Germany sold 4.1 billion euros ($5.3 billion) of bonds today, kicking off a competition for finance that may determine whether euro-area leaders can preserve the 13-year-old single currency.
Yves Mersch lost out on the European Central Bank’s vice presidency last year. He could still move to Frankfurt: as ECB President.
The European Central Bank kept its benchmark interest rate unchanged at a record low after economic data signaled that the euro-area may be recovering from its longest-ever recession.
The European Central Bank may come under pressure to cut interest rates amid a global economic slowdown and a deterioration of the region’s debt crisis, Royal Bank of Scotland Group Plc economists said.