Eurozone - updates

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EU sees eurozone economy crashing 8.7% in 2020

Jul 07, 2020 - 10:50 PM

'The economic impact of the lockdown is more severe than we initially expected,' says European Commission Vice President Valdis Dombrovskis

A waitress walks past empty chairs and tables in a restraurant in the city of Rheda-Wiedenbrueck, western Germany on June 23, 2020. - After a coronavirus outbreak at a slaughterhouse in the town of Rheda-Wiedenbrueck that has infected more than 1,500 workers out of a total of nearly 7,000 German authorities ordered a new lockdown for an entire district -- the first since easing coronavirus restrictions and a major setback for hopes of a swift return to normality. (Photo by Ina FASSBENDER / AFP)

ECB's Lagarde says 'we've probably passed lowest point' of economic crisis

Jun 26, 2020 - 11:40 PM

'We probably have passed the lowest point. I say that with some trepidation because of course there could be a severe second wave,' says European Central Bank chief Christine Lagarde

UNDER FIRE. Christine Lagarde, president of the European Central Bank, addresses a news conference in Frankfurt am Main, Germany, on January 23, 2020. File photo by Daniel Roland/AFP

Eurozone business decline slows as lockdown eases – PMI survey

Jun 23, 2020 - 9:05 PM

'Output and demand are still falling, but no longer collapsing,' says Chris Williamson, chief business economist at IHS Markit

REOPENED. A waiter wearing a face mask serves guests at a street cafe in Berlin on May 15, 2020, as lockdown measures were eased and cafes and restaurants were allowed to reopen amid the pandemic. Photo by John MacDougall/AFP

ECB ramps up eurozone support as pandemic persists

Jun 04, 2020 - 11:00 PM

The European Central Bank announces 600 billion euros ($674 billion) more of emergency bond-buying and the scheme's extension until June 2021

ECB. The European Central Bank, based in Germany. Photo from Shutterstock

ECB warns virus response could renew fears of euro breakup

May 26, 2020 - 11:25 PM

The European Central Bank reiterates that more joint action at the European level could keep government debt sustainable for individual nations

ECB. The headquarters of the European Central Bank is pictured in Frankfurt am Main, Germany, on March 12, 2020. Photo by Daniel Roland/AFP

Euro ministers back crisis credit, split on next steps

May 09, 2020 - 8:00 AM

A plan to allot 240 billion euros ($260 billion) for credit lines gets approval from eurozone ministers

ALL QUIET. A man rides his bike on the deserted commercial street via Dante in center Milan, Italy, during the country's lockdown. Photo by Miguel Medina/AFP

Europe's 'historic' recession threatens eurozone survival

May 06, 2020 - 10:10 PM

The European Union estimates that the eurozone economy would shrink by 7.7% in 2020, a 'recession of historic proportions'

HALTED. Buildings of the business district of La Defense, on the outskirts of Paris, as France is under lockdown on March 25, 2020. Photo by Philippe Lopez/AFP

ECB stands firm after shock German ruling on bond buying

May 06, 2020 - 7:50 AM

In a shock ruling, Germany's Constitutional Court gives the European Central Bank 3 months to clarify key elements of its support to the eurozone

ECB. The headquarters of the European Central Bank is pictured in Frankfurt am Main, Germany, on March 12, 2020. Photo by Daniel Roland/AFP

European Central Bank ready to reload as 'unprecedented' slump hits

Apr 30, 2020 - 11:00 PM

'The euro area is facing an economic contraction of a magnitude and speed that are unprecedented in peacetime,' says European Central Bank chief Christine Lagarde

(FILES) In this file photo taken on March 12, 2020,, the headquarters of the European Central Bank (ECB, R) on the banks of the river Main and the banking district (in background) are pictured in Frankfurt am Main, western Germany. - The European Central Bank could reiterate on April 30, 2020 its power to do more still to cushion the eurozone economy from the impact of the novel coronavirus, analysts said, while maintaining pressure on governments to agree a joint response. (Photo by Daniel ROLAND / AFP)

Virus lockdown measures hammer EU economy in Q1 2020

Apr 30, 2020 - 9:00 PM

The European Union suffers its sharpest quarter-on-quarter drop in gross domestic product since statistics agency Eurostat began compiling the figures in 1995

