Commercial banks in northern Europe criticized ECB for its four-year cheap loan policy and stimulus program. The policy was aimed to stimulate growth for banks that struggle in southern part of Europe.
European Central Bank
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Global stocks rose further as increased investor confidence propelled buying support. Investor confidence has been strengthened after the announcement of European Central Bank's stimulus plans and encouraging US economic data.
Global markets have been moving in tandem with state of Chinese economy and US Presidential elections these days. After rebounding in the previous month, the global markets are waiting for next level triggers from US elections and stimulus plans on China's economy.
The Bank of Japan is anticipated to reduce its interest rates into a negative territory further at or before the bank's meeting in July. The bank is anticipated to trim its interest rate to minus 0.2% due to low domestic spending and slump in the energy market.
European Central Bank (ECB) is expected to launch monetary stimulus next month to help banking system in euro zone. Norwegian's biggest bank DNB ASA supported the effort as stated by its chief of asset management.
Bank of England has many choices to boost Britain's economy. The bank may slack its financial policy on fears that the country may exit the European Union.
Record high employment rate and domestic spending propelled German GDP rate by 1.7 percent in 2015, according to the German authorities' calculation.
The government of Greece has been faced with a controversy whether to approve bailout reforms required by international creditors. Bank of Greece have shown support that encourages the government to conform with the required reforms, including the tough pension system reform.
European Central Bank may expand quantitative easing program as the inflation is hovering at near zero level of 01. percent for August. ECB Vice-President also indicated that QE program may be widened further.
The International Monetary Fund raises concern about the potential fallout of a US rate hike this year. The fund says raising interest rates at this time puts the already fragile global economy at risk. "Monetary policy must stay accommodative to prevent real interest rates from rising prematurely," the IMF said Wednesday in a letter to top central bankers and finance ministers meeting in Turkey this week.
Greece is set for elections on 20 September this year. Judge Vassiliki Thanou is the care taker Prime Minister till the new government is formed. Thanou was sworn in on last Friday and became the first female Prime Minister for Greece.
The first tranche of the bailout package for Greece has been released. The European Stability Mechanism board approved the release of €26 billion ($29 billion) Wednesday after assemblies of creditor nations, including Germany, endorsed the package.
Greek government officials discussed a draft of the country's third bailout agreement drawn up on the basis of discussions with EU/IMF lenders, a government official said on Saturday, boosting hopes a deal could be wrapped up in days.
A black Monday for Greece's stock market. Its benchmark Athens Stock Exchange Index ended the day 16% lower after it re-opened for the first time in five weeks.
Greek depositors lined up outside banks Monday as banks reopened three weeks after closing their doors. But while people can now withdraw money, restrictions remain and, with new taxes, they will have to shell out more for goods and services.
