Banks are currently paying some 7 billion euros ($7.8 billion) per year to the ECB on cash parked there that exceeds mandatory reserves. Reuters
The European Central Bank (ECB) has launched a broad review of its policy on Thursday that is likely to see new President Christine Lagarde redefine the ECB’s main goal and how to achieve it.
The euro rallied to a three-month high and Italy’s borrowing costs tumbled on Thursday, after the European Central Bank ramped up stimulus to shore up an economy ravaged by the coronavirus pandemic.
The European Central Bank has to maintain the "safety net" of its massive bond purchases at least until June 2021 to help underpin the economy, the ECB's President Christine Lagarde said on Friday, reaffirming the bank's policy stance.
Australia’s strong economic performance of recent decades has allowed its central bank to avoid the kinds of unorthodox policies seen in other countries, but record low rates mean less conventional measures may be needed to tackle new challenges.
The industry was hit twice because of the coronavirus, with export orders evaporating and then a shortage of workers caused by a national lockdown to stop the spread of the virus.
The benchmark Nikkei 225 index soared 405.65 points or 1.78 per cent to 23,249.61, the best close since February 21, the broader Topix index rose 18.62 points or 1.16 per cent to 1,624.15.
Brent crude was down 26 cents or 0.6% at $45.17 a barrel by 0647 GMT, after a gain of around 2% in the previous session. West Texas Intermediate oil also lost 0.6%, a 25 cent decline to $42.42 a barrel which followed a climb of 2.6% on Wednesday.