The ECB has given euro zone economies another massive jolt of stimulus.
On Thursday (June 4) the region’s central bank raised its planned bond purchases to 1.35 trillion euros - about 1.5 trillion dollars.
The move exceeded market expectations, driving a rally for stocks and the euro.
Bank chief Christine Lagarde said dramatic action was required: "The June euro systems staff macro economic projections see growth declining at an unprecedented pace in the second quarter of this year before rebounding again in the second half, crucially helped by the sizeable support from fiscal and monetary policy.” The announcement came just days after Berlin set out its own massive stimulus plan.
But it may ramp up a battle with Germany’s Constitutional Court.
It has already ruled that the ECB is exceeding its mandate with an existing asset purchase programme.
Lagarde said a way would be found to resolve the dispute: “We are confident that a good solution will be found, a good solution that will not compromise the ECB's independence, will not compromise the primacy of the European Union law or the ruling of the European Court of Justice.” Lagarde quashed rumours that the ECB would start buying sub-investment grade debt - so-called junk bonds.
Protest demonstrations were held in Balochistan and Europe on Sunday against the forceful abduction of Baloch political leaders and intellectuals by Pakistan intelligence agencies. In Quetta city of Balochistan province, a protest demonstration was held by the Voice for Baloch Missing Persons in to demand the release of abducted Dr Deen Mohammad Baloch and Dr Akbar Marri. Similarly, to mark the 11 years of Dr Deen Mohammad Baloch's abduction The Baloch National Movement, a pro Independence Party of Balochistan protested in Berlin city of Germany. The protesters also raised the issue of abductions, Pakistani oppression and gross human rights violations in Balochistan. The protesters also raised slogans against the abduction of Dr Deen Jan and demanded his immediate releases along with other Baloch missing persons.
Berlin is warning other EU members to prepare for a no-deal Brexit, believing positions are far apart and time too short for an agreement. That's according to an internal government document seen by Reuters. Lucy Fielder reports.
The official spokesperson of Ministry of External Affairs (MEA), Anurag Srivastava informed that 15th meeting of India-EU summit will be held in virtual mode on 15 July. Anurag Srivastava said, "The 15th meeting of India-EU summit will be held in virtual mode on 15 July. It will be co-chaired by Prime Minister, President of European Council and President of European Commission. The summit will review India-EU cooperation, also expected to discuss developments around COVID."
The European Commission said Friday it had given conditional approval for the use of antiviral drug remdesivir in severe COVID-19 patients. As Fred Katayama reports, that makes it the region's first authorized therapy to treat the virus.
The European Commission says too many passengers whose flights were cancelled amid the COVID-19 pandemic have not been refunded on time or have been offered only vouchers, in violation of EU rules.View on euronews
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Amazon's global ecommerce sales will reach $416.48 billion in 2020, according to Business Insiders latest latest estimates. Consumers are relying more heavily on e-commerce due to COVID-19. The new figure is about $12 billion more than our pre-pandemic estimates. Most of Amazon's sales come from the US. However, the pandemic has also fueled growth in Germany, the UK and Japan.
It's the first visit of the German Chancellor to Brussels since Germany took the reins of the EU Council presidency. She is addressing MEPs who want a bigger role in budget talks. She is hoping to get a deal, which includes the parliament's approval, on the trillion-euro recovery package.View on euronews
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So far, the EU's response to assaults on the rule of law was based on infringement procedures, European Court of Justice rulings, and - in the case of Hungary and Poland - the so-called Article 7 process. But now, the EU is introducing new tools. View on euronews
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The US Federal Reserve is expected to remain apolitical and stay out of the business of Congress. Even so, President Donald Trump has repeatedly jeered at Fed Chair Jerome Powell, even going so far as to call him 'an enemy of the state.' Nevertheless, Business Powell stuck his neck out in a Congressional hearing this week, calling for more government intervention in the economy.
Investors on Tuesday paused ahead of a Federal Reserve Meeting that could reveal the Fed's view on recent signs of economic recovery. No major policy announcements are expected when the US central bank's meeting wraps up on Wednesday. However, investors will scrutinize its remarks on the health of the economy, which has been reopening slowly after coronavirus-related closures. According to Reuters, the S&P 1500 airlines index declined 8.5% on Tuesday.
Wall Street bounced higher on Tuesday thanks to the combination of a historic retail sales figure, comments from the Fed chief, a positive study on a possible COVID-19 treatment and hopes for an infrastructure plan. Conway G. Gittens has the details.
A full U.S. economic recovery will not occur until the American people are sure that the novel coronavirus epidemic has been brought under control, Federal Reserve Chairman Jerome Powell told Congress on Tuesday. Conway G. Gittens has more of his testimony.
More than £700 million is to be spent on building new infrastructure, hiring staff and developing technology to ensure Britain’s border systems are fully operational when the UK leaves the EU at the end of the year.Cabinet Office Minister Michael Gove said the major investment would ensure traders and the border industry are able to “manage the changes and seize the opportunities” when the transition period ends in December.
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