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European Central Bank
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The buck doesn't stop here; it just keeps falling
Things in the U.S. sure are tough. Brother, can you spare a euro?  ECB raises key rate to 4.25 percentWary of higher energy and commodity prices, the European Central Bank raised its benchmark interest rate Thursday by a quarter percentage point to 4.25 percent, a move it hopes will help curtail rising inflation in the 15 countries that use the euro.  France takes over EU presidencyFrance's six-month European Union presidency got off to a shaky start Tuesday amid bickering between the bloc's trade chief and French President Nicolas Sarkozy, and glum comments from Poland's leader on the EU's future direction.
Euro inflation at 4 percent; highest in 16 years
Yearly inflation in euro nations hit a record 4 percent in June, the EU statistics agency Eurostat said Monday, adding pressure on the European Central Bank to raise borrowing costs even as the economy slows.
BIS: Global economy could face deeper downturn
The global economy could face a deeper downturn than many currently expect amid rising inflation and the turmoil on financial markets, the Bank for International Settlements said at its annual meeting Monday.  Dollar higher against the euroThe dollar rose slightly against the euro Thursday, picking up some ground after the U.S. Federal Reserve said it would leave interest rates unchanged for the time being and the European Central Bank again hinted that a rate increase is possible as early as its next meeting.
Food, fuel drives Euro-zone inflation up 3.7 pct
Annual inflation in the euro zone rose to a new high of 3.7 percent in May, according to data released Monday that reflects surging food, fuel and housing prices across the 15-nation currency bloc.
Administration does not rule out currency intervention
President Bush's forceful call on Monday for a stronger U.S. dollar in the world economy may be coming a little late for Americans fed up with gas prices topping $4 a gallon and steadily rising costs of other imported goods. |
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