CLEAR. This picture taken on April 17, 2020, shows a clear canal in Venice, as the nation sought to curb the spread of the COVID-19 epidemic. File photo by Andrea Pattaro/S fornasier/AFP

Eurozone economy suffers 'unprecedented' collapse

Apr 23, 2020 - 6:00 PM

Analysis firm IHS Markit says the eurozone's service sector bore the brunt of the hit in April 2020, with hotels, restaurants, and travel-related firms faring the worst

OPEN. An employee of a children's clothing store wears a protective mask and gloves in Rome on April 14, 2020, as some shops reopen for the first day. Photo by Tiziana Fabi/AFP

Europe races to shield virus-hit firms from bargain hunters

Apr 22, 2020 - 10:00 PM

European Union nations seek to bolster their defenses against hostile takeovers that could see key technologies and know-how being lost to countries like China and the United States

NEW NORMAL. A man walks along a deserted Via Galvani in the Testaccio district of Rome on March 20, 2020 during the country's lockdown aimed at stopping the spread of the COVID-19 (new coronavirus) pandemic. Photo by Alberto Pizzoli/AFP

ECB eases bank risk capital requirements to calm markets

Apr 17, 2020 - 1:30 AM

The European Central Bank says it is 'responding to the extraordinary levels of volatility recorded in financial markets since the outbreak of the coronavirus'

ECB. The European Central Bank, based in Germany. Photo from Shutterstock

EU aims to bar 'predatory' takeovers of weakened firms

Apr 17, 2020 - 12:30 AM

A statement from European Union trade ministers does not identify potential threats, but participants later make it clear China is the main source of concern

CLOSED. People walk past a closed Chinese restaurant under the arcades of Piazza Vittorio Emanuele II in the Esquillino district of Rome, Italy, on March 9, 2020. Photo by Tiziana Fabi/AFP

IMF says eurozone economy will crash in 2020

Apr 14, 2020 - 10:55 PM

The International Monetary Fund expects the eurozone economy to crash by a staggering 7.5%, a free fall not seen since the 1930s Great Depression

An elderly homeless man stands by a barrier closing access to the Vatican's St. Peter's Square on April 10, 2020 during the lockdown aimed at curbing the spread of the COVID-19 infection, caused by the novel coronavirus. (Photo by Filippo MONTEFORTE / AFP)

Brussels eyes 1.5-trillion-euro virus recovery fund

Apr 14, 2020 - 8:30 PM

The European Commission is 'working on new financing instruments' to fight the 'unprecedented' coronavirus pandemic

FRONTLINER. A medical worker at the Erasme Hospital in Brussels, Belgium, on March 25, 2020. Photo by Kenzo Tribouillard/AFP

The EU's 500-billion-euro coronavirus emergency deal

Apr 10, 2020 - 7:30 PM

Here's what European Union finance ministers agreed on during a crunch meeting on their economic response to the coronavirus pandemic

EUROPEAN UNION. European flags are reflected at the entrance of the Berlaymont building EU Commission in Brussels on May 21,2014. File photo by Georges Gobet/AFP

EU finance ministers agree on coronavirus rescue deal

Apr 10, 2020 - 9:15 AM

The package agreed is worth about 500 billion euros ($546 billion), short of what many observers believe is necessary to restart the European economy when the health crisis recedes

French Economy Minister Bruno Le Maire (L) applauses past French Treasury managing director Odile Renaud-Basso (R) as they attend an EU finance ministers meeting by videoconference, at the minister's office in Paris on april 9, 2020, on the twenty-fourth day of a strict lockdown aimed at curbing the spread of COVID-19, the novel coronavirus. - EU finance ministers agreed a 500-billion-euro ($550-billion) rescue on April 9, 2020 for European countries hit hard by the coronavirus epidemic, but sidelined a demand by Italy and France for pooled borrowing. (Photo by Ludovic MARIN / AFP)

EU rescue talks fail as Netherlands blocks virus compromise

Apr 08, 2020 - 10:20 PM

Bickering European Union finance ministers are unable to bridge differences on how to rebuild their economies

