and Nicolas Sarkozy, a four-point deal is taking shape, including... More »

Sarkozy: Change—or Kiss Eurozone Goodbye

At odds with Germany over ECB, deflation, budget enforcement

(Newser) - French President Nicolas Sarkozy yesterday called for changing the eurozone treaty to make a tighter, stronger union, and demanded more budget discipline, increased help for foundering economies, and replacing countries' veto rights with qualified majorities, reports Reuters . He also called for the European Central Bank to be more interventionist and... More »

Central Banks Move to Ease Market Strains

Stock futures surge on the news

(Newser) - Central banks around the world plan to ease the strain on the global financial system by taking coordinated action to prevent a lack of liquidity, they announced in a statement this morning—news that sent stock futures soaring more than 250 points . The Bank of Canada, Bank of England, Bank... More »

Eurozone Agrees to Huge Spain, Italy Bailouts

Massive action would dwarf those in Greece, Ireland, Portugal

(Newser) - Europe's central banking system has agreed to buy huge quantities of Spanish and Italian government bonds in an attempt to stem the debt crisis overwhelming the eurozone, a source told Reuters after an ECB conference call today. “The Euro system will intervene very significantly,” the source said.... More »

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... More »

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... More »

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... More »

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... More »

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... More »

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... More »

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... More »

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... More »

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... More »

'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,... More »

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... More »

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... More »

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... More »

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... More »

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