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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.

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 ]

Weapons of Last Resort: ECB Considers Extreme Crisis Measures

Weapons of Last Resort: ECB Considers Extreme Crisis Measures

SPIEGEL ONLINE - December 05, 2013

The European Central Bank wants to spur lending by banks in Southern Europe, but conventional methods have shown little success so far. On Thursday, ECB officials will consider monetary weapons that were previously considered taboo. more...

Rate Scandal: Deutsche Bank's First Big Fine Won't Be Its Last

Rate Scandal: Deutsche Bank's First Big Fine Won't Be Its Last

SPIEGEL ONLINE - December 04, 2013

Subprime mortgages, currency tricks, interest rate fixing: Wherever supervisory authorities have probed crooked deals of the past, Deutsche Bank comes up. Now Germany's biggest bank has had to pay its first big fine. It won't be the last. By Stefan Kaiser more... Comment ]

Growing Risks: Government Bond Holdings Could Burden Banks

Growing Risks: Government Bond Holdings Could Burden Banks

SPIEGEL ONLINE - November 25, 2013

European banks hold increasingly large shares of government bonds as a result of the debt crisis. If those states default and can no longer service their debt, it could lead to massive losses. Germany's Bundesbank is pushing for new rules at the ECB. By Martin Hesse and Christoph Pauly more... Comment ]