Netherlands' Finance Minister Wopke Hoekstra looks on during a video conference with EU finance ministers in The Hague on April 7, 2020, during discussions on the economic effects of the ongoing coronavirus (COVID-19) situation. (Photo by Bart MAAT / ANP / AFP) / Netherlands OUT

ECB eases bank funding rules in 'unprecedented' step

Apr 08, 2020 - 8:30 AM

This is the European Central Bank's latest move to keep cash flowing through the financial system as the coronavirus pandemic batters the global economy

ECB. The headquarters of the European Central Bank is pictured in Frankfurt am Main, Germany, on March 12, 2020. Photo by Daniel Roland/AFP

EU inches towards economic virus plan after infighting

Apr 04, 2020 - 8:00 AM

Here is a summary of the ideas being talked about ahead of a crunch meeting of European Union finance ministers on Tuesday, April 7

U.S., eurozone output to crash in Q2 2020 – Fitch

Apr 02, 2020 - 9:50 PM

Fitch Ratings says it does not see US and EU gross domestic product returning to pre-coronavirus levels until late 2021

SHOPS CLOSED. The sculpture 'Torso' by Robert Graham stands on iconic and nearly empty Rodeo Drive in Beverly Hills, California, on March 18, 2020. Photo by Mario Tama/Getty Images/AFP

ECB asks banks to halt dividends over virus crisis

Mar 28, 2020 - 9:20 AM

The European Central Bank urges banks to lend to households and businesses during the coronavirus pandemic

ECB. The headquarters of the European Central Bank is pictured in Frankfurt am Main, Germany, on March 12, 2020. Photo by Daniel Roland/AFP

Italy papers slam 'Ugly Europe' over delayed economic plan

Mar 27, 2020 - 10:00 PM

There is strong criticism in Italy as the European Union has yet to agree on a unified economic response to the coronavirus pandemic

OUTBREAK IN ITALY. Women wearing respiratory masks walk across Piazza del Duomo in central Milan on February 23, 2020. Photo by Andreas Solaro/AFP

Eurozone given 2 weeks to find economic response to virus

Mar 27, 2020 - 11:30 AM

European countries have yet to agree on a unified way to cushion the economic impact of the coronavirus

CLOSED. People walk past a closed Chinese restaurant under the arcades of Piazza Vittorio Emanuele II in the Esquillino district of Rome on March 9, 2020. Photo by Tiziana Fabi/AFP

Britain, eurozone face 2% recession in 2020 – S&P

Mar 26, 2020 - 8:30 PM

S&P says a 2% recession for Britain and the eurozone would amount to a loss in real GDP of about 420 billion euros ($460 billion) in 2020

A man wearing a mask walks past the Regional Science Centre in Oldham, Lancashire on March 26, 2020, during a country-wide lockdown to slow the spread of the novel coronavirus COVID-19. (Photo by Oli SCARFF / AFP)

EU warns virus could expose firms to foreign buyouts

Mar 26, 2020 - 8:00 AM

European Commission President Ursula von der Leyen says 'critical assets and technologies' must be protected

MORE DEATHS. A lonely Italian National policeman patrols near St. Peter's Square (Rear) at the border between Italy and the Vatican, on March 19, 2020 in Rome during the lockdown within the new coronavirus pandemic. Photo by Filippo Monteforte/AFP

EU finance ministers split on coronavirus rescue plan

Mar 25, 2020 - 7:30 AM

Italy, with the backing of France and Spain, wants a massive response from European Union partners. But northern countries, led by Germany and the Netherlands, are not in a hurry.

