EU Business News

Europe Interest Rise

June 2023
The European Central Bank ,ECB , raised on June 15 , 2023 the interest rate by 0.25%.
The interest rate on deposits rose from 3.25% to 3.5% while the interest on euro rose from 3.75% to 4%.
The 0.25% rise is the same as estimated by the former forecasts.
The rise is aimed to face the inflation rate in Europe.
The annual inflation in May was 6.1% compared to the forecasts of 6.3%.

Europe Interest Rise

October 2022
The European Central Bank, ECB, raised on October 27, 2022 the interest rate in the 19 eurozone countries from 1.25% to 2%.
The rise is the third within the last three months.
In July from 0% to 0.50% and in August from 0.5% to 1.25%.
The rise is aimed to face the rising inflation in Europe exceeding 10%.

Europe Interest Rate Rise

July 2022
The European Central Bank ,ECB, raised on July 21, 2022 the interest rate by 0.5%, from zero to 0.5%, the first rise in the last eleven years.
The rise is effected by the rising inflation of 8.6% in the last week and the declining power of the euro currency against the US dollar.

Europe Economy

November 2020
According to the European central statistics office the economy of the eurozone rose in the third quarter of 2020 by 12.7% compared to the second quarter of 2020.The preliminary forecast by analysts was a rise of only 9.4%.

Europe Interest Rate Cut

September 2019
The president of the ECB,the European central bank, Mr. Mario Draghi decided on September 12, 2019 to cut the deposit interest rate from -0.4% to -0.5%.The Euro interest rate remains unchanged.
The cut by the ECB is the first since 2016.

Euro 500 Notes

April 2019
Germany and Austria central banks reported that starting April 26,2019 they will stop supplying the purple 500 notes.
The decision follows the previous 2016 decision by the board of directors of the European Central Bank, ECB, to stop issuing new 500 notes mainly due to the wide use of them for money laundering.
Next month the ECB will issue new series of notes including a new yellow EURO 200 note.
The previous issued 500 notes will still be in use with no time limit.

Europe Interest Rate Cut

March 2016
The European Central Bank, ECB, lowered on March 10, 2016 the interest rate on deposits by -0.1% from previous –0.3% to -0.4%.
The interest rate of loans granted by the central bank to banks was lowered from 0.05% to 0.0%.
The ECB also decided to increase the monthly bond buying plan to $ 80 million starting coming April.

Europe GDP Growth

February 2016
According to a flash estimate publish by Eurostat on February 12, 2016 the GDP grew in the fourth quarter of 2015 by 0.3% both in the euro area and EU28 countries compared to the previous quarter.
In the year 2015 the GDP grew by 1.5% in the euro area and by 1.8% in the EU 28.

Europe Interest Rate Cut

December 2015
The European Central Bank, ECB, lowered on December 3, 2015 the interest rate on deposits from - 0.2% to - 0.3%.
The loans interest rate remained unchanged at 0.05%.
Mr. Mario Draghi announced that the ECB will continue its bond buying plan until March 2017, or beyond.

Europe Economy Growth

September 2015
The U.S. investment bank Morgan Stanley released a pessimistic forecast on September 1, 2015.
The bank forecasts that the 2016 growth in the Eurozone will reach 1.9% compared to the previous 2.2% forecast.
The bank also lowered the target index for S&P 500 for the next 12 months by 3% from 2,275 points to 2,200 points.

Europe Interest Cut

September 2014
The European Central Bank, ECB, cut on September 4, 2014 the European interest rate from previous 0.15% down to 0.05%, a lowest record rate.
The ECB also increased the negative deposit rate from previous -0.1% to -0.2% meaning that depositors will now pay more to the banks to hold their deposits.

Eurozone Interest Cut

June 2014
The European Central Bank president Mario Draghi cut on June 5, 2014 the eurozone refinancing rate from 0.25% to 0.15% and the deposit rate from 0% to -0.1%.
The dramatic cut is aimed to boost the eurozone economic growth by enlarging bank loans to businesses.

EU Credit Rating Downgrade

December 2013
The credit rating agency S&P downgraded on December 21, 2013 the EU long term credit rating by one step, from the previous perfect AAA to AA+.
The short term credit rating remained unchanged.

Europe Interest Rate Cut

May 2013
The European Central Bank, ECB , cut on My 2 its benchmark interest rate by 0.25%, from the previous 0.75% rate down to a record low 0.5% rate, the first cut in the last ten months.
The cut is aimed to support the recession in the euro zone economy.

Europe Retail Sales Rise

March 2013
According to a release by Eurostat the retail sales in the 17 eurozone countries rose sharply in January 2013 by 1.2% compared to a decline of 0.8% in December 2012.
The January rise of 1.2% came as surprise following a preliminary forecast of a moderate 0.2% rise.

Eurozone November Unemployment

January 2013
The eurozone unemployment rate in November 2012 was the worst since 1995, 11.8% in November compared to 11.7% in October.
18.8 million people were unemployed in November, an increase of 113,000 compared to October 2012.
The highest unemployment rate was recorded in Spain, 26.6% while the lowest rate, 4.5% was recorded in Austria.

Eurozone Unemployment Rise

July 2012
According to Eurostat release on July 2, 2012 the unemployment of the 17 countries of the eurozone increased to 11.1% in May compared to 11% unemployment in April.
May's unemployment rate is the highest since 1999. The number of unemployed people in May 2012 was 17.6 million.

European Rescue Fund Rating Downgrade

January 2012
The credit rating S&P downgraded on January 16 the credit rating of EU's rescue fund ,EFSF, by one notch from previous AAA to AA+.
The downgrade follows previous downgrade of other nine EU countries on January 13.

ECB Cut Interest Rate by 0.25%

November 2011
The European Central Bank, ECB, cut on November 3 its key interest rate by 0.25%, from the previous 1.5% to 1.25%.
The cut by the new president Mario Draghi took by surprise most of the forecasts which did not expect such a quick move by the new president taking over from previous French Jean Claude Trichet.

Europe Annual Inflation

February 2011
According to Eurostat's newsrelease the annual inflation in the Euro zone was 2.3% in January 2011, up from 2.2% in December 2010.
The annual inflation in the EU was 2.7% in January 2011, same as in December 2010.
Among the EU member states the lowest annual inflation rates in January 2011 were recorded in Ireland (0.2%) and Sweden (1.4%).
The highest annual inflation rates were recorded in Romania (7.0% ), Estonia (5.1% ) and Greece (4.9% ).

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