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The Euro's Keeper

As the central bank of the European monetary union, the ECB determines the EU monetary policy. Its main goal: price stability independent from political influence -- a virtue that has been tested during the 2010 euro crisis and subsequent rescue package.

France and Friends: Merkel Increasingly Isolated on Austerity

France and Friends: Merkel Increasingly Isolated on Austerity

SPIEGEL ONLINE - September 03, 2014

The debate over Germany's insistence on euro-zone austerity has flared anew as an ailing France continues to demand economic stimulus. The European Central Bank may now be siding with Paris, leaving Merkel looking increasingly alone. By SPIEGEL Staff more... Comment ]

Combatting the Crunch: ECB Plans Negative Rate on Bank Deposits

Combatting the Crunch: ECB Plans Negative Rate on Bank Deposits

SPIEGEL ONLINE - May 19, 2014

When it meets on June 6, SPIEGEL has learned, the European Central Bank may implement a negative interest rate for financial institutions seeking to park their money at the Frankfurt powerhouse. The move is aimed at spurring loans. By Christian Reiermann more... Comment ]

Weapon of Last Resort: ECB Considers Possible Deflation Measures

Weapon of Last Resort: ECB Considers Possible Deflation Measures

SPIEGEL ONLINE - April 23, 2014

Though the European Central Bank continues to play down deflation concerns, it is preparing measures to combat falling prices in the event of an emergency. Are the growing fears warranted? By Christian Reiermann and Anne Seith more... Comment ]

Out of Ammo? The Eroding Power of Central Banks

Out of Ammo? The Eroding Power of Central Banks

SPIEGEL ONLINE - April 16, 2014

Since the financial crisis, central banks have slashed interest rates, purchased vast quantities of sovereign bonds and bailed out banks. Now, though, their influence appears to be on the wane with measures producing paltry results. Do they still have control? By Michael Sauga and Anne Seith more... Comment ]

Bank Oversight: Europe Stressed by Approaching Stress Tests

Bank Oversight: Europe Stressed by Approaching Stress Tests

SPIEGEL ONLINE - March 05, 2014

Thousands of ECB auditors have begun examining the balance sheets of euro-zone banks. Stress tests are coming soon. With the European Central Bank in charge of oversight, many hope the EU's financial industry will return to health. But there are risks. By Martin Hesse, Christoph Pauly and Anne Seith more... Comment ]

Europe or Democracy? What German Court Ruling Means for the Euro

Europe or Democracy? What German Court Ruling Means for the Euro

SPIEGEL ONLINE - February 10, 2014

Germany's Constitutional Court ruling last Friday marks a significant escalation in efforts to rein in the European Central Bank. The ruling's message? Either the European Court of Justice has to stop bond purchases or German justices will. By SPIEGEL Staff more... Comment ]

Herr Nein: The Bull in the Euro Zone's China Shop

Herr Nein: The Bull in the Euro Zone's China Shop

SPIEGEL ONLINE - January 24, 2014

German Central Bank head Jens Weidmann has developed a reputation in Europe for saying no to everything. He is skeptical of efforts to save the euro and isn't shy about saying so. But is he right? By Ullrich Fichtner more... Comment ]

Crisis Management: Europe Eyes Anglo-Saxon Model with Envy

Crisis Management: Europe Eyes Anglo-Saxon Model with Envy

SPIEGEL ONLINE - January 06, 2014

Should the European Central Bank follow the Anglo-Saxon model and buy up vast quantities of sovereign bonds in attempt to finally overcome the euro crisis? ECB head Mario Draghi is under pressure to act now. But what are his options? By Henrik Müller more... Comment ]

'This Perverse Angst': Draghi Defends Euro Rescue Policies

'This Perverse Angst': Draghi Defends Euro Rescue Policies

SPIEGEL ONLINE - January 02, 2014

In an interview, ECB chief Mario Draghi, 66, defends his controversial euro rescue policies, saying Germans' fears have failed to materialize and that conditions in the euro zone are improving. more... Comment ]

Complaint to EU: German Banks Try to Torpedo Transaction Taxes

Complaint to EU: German Banks Try to Torpedo Transaction Taxes

SPIEGEL ONLINE - December 16, 2013

German banking associations have sent letters to the European Commission urging it to forbid the new financial transaction taxes imposed by France and Italy. Insiders believe the letters are an attempt by the banking lobby to block a planned EU-wide financial transaction tax. By Claus Hecking and Stefan Kaiser more... Comment ]