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Despite worsening economic trends in Europe, the European Central Bank’s hands are tied as it tries to balance the divergent economic growths of its core nations and the much-weaker periphery.
The president of the European Central Bank defends his unconventional monetary policy in front of German lawmakers.
The European Central Bank decided to leave rates unchanged, economic data continues to signal a deepening recession, and political as well as social unrest in Spain and Greece keeps European Union leaders busy.
“There was no discussion. So it was a unanimous decision about interest rates,” said ECB President Mario Draghi at the press conference.
U.S. stocks rallied Thursday on news that the European Central Bank (ECB) plans to institute further bond buying—a long-rumored action—to prop up ailing Italy and Spain.
Markets reacted exuberantly as the European Central Bank’s President Mario Draghi announced Thursday in Frankfurt that there will be “unlimited bond purchases” by the central bank, which oversees the common euro currency.
The European Central Bank (ECB) holds its monetary policy meeting Thursday in Frankfurt, Germany. ECB is perceived to be the only player to prevent a failure of the eurozone.
Last week’s trading was reasonable for the end of the month with a little added volatility last Friday thanks to Ben Bernanke’s Jackson Hole speech.
