The European Council has adopted a decision appointing Benoît Coeuré (France) to the executive board of the European Central Bank (ECB) for a term of eight years.
The retiring head of European’s central bank has used an interview with a German Sunday newspaper to warn the eurozone’s crisis is “not over”, and to urge the bloc’s political leaders to do what they have said they will do as a matter of urgency.
France might lose its AAA rating and the heads of the European Union lack leadership, Eric Le Coz (pictured), deputy managing director of French group Carmignac, has declared.
News that BlackRock’s Bob Doll has joined the list of those arguing the ECB should buy bad bank debt did nothing but make me think of key catchphrases from the mid-1990s rom-com Jerry Maguire.
Edouard Carmignac, founder and president of Carmignac Gestion, is likely to have spent hundreds of thousands of euros to get across a message criticising ECB policy and particularly its outgoing president Jean Claude Trichet.
European Central Bank President Jean- Claude Trichet has signalled the Frankfurt-based bank will “actively implement” a bond purchasing program, able to include Italian and Spanish paper, while welcoming the efforts the two countries’ have already made to restore market confidence.
Tokyo has made another major intervention in currency markets, reportedly spending $11bn to weaken the yen, a day after Switzerland’s National Bank cut interest rates to have the same effect on its franc.
Economists from think tanks and banks alike predict a Greek default is likely, echoing the outlook given by ratings agencies in the week since a second bailout of the sovereign was agreed.
Following its first increase in several months in April, the European Central Bank’s governing council raised interest rates by a further 25 basis points to 1.5%. European economists say the amount stronger countries in the region contribute to its GDP drove the move, but warn of further damage to Europe’s periphery.
Tension between the European Central Bank and the German government has intensified as Jean-Claude Trichet hit back at the German finance minister’s claims Greek government bondholders should contribute to a new aid programme.
The European Central Bank’s governing council has officially adopted an opinion on the appointment of Mario Draghi as its new president, making his ascendancy to the role all but certain.
Germany is urging Greece to extend the maturity of its debt by seven years, clashing with the European Central Bank’s view that forcing investors to take a loss could damage the eurozone.