Topic: European Central Bank

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For these four nations, 2012 is worse than the Great Recession

The Great Recession of 2008/09 delivered the worst blow to the global economy since the 1930s. But in a few nations, 2012 is turning out to be worse than 2009 in terms of economic growth. Europe's debt crisis, the general slowing of the world economy, and domestic political troubles have played a role in undercutting 2012 growth for one or more of these four nations. Can you guess who they are?

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Stefan Karlsson Latvia picks up the euro. It won't change much.

Latvia's entry into the Eurozone will not affect exchange rates or monetary policies, Karlsson says.
Dow up, Nikkei down: Days of market volatility put focus on central banks

Recent market volatility is a sign of investor unease more than of panic. Investors see a global economy struggling to develop self-sustaining momentum, five years after a financial crisis, and are uncertain what central banks plan to do next about it.
Japan's economy outpaces predictions

Global markets showed improvement, as optimism grows that work by governments around the world will have the desired effect of boosting the economy. In particular, Japan's economy beat expectations for growth in the first quarter of the year; some credited Abenomics.
Japanese yen plunges to four-year low. G7 unlikely to act.

Japanese yen's plunge vs. the dollar makes its exports cheaper and its companies more competitive. G7 finance ministers will focus on the Japanese yen at talks in the UK this weekend.
Is Europe witnessing 'the end of the dogma of austerity'?

France's finance minister said so this week, just the latest in a growing chorus calling for a change to Brussels' hardline adherence to budget cuts as the solution to Europe's debt crisis.
Greece starts firing civil servants for first time in a century

The Greek government began its first mass-firing of public-sector workers in more than 100 years this week, part of an effort to lay off 180,000 by 2015 under Europe-imposed austerity.
More pain for Portugal? High court ruling threatens 2013 budget, recovery

Portugal's Constitutional Court ruled Friday that a fifth of the government's planned budget cuts were unconstitutional, in part because they were discriminatory and retroactive.
Portugal spats jeopardize economic improvement in Europe's shaky south

The prime minister's recent threat to resign has raised worries that Portuguese politicians may be engaging in brinksmanship tactics that could endanger the fragile economy.
With Cyprus desperate for bailout help, Russia plays hardball

Russia is worried about an economic meltdown on Cyprus, which hosts both Russian corporations and bank accounts. But so far, it has yet to bite on the Cypriot finance minister's offers.
Global Viewpoint Why the US will fare better than Europe in economic recovery

In an interview, the former president of Chile, Ricardo Lagos, says that today’s global financial crisis is mainly a political failure rather than an economic one. The US will probably do much better in its financial recovery because its central bank, unlike Europe’s, has the powers it needs.
Gold prices falling after Italian bond auction

Gold prices falling: Gold for April delivery fell $19.80, or 1.2 percent, to $1,595.70 per ounce. Silver and platinum were down 1 percent or more.
Global markets drop with no clear winner in Italian elections

Some election results in Italy are inconclusive, as of Tuesday. And world economic markets are reacting to the news in a negative manner.
The man who would be Italy's next prime minister: Pier Luigi Bersani

Despite letting Silvio Berlusconi edge to within a few points in the polls, Mr. Bersani's Democratic Party still looks to be the favorite to win Italy's elections next Sunday and Monday. But who is he?
As euro strengthens, debate grows about setting a 'target' value

France has floated more intervention, which Germany rejects. The debate is framed by rising concerns over a 'currency war' if countries try to spur economic growth by devaluing their currencies.
ECB nod allows Ireland to shut down toxic bank, easing debt pressures

Ireland closed down the bankrupt Anglo Irish Bank in 2011, absorbing its debt and assets into a state-owned bank. Overnight, it voted to shut down that bank as well.
Spanish economy shows glimmers of hope, but prime minister gets no love

Despite signs that Spain's crippling recession might be easing, Prime Minister Mariano Rajoy looks to have no easier a year in 2013 as austerity bites, Catalonia bucks, and corruption lurks.
When Britain talks Europe exit, who cares about 'euro crisis'?

'Brexit' replaces 'Grexit' even as last year's prophets of doom go in hiding: Greek, Italian, Spanish crises seem on auto-pilot as continent's glitterati ski at swanky Davos.
Stocks up; S&P 500 hits five-year high

Stocks closed higher on Wall Street Thursday, sending the S&P 500 index to another five-year high. A good start to earning reports season helped push stocks up.
Is this the year that the eurocrisis ends?

The European Central Bank has moved to shore up the euro, investors are more confident, and European leaders are surprisingly upbeat. But critics warn that Europe is not out of the woods.
$1 million Apple heist: Thieves hit Paris store on New Year's Eve

$1 million Apple heist at the flagship store in Paris was a 'well prepared' operation, police said. Four armed thieves used the commotion around New Year's Eve festivities in downtown Paris to carry out the $1 million Apple heist.
Focus In 2013, possibilities for stability from Somalia to South China Sea

Policymakers in many of the world's hot spots have a common New Year's wish: for unity to usher in and consolidate political and economic stability.
Opinion Two ways US and Europe can boost their economies

The US and Europe now have two great opportunities to give their economies a much needed boost. One is to successfully navigate their debt mountains and fiscal cliffs. The other is to finally negotiate a US-EU free trade agreement.
Is Berlusconi really set to lead Italy again?

Mario Monti's resignation as prime minister of Italy has opened the door to Silvio Berlusconi's return to the office – and he has promised that he will run again in February's elections.
Staying afloat: Europe releases more money for Greece

After a 12-hour meeting lasting into the wee hours last night, Greece's creditors agreed to cut its debt and release more bailout funds, staving off yet another Greek bankruptcy.
Euro officials cut a deal on Greek debt

Eurozone finance ministers agreed to give Greece the next installment of its bailout loan, totaling about $57.8 billion. Greece will soon enter its sixth year of recession.