Super Mario Draghi: Age of unwinding? – CNBC Comment May 4, 2015 THE PAST few years have seen central banks invested with almost super hero-like powers. Super Mario Draghi might not be one of the characters in Avengers: Age of Ultron, but his powers are almost as impressive as Iron Man’s. And has Iron Man ever pumped so much money into the Eurozone’s financial system that he [...]
Greek debt deadline: Mario Draghi urges Greece to hurry as default looms April 20, 2015 European Central Bank chief Mario Draghi has said the Greek government needs to do more work and do it urgently to conclude a deal on extra bailout cash. “More work, much more work is needed now and it’s urgent,” he said at the International Monetary Fund (IMF)-World Bank spring meetings in Washington. “We all want [...]
ECB President Mario Draghi warns Greek bailout deal is “urgent” April 19, 2015 European Central Bank (ECB) president Mario Draghi has warned the negotiations around Greece's €240bn (£181bn) bailout program are "urgent" and a default by the cash-strapped country would push the region into "uncharted territory". "Much more work is needed now, and it's urgent," he said at the International Monetary Fund – World Bank spring meeting in Washington. [...]
ECB, Bank of England reach agreement over clearing houses March 29, 2015 The European Central Bank and the Bank of England have hammered out a deal over the City's clearing houses, ending a lengthy dispute over whether euro denominated transactions should be cleared outside the Eurozone. It comes after Britain clinched a rare victory against the ECB in the European Union's second highest court. Because most clearing [...]
Mario Draghi defends ECB policy decisions after QE rollout March 23, 2015 European Central Bank (ECB) chief Mario Draghi yesterday hit back at claims that new monetary policy measures would reduce the need for governments to undertake reforms, ultimately harming growth prospects. “Do you really think a high level of interest rates would form an incentive for a government to improve its education system, or judiciary, or [...]
Beware a taper tantrum after ECB QE – CNBC Comment March 23, 2015 Saying goodbye is one of the hardest things in life, especially when it is to a good friend who has brought you joy, peace of mind and, yes, profits. For investors over recent years, that friend has been easy monetary policy. St Louis Fed president James Bullard told CNBC yesterday that there was the potential [...]
Draghi says Euro area economic recovery “gaining momentum” March 23, 2015 European Central Bank (ECB) president Mario Draghi issued a bright outlook for the Eurozone economy, saying that it would benefit from low oil prices, a hefty stimulus package and favourable exchange rate movements. "The basis for the economic recovery in the euro area has clearly strengthened," he said in a speech to the European Parliament. [...]
Is the ECB speaking too soon in saying that QE is already helping the Eurozone economy? March 19, 2015 Danae Kyriakopoulou, an economist at the Centre for Economics and Business Research, says Yes Central bankers in Frankfurt have been patting each other on the back as the euro has continued to slide. At first glance, why shouldn’t they? Their QE has sent the euro tumbling, making Eurozone exports more competitive and raising prospects for [...]
Riots, water cannon and arrests at ECB protests in Frankfurt March 18, 2015 The opening of the European Central Bank's (ECB) new €1.3bn (£940m) headquarters in Frankfurt was met with riots as demonstrations staged by "Blockupy" activists turned ugly this morning. Police vehicles and rubbish bins were set ablaze as police and protestors clashed, leading to dozens of arrests and some injuries. Some 10,000 demonstrators were estimated to be [...]
Euro falls below $1.10 for first time 12 years after ECB reveals date of bond buying programme March 5, 2015 After hovering close to the $1.10 for past 48 hours the euro fell below it for the first time since September 2003. The euro has lost 15 per cent of its value against the dollar over the past six months. However, it's not just a weaker euro contributing to the shift – the dollar has [...]