LUXEMBOURG, Oct 9 (Reuters) – Germany and France stepped up
a diplomatic drive on Tuesday to convince a critical mass of EU
countries to join them in setting up a financial transactions
tax, but remained short of the nine needed to push ahead with
Greece, Portugal, Austria, Slovenia and Belgium have agreed
to join Berlin and Paris in the endeavour, and Estonia is
expected to sign up, but under EU rules one more is required to
reach the threshold to put the initiative into action.
FRANKFURT (Reuters) – Plans for a euro zone banking union promise to fundamentally alter the region’s debt crisis and will help make the European Central Bank’s monetary policy more effective, ECB executive board member Benoit Coeure said on Monday.
Euro zone countries agreed at a summit in June to establish a single banking supervisor under the watch of the ECB by early next year, the first step in a three-pronged approach to creating a banking union across the 17 euro zone countries.
BRDO PRI KRANJU, Slovenia, Oct 4 (Reuters) – European
Central Bank President Mario Draghi said on Thursday everything
was in place for the bank to buy the bonds of troubled euro zone
countries such as Spain and that conditions linked to it need
not be punitive.
At the first ECB meeting since Draghi unveiled his
controversial bond-purchase plan a month ago, markets were
looking for signs of when Spain might make a formal aid request
and trigger the programme that some have hailed as a saviour for
the battered euro zone.
BRDO PRI KRANJU, Slovenia (Reuters) – The European Central Bank kept its interest rates on hold on Thursday as markets awaited signals from its President Mario Draghi about when he might pull the trigger on his new bond-buying plan.
A month after Draghi unveiled a bond-purchase programme for struggling euro states that was hailed by many as a saviour for the single currency bloc, investors are still waiting for Spain to bite the bullet and request a formal rescue.
BRDO PRI KRANJU, Slovenia, Oct 4 (Reuters) – The European
Central Bank is expected to hold interest rates when it meets on
Thursday to allow time for new details on the health of the euro
zone economy and for Spain to ask for aid.
If Spain asks other euro zone members to rescue its economy,
that would clear the way for the ECB to start buying government
bonds in a new programme aimed at reducing borrowing costs and
solving the region’s debt crisis.
FRANKFURT (Reuters) – A little-noticed move by the European Central Bank is likely to encourage Spain to apply for a bailout and lessen the impact of ratings agency downgrades on euro zone debt.
Effectively, the ECB is now saying that if a country applies for European Union bailout aid, the ECB will automatically allow banks to use that country’s government bonds as collateral, even if they are rated as “junk” status.
ROME/FRANKFURT, Sept 13 (Reuters) – European Central Bank
policymakers sent conflicting signals on Thursday over the
conditions they want attached to their new bond-buying
programme, with their apparent discord playing out in public
just a week after the bank announced the plan.
The new programme has buoyed markets’ faith in policymakers’
ability to get on top of the euro zone crisis and the ECB must
be careful that internal divisions do not undermine the plan
from the outset – as happened with its previous bond-buy tool.
FRANKFURT, Sept 6 (Reuters) – The European Central Bank
agreed on Thursday to launch a new and potentially unlimited
bond-buying programme to lower struggling euro zone countries’
borrowing costs and draw a line under the debt crisis.
Seeking to back up his July pledge to do whatever it takes
to preserve the euro, ECB President Mario Draghi said the new
plan, aimed at the secondary market, would address bond market
distortions and “unfounded” fears of investors about the
survival of the euro.
FRANKFURT (Reuters) – The European Central Bank indicated on Thursday it may again start buying government bonds to reduce crippling Spanish and Italian borrowing costs but the conditions it set and the dissenting voice of its key German member disappointed markets.
In the latest move to contain the euro zone crisis, ECB President Mario Draghi indicated that any intervention would not come before September – and only if governments activated the euro zone’s bail-out funds to join the ECB in buying bonds.
FRANKFURT (Reuters) – Mario Draghi is leading the European Central Bank into a new policy era.
Although the Italian stuffed his “guidance” on fresh ECB action with caveats and conditions, he opened the door to a new round of policy action that could even involve quantitative easing – a bold step the ECB has previously shunned.