Twenty years ago on Saturday, around 300 million Europeans held a brand-new currency in their hands, the euro. From Lisbon to Helsinki to Athens, citizens were able to withdraw euro banknotes from their local ATMs, buy their groceries with euro coins and travel abroad without exchanging currency.

[/Michael Probst/AP]

The European Central Bank decided Thursday not to abruptly pull back pandemic support for the economy as the new omicron variant of Covid-19 stirs uncertainty about the recovery, despite inflation hitting record highs and the US speeding up its stimulus exit.


A Finance Ministry decision to propose a bond swap deal to bondholders – owners of Greek state bonds resulting from a PSI arrangement – is creating more space for Greek bond purchases by the European Central Bank.


The European Central Bank is likely to stop further bond purchases under its pandemic-era support scheme from early next year but will still have other purchasing programs in its toolkit, President Christine Lagarde was quoted as saying by a German daily.


Some of the European Union’s strongest economies backed the private sector’s proposal for the acceleration of the internal market of payments within the bloc on Tuesday, bringing that prospect closer.


The eurozone economy will rebound from its Covid-19 slump more strongly than previously thought this year and next, the European Commission said, but EU borrowing limits should remain suspended in 2022 so as not to jeopardise that recovery. The aggregate growth of the 19 countries sharing the euro currency is likely to be 4.3% this […]

[ Floriane Vita/Unsplash]

Banks in the eurozone and in Greece should be ready to face a significant increase in nonperforming loans in view of the pandemic crisis and prepare for active management of those loans.


Yields on Southern European government bonds fell on Thursday after the European Central Bank clearly signaled it will provide more stimulus at its next meeting to contain the growing fallout from a second wave of coronavirus infections. 


The eurozone’s gross domestic product (GDP) shrank by 11.8% while the employment rate decreased by 2.9% in the second quarter of 2020 compared to the previous quarter, Eurostat said on Tuesday.