French Prime Minister Manuel Valls meets ministers to discuss the next leg of the government’s reform agenda. Documents will be published afterwards.
European Central Bank President Mario Draghi pushed the envelope as far as he could last week, saying a review early next year would decide whether money-printing to buy government bonds was needed. He said he didn’t need unanimity within the ECB to force it through.
With the Greek government again in peril and Italy flirting with a junk credit rating, it’s all starting to feel a bit familiar.
Greek stocks suffered their steepest daily fall in more than a quarter century on Tuesday after Prime Minister Antonis Samaras brought forward a presidential election.
Euro zone finance ministers meet in Brussels to discuss member states’ 2015 budget plans. We know the European Commission thinks France, Italy and Belgium are breaking EU deficit rules but will defer decisions on any action until March. At that point, France could face a multi-billion euro fine and Italy and Belgium be put on a disciplinary programme.
So much for forward guidance. More Britons have no idea where interest rates are heading than since records began 15 years ago, according to the latest Bank of England/GfK NOP survey.
The European Central Bank meets today with the debate about quantitative easing running hot after Mario Draghi declared “excessively low” inflation had to be raised fast and that the ECB would act more forcefully if its existing efforts to pump money into the ailing euro zone economy fall short.