SLOWDOWN. Eurozone growth is only at 0.2% in the 2nd quarter of 2019. Photo from Shutterstock

Coronavirus sparks 'unprecedented collapse' in eurozone economy

Mar 24, 2020 - 8:45 PM

Figures show a slump in eurozone activity in March 2020 'far exceeding that seen even at the height of the global financial crisis'

EU ministers suspend budget rules to fight virus impact

Mar 24, 2020 - 8:00 AM

The escape clause will allow European Union countries to spend without limit on medical equipment, enforcing containment measures, and expanding hospitals

Image via Shutterstock

ECB says banks now have extra 1.8 trillion euros to lend in virus fight

Mar 21, 2020 - 8:30 AM

The European Central Bank eases rules to free up more funds that financial institutions can use for loans to households and corporate customers

ECB. The European Central Bank, based in Germany. Photo from Shutterstock

ECB brings 750-billion-euro bazooka to virus fightback

Mar 19, 2020 - 9:30 AM

The European Central Bank's Pandemic Emergency Purchase Program involves buying government and corporate bonds to keep liquidity flowing

(FILES) In this file photo taken on March 12, 2020 The headquarters of the European Central Bank (ECB) is pictured in Frankfurt am Main, western Germany, on March 12, 2020. - The European Central Bank on Wednesday announced a surprise 750-billion-euro scheme to purchase government and corporate bonds, as it joined other central banks in stepping up efforts to contain the economic damage from the coronavirus. (Photo by Daniel ROLAND / AFP)

ECB rushes to clear up Lagarde stumble on virus response

Mar 13, 2020 - 11:30 PM

Christine Lagarde, president of the European Central Bank, comes under fire for the ECB's response to the novel coronavirus

WHAT'S AHEAD? Christine Lagarde, president of the European Central Bank, addresses a news conference in Frankfurt am Main, Germany, on January 23, 2020. Photo by Daniel Roland/AFP

Chiding governments, European Central Bank brings big guns to virus fight

Mar 13, 2020 - 12:50 AM

The European Central Bank launches a flurry of measures to cushion the impact of the coronavirus, including increased bond purchases and cheap loans to banks

CORONAVIRUS IN EUROPE. Tourists wearing protective masks visit Venice on February 25, 2020, during the usual period of the Carnival festivities which have been canceled following an outbreak of the COVID-19 novel coronavirus in northern Italy. Photo by Andrea Pattaro/AFP

Out of ammo? European Central Bank on the spot in coronavirus fightback

Mar 06, 2020 - 2:30 AM

Critics question how much more the European Central Bank can do to deal with the economic impact of the novel coronavirus

Christine Lagarde, President of the European Central Bank (ECB) addresses a news conference following the meeting of the governing council of the ECB in Frankfurt am Main, western Germany, on January 23, 2020. - ECB chief Christine Lagarde said risks to the eurozone economy had become "less pronounced" in the wake of a US-China trade truce. (Photo by Daniel ROLAND / AFP)

IMF cuts 2019, 2020 eurozone growth outlook as Germany lags

Oct 16, 2019 - 10:55 AM

The International Monetary Fund says Germany, Europe's biggest economy, is laid low by a slumping auto market

Eurozone growth slows to 0.2% in Q2 2019

Jul 31, 2019 - 10:00 PM

An economist says the weak data would strengthen the case of the European Central Bank to announce 'stimulus measures'

Photo from Shutterstock

Mitsotakis becomes Greece's new PM on vow to end economic crisis

Jul 08, 2019 - 7:05 PM

The 51-year-old Harvard graduate and former McKinsey consultant has pledged to create jobs and get rid of obstacles to business

SWORN IN. Greece's newly elected Prime Minister Kyriakos Mitsotakis (L) is sworn-in at the presidential palace in Athens on July 8, 2019. Photo by Louisa Gouliamaki/AFP

Eurozone inflation falls sharply amid slowdown fears

Jun 04, 2019 - 5:39 PM

The latest data puts consumer prices in the 19-nation single currency bloc even further from the European Central Bank's inflation goal of just below 2.0%

ECB. This file photo show the headquarters of the European Central Bank. File photo by Daniel Roland/AFP

Eurozone 'not resilient enough' to weather another economic crisis – IMF chief

Mar 28, 2019 - 9:33 PM

IMF Managing Director Christine Lagarde says the currency union 'is not resilient enough' to emerge unscathed from 'unexpected economic storms'

LAGARDE. International Monetary Fund chief Christine Lagarde in Frankfurt am Main, Germany, April 5, 2016. File photo by Daniel Roland/AFP

Transparency International slams 'mysterious' Eurogroup

Feb 05, 2019 - 7:06 PM

'For an institution whose decisions have had an impact on the lives of millions of Europeans, there is much about the Eurogroup that is mysterious,' Transparency International says in its report

Eurozone equities falter as Italy enters recession

Feb 01, 2019 - 12:03 AM

In Italy, official data shows it shrank 0.2% in the final quarter of last year after a 0.1% drop in the third quarter. The technical definition of a recession is economic contraction for two quarters in a row.

