Gold holdings rose because of purchase by the central bank of Estonia to cover its contribution to the ECB's foreign reserve assets, the ECB said.
The extra fiscal stimulus in the form of tax cuts approved in December could produce a 4 percent growth rate for the U.S. economy in the first half of 2011, but there are lingering risks that could lead to a cold shower in 2012, according to the American Enterprise Institute (AEI).
The European Union's top economics official called on Wednesday for a strengthening of Europe's financial safety net as Portugal, widely seen as the next candidate for a bailout, returned to the market for funds.
The Gold Price in Euros whipped within 1.5% of last month's all-time record highs in London trade on Monday, as weaker-economy Eurozone bonds fell sharply on a raft of bail-out rumors and leaks.
Douglas C. Borthwick, Managing Director of Faros Trading, reviews the global currency markets from 2010 and provides some outlook and guidance for 2011
The European Union should set up a permanent mechanism to resolve sovereign debt problems sooner than the planned 2013, European Central Bank Governing Council member Ewald Nowotny said on Thursday.
Euro zone reforms designed to penalize spendthrift peripheral nations are still not adequate to alleviate the currency bloc’s problems, said European Central Bank (ECB) governing council member Yves Mersch.
Recent reforms of euro zone governance have not gone far enough, European Central Bank Governing Council member Yves Mersch said on Tuesday.
The European Central Bank failed to attract the 73.5 billion euros from banks on Tuesday needed to offset its seven-month run of euro zone government bond purchases, instead managing to draw just over 60 billion.
Unless the European Union (EU) formulates an effective response to the ongoing debt crisis in Europe, the continent faces a new wave of bank failures and a string of sovereign defaults, according to Willem Buiter, the chief economist at Citigroup.
The euro crisis is far from over and the peripheral members of the euro zone should temporarily exit the currency bloc and get their financial houses in order, said a Pimco bond fund manager. Otherwise, current policies are ineffective in the absence of fiscal unity and will likely lead to a break-up of the euro.
Consumer confidence in Germany is slipping, as people are unsure about the economic recovery in the region and their personal income, a survey said on Tuesday.
The European Central Bank (ECB) has expressed concerns about some of the points in the Credit Institutions Bill that is being proposed by Ireland as part of a restructuring of its banking system.
European Central Bank head Jean-Claude Trichet said on Monday euro zone countries must do more individually and collectively to combat the bloc's debt crisis, and Ireland must stick rigorously to its bailout plan.
The Euro rose across the board on Friday helped by its leaders' positive response to creating a facility to safeguard its nations from debt issues like Ireland's, but a rating downgrade by Moody's on the troubled country dampened the sentiment, limiting gains by the single currency.
European Union leaders said last night differences over amending the EU treaties to make way for a permanent crisis mechanism have been papered over, but the market response to the development was muted as doubts still remained over key features of the deal.
Ratings agency Moody's gave a resounding thumbs-down on Friday to Europe's efforts to resolve a rolling debt crisis, slashing Ireland's credit rating by five notches despite an EU/IMF bailout.
European Union leaders have agreed to create a permanent financial safety net from 2013 and the European Central Bank moved to increase its firepower to fight the debt crisis that has rocked the euro zone.
European Union leaders agreed on Thursday to create a permanent financial safety net from 2013 and the European Central Bank moved to increase its firepower to fight the debt crisis that has rocked the euro zone.
The European Central Bank moved to increase its financial firepower to fight the euro zone debt crisis on Thursday, and European Union leaders agreed to change the EU treaty to create a permanent crisis resolution system.
European Union leaders meet on Thursday to try to agree the next steps in tackling a year-long debt crisis that has consumed Greece and Ireland and threatens to spread to Portugal and Spain.
Many experts in the private sector favor expanding the size of the 750-billion euro European Financial Stability Facility (EFSF), which was created to bail out European countries under sovereign debt pressures.
