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European Central Bank
Latest European Central Bank Items
European Union officials are asking national governments to give up control of their banks as they try to pull the region closer together to solve its crippling financial crisis.
Central banks are being pressured by their political masters to solve a problem they cannot solve.
European Central Bank President Mario Draghi on Thursday unveiled a long-awaited program to buy up bonds and help bring down the borrowing costs of Europe's struggling governments.
Wall Street surged Thursday to multiyear highs after the European Central Bank provided more information about an unlimited bond-buying program that could save troubled countries from leaving the eurozone, possibly preventing another global recession from reaching the U.S.
The economy continues to drag, and policymakers refuse to do what it takes to restore prosperity. The official unemployment number climbed to 8.3 percent, and the broadest measure of joblessness, known as the U6, increased to 15 percent for July. Economic growth is stalled at 1.5 percent.
A swing and a miss or more like several at bat were had this week in terms of the central banks. I'm talking about both the Federal Reserve and the European Central Bank (ECB), both of which stand ready to do something, just not yet.
European leaders on Thursday gamely promised to keep tackling the continent's debt crisis. But the markets wanted much more.
The European Central Bank is preparing to unleash its financial might and buy government bonds to help drive down borrowing costs in debt-ridden countries like Spain and Italy, caught in the grip of what president Mario Draghi called a "worsening crisis."
European Central Bank head Mario Draghi says the bank is ready to intervene in the bond market to drive down countries' high borrowing rates, and urged European leaders to get their bailout fund ready to intervene as well.