Greece seeks bailout, debt breakthroughs

Jun 15, 2017 - 11:42 AM

IMF chief Christine Lagarde and the eurozone s 19 finance ministers meet in Luxembourg with hopes riding high that the talks will secure the release of the latest tranche of Greece s 86 billion euro 97 billion bailout agreed in 2015

Greece, creditors look to debt relief after provisional fiscal deal

May 02, 2017 - 12:39 PM

3rd UPDATE Greece reaches a preliminary deal with its creditors that should pave the way for long awaited debt relief talks the Greek finance minister says

A woman stands by European Union and Greek flags in central Athens on April 21, 2017. Louisa Gouliamaki/AFP

Vatican replaces image of Pope Francis on euro coins

Jan 28, 2017 - 9:36 AM

The EU s official journal on January 24 has published pictures of the Vatican s new coins and they show that Pope Francis image has been replaced

'POPE OF THE POOR.' Pope Francis his greeted by a prelate during the Vespers mass for the solemnity of the conversion of Saint Paul the Apostle on January 25, 2017 at the Basilica of St Paul Outside the Walls in Rome. Photo by Vincenzo Pinto/AFP

Eurozone approves 2.8B euros in bailout funds for Greece

Oct 25, 2016 - 4:05 PM

Following the latest disbursement approved by the European Stability Mechanism ESM Greece will have received 31 7 billion euros of the 86 billion euro bailout granted in July 2015

A man withdraws cash from an ATM machine in Athens on July 19, 2016. Kostis Ntantamis/AFP

Greek MPs vote on reform package amid nationwide strikes

May 08, 2016 - 12:34 PM

Greece s budget deficit has ballooned as it struggles to keep up with mammoth debt payments which the International Monetary Fund believes is unsustainable

SHUTDOWN. Pensioners stand outside a closed branch of the Greek National Bank in Thessaloniki on June 29 as Greece ordered its banks to shut for one week and imposed capital controls. File photo by Sakis Mitrolidis/AFP

Eurozone growth forecast cut as global risks, Brexit loom

May 03, 2016 - 11:00 PM

The European Commission trims its 2016 forecast to 1 6 citing increased global risks

epa03264431 Illustration Picture showing the EU flags in front of the European Commission headquarters in Brussels, Belgium, 14 June 2012. EPA/OLIVIER HOSLET

Italy, Japan urge G7 to spend for growth

May 03, 2016 - 12:15 PM

Prime ministers Matteo Renzi and Shinzo Abe call for greater flexibility on budgetary policies ahead of the G7 Summit

epa05286890 Italian Premier Matteo Renzi (R) welcomes Japanese Prime Minister Shinzo Abe (L) for a bilateral meeting in Florence, Italy, 02 May 2016. Shinzo Abe is in Italy on the occasion of the 150th anniversary of the bilateral relations between Japan and Italy. EPA/MAURIZIO DEGL' INNOCENTI

Why is eurozone inflation so persistently low?

Mar 06, 2016 - 9:25 PM

Here s how oil prices exchange rates wages and corporate investment affect inflation

epa05023363 Clouds are howering over the Finnish capital Helsinki, with the Finnish flag on a boat almost hanging half-mast, Helsinki, Finland, 26 September 2015. Eurozone economic growth slowed in the third quarter of 2015, coming in at a less-than-expected 0.3 per cent compared with the previous three months, according to data released 13 November 2015. The 19-member currency bloc has struggled to rev up its economic engine after emerging from recession in 2013. Inflation is hovering around zero and unemployment is only gradually falling.  Growth in the eurozone's gross domestic product (GDP) continued to slip after dropping from 0.5 per cent in the first quarter and 0.4 per cent in the second, according to an estimate by the European Union's statistics office, Eurostat. Finland is part of Eurozone and it's currently worst performing economy. EPA/MAURITZ ANTIN