European System of Central Banks
Europe's central bank to adopt 'wait and see policy'
The European Central Bank (ECB) is not expected to take additional measures and could implement a "wait-and-see" policy amid the coronavirus crisis, according to economists.
BTA: European Central Bank, National Bank of Bulgaria Set Up Swap Line
The European Central Bank (ECB) and the National Bank of Bulgaria (BNB, the central bank) have set up a swap line to ensure liquidity of up to two billion euros, the BNB said on Wednesday. The line will be in force until the end of 2020 or until needed. The maximum maturity in respect of each withdrawn amount will be three months, BTA reported.
Fruitful market foray raises 2 bln euros
The Greek state has increased its cash leeway for meeting the challenges of the Covid-19 crisis by 2 billion euros thanks to Wednesday's issue of a seven-year bond, Greece's first market foray after the outbreak of the health crisis in Europe and the country's inclusion in the European Central Bank's emergency bond-buying program.
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ECB bought more bonds than ever last week
The European Central Bank bought 36.8 billion euros of bonds last week, more than ever before, as it sought to cushion the impact of the coronavirus pandemic that has shut down most of the eurozone's economies.
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Editorial: The first step
The decision of the European Central Bank to make an exception to the rule and offer Greece a waiver that will allow Greek paper though still not investment grade to be used as collateral for Greek banks to have access to ECB cash is an important step forward for the embattled Greek economy.
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ECB takes action to keep banks lending during virus crisis
The European Central Bank took more emergency action Tuesday to keep credit flowing to companies in the 19 countries that use the euro by easing its rules for lending to banks that serve those businesses.
Investment grade remains elusive
The recent health crisis is dampening hopes of a credit rating upgrade for Greece. According to Capital Economics economist Melanie Debono, "it is now highly unlikely that any government will be upgraded by the credit rating agencies in the near future, given that the world is on the verge of a deep recession. Greece is not immune from this."
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Greece to ground all flights in bid to contain Covid-19
Prime Minister Kyriakos Mitsotakis is expected to announce the suspension of all passenger flights to and from Greece on Thursday in a televised address expected later in the afternoon, as the government ramps up measures to limit the spread of the novel coronavirus.
According to information obtained by Kathimerini, the suspension will take effect on Sunday night (March 22).
Inflation targets as focal points: Revising the ECB’s monetary framework
The toughest job central banks face in the next five years is managing uncertainty. In the euro area, inflation is persistently low and the ammunition available to raise it is minimal. Meanwhile, structural changes, including the rise of the digital economy and its effects on productivity, and the threat to global open trade, imply that we do not know how the economy will work.
President Radev Discussed Bulgaria's Bid to Join the Euro Area with BNB Governor
Bulgaria's President Rumen Radev met Governor of the Bulgarian National Bank (BNB) Dimitar Radev on February 13. The focus of the meeting was Bulgaria's announced intention to join the Exchange Rate Mechanism II (ERM II), which is the first mandatory step for joining the euro area, BNT reported.