Governing Council of the European Central Bank

Advance payments from a European Union recovery fund will finance investments worth 3.3% of the country's gross domestic product (around 5.5 billion euros) this year, Bank of Greece Governor Yannis Stournaras said on Wednesday while also calling on Greek banks to make additional provisions to cover an expected new wave of nonperforming loans.

Constantinos Herodotou, the governor of Cyprus' central bank and a member of the Governing Council of the European Central Bank, has tested positive for Covid-19, he said.

Writing on his Twitter account, Herodotou said he had self-isolated and was working from home.

He tested positive after contact tracing, he said.

[Reuters]

The Governing Council of the European Central Bank has named Greek central bank chief Yannis Stournaras as a member of the council's audit committee, replacing Erkki Liikanen, the Bank of Greece said on Friday.

The European Central Bank should start normalizing its monetary policy, one of its most experienced members, Ewald Nowotny, said on April 10.

The European Central Bank must take into account the weakening of inflation due to the strong euro as it prepares to wind down its unprecedented stimulus program, ECB chief Mario Draghi said on Sept. 7.

Anti-euro sentiment has faded over the past year since the British referendum to quit the European Union, according to European Central Bank president Mario Draghi.     

Chief economist of the European Central bank (ECB) Peter Praet made it clear that the central bank would retain low interest rates until the inflation goals set by the ECB were met, despite complaints by EU commercial banks that there profit margins were extremely low.

The members of European Central Bank’s board should not hold any meeting with market representatives one week before ECB’s meeting sessions, ECB President Mario Draghi clarified in a letter sent to the European Parliament.

Mr. Draghi stressed the need to avoid any rumors or misconceptions about meetings between members of the Executive Board and media and market representatives.

Following the meeting of its Governing Council on Sunday, the European Central Bank (ECB) decided to maintain the ceiling of Emergency Liquidity Assistance (ELA) to Greek banks at its Friday level.

ECB noted the decision of Greek authorities to hold a bailout referendum on July 5 and the non-prolongation of the EU adjustment programme for Greece.

By Paul Gordon

European Central Bank President Mario Draghi is convening his Governing Council on Sunday for an extraordinary meeting to discuss Greece.