BRUSSELS—European Union countries broadly agree they need to change EU laws to allow slower debt reduction, move away from complex calculated indicators and come up with an EU fiscal framework that is actually respected, senior euro zone officials said. The EU’s fiscal rules, called the Stability and Growth Pact, are to stop governments from borrowing…
Euro Zone Eyes Slower Debt Reduction Rule, Ways to Boost Compliance
Euro Zone Mulls How to Make Governments Respect EU Fiscal Rules
BRUSSELS—Euro zone finance ministers will start a discussion on Monday on how to change the often-broken EU fiscal rules so that governments actually observe them, a euro zone official said. The European Union’s Stability and Growth Pact is meant to stop governments from borrowing too much in order to safeguard the value of the euro…
Senior ECB Official: Rate Rise Too Soon Could Choke Recovery
January 15, 2022
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BERLIN—A senior European Central Bank official says that raising interest rates prematurely could “choke off the recovery,” comments that come as inflation in the 19-nation euro area has hit a record rate. The European Union’s statistical office said on Jan. 7 that the annual inflation rate rose to 5 percent in December—the highest level in…
Dollar Extends Losses, Euro Rallies as Traders Reassess Rate Hike Bets
LONDON—The dollar fell further on Thursday to two-month lows after U.S. inflation proved weaker than feared in December, prompting investors to cut crowded long positions in the currency. The euro was a big beneficiary of the move and extended its rise to as high as $1.1479, up 0.3 percent on the day, while sterling and…
Euro Zone Retail Sales Growth Surges Past Expectations in November
FRANKFURT—Euro zone retail sales surged past all expectations in November, driven by in-store non-food purchases, data from Eurostat showed on Friday, indicating that consumer demand remained healthy even as fresh pandemic-related restrictions were implemented. Retail sales, a proxy for consumer demand, in the 19 countries sharing the euro rose 1 percent by value on the…
Hawkish Fed, German Inflation Push 10-Year Bund Yield up Closer to Zero Percent
LONDON—-Germany’s 10-year bond yield lurched closer to positive territory on Thursday, just as borrowing costs across the euro area hit new highs in the face of a hawkish tone from the U.S. Federal Reserve and fresh signs of high German inflation. Italy’s 10-year bond yield was 4 basis points higher on the day at 1.28…
Euro Zone Economic Recovery Stumbled in December as Omicron Spread: PMI
LONDON—The euro zone’s economic recovery stuttered in December as a renewed wave of COVID-19 infections curtailed growth in the bloc’s dominant service industry, a survey showed on Wednesday, and could weaken further if tighter restrictions are imposed. As the Omicron coronavirus variant spread rapidly at the end of last year governments reimposed measures to contain…
Euro Zone Factory Growth Stayed Strong in December as Supply Issues Eased: PMI
LONDON—Manufacturing activity in the euro zone remained resilient at the end of 2021 as factories took advantage of an easing in supply chain bottlenecks and stocked up on raw materials at a record pace, a survey showed. The global coronavirus pandemic had left factories struggling to get the materials they need and sent costs soaring,…
Risk Appetite Sends Yen to One-Month Low, Euro Dips
LONDON—The euro fell in thin holiday trading on Wednesday and the dollar sent the yen to a one-month low, as investors looked past surging cases of Omicron in another bout of risk appetite. Risk-sensitive currencies such as the Australian dollar were higher as stocks motored upwards but the euro bucked the trend and weakened 0.2…
Dollar Recovers Some Overnight Losses; Euro Extends Gains
LONDON—The U.S. dollar recouped some overnight losses and the euro gained for a second day on Tuesday as risk sentiment recovered partially after a selloff in global markets. Major currencies held within well-worn trading ranges, however, as a surge in cases of the Omicron coronavirus variant forced countries to reimpose restrictions, raising concerns over the…
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