European Central Bank News
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The European Central Bank’s increasingly outspoken role in the debate over a financial- transaction tax ratchets up tension between governments seeking new revenue and bankers trying to prevent the levy, said Richard Murphy, director of U.K.-based Tax Research LLP.
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A summary of two reports on Cyprus’s track record in combating money laundering doesn’t reflect the main findings of the reports and only gives a description of perceived weaknesses, the Central Bank of Cyprus said.
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West Texas Intermediate oil fell for a third day as Chinese manufacturing contracted and speculation mounted that the Federal Reserve will cut bond purchases.
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The U.S. Treasury Department’s top international official said European officials deserve credit for restoring financial stability and must shift quickly to spurring domestic demand to avert a prolonged economic slump.
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European Central Bank Governing Council member Ewald Nowotny said economic forecasts due next month will be decisive in determining the future path of interest rates.
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China’s manufacturing is contracting in May for the first time in seven months, adding to signs that economic growth is losing steam for a second quarter.
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Spain’s borrowing costs rose at an auction of government bonds in Madrid today after European Union leaders held off calls to boost public spending.
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A euro-area services and factory output gauge increased more than economists forecast in May, adding to signs the currency bloc is starting to emerge from its record-long recession.
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Finland’s financial regulator needs the power to impose a binding cap on mortgages to prevent household debt growth from threatening financial stability, the central bank said.
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Austerity is out after the euro-area recession extended to a sixth quarter. Stimulus isn’t yet in.
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