by Guest Author, ECB Watch From the report on the Council recommendation for appointment of Mario Draghi (pictured) the President of the European Central Bank (rapporteur: Sharon Bowles):4. Do you have any business or financial holdings or any othe… more »

Econintersect:  The balance sheet of the ECB (European Central Bank) has increased more than 2.3 times between the end of May 2011 and the end of October and would have to grow 6.4 times (from May 2011) if it did no more than fund the rollover of the Ita… more »

The members of the European Union) (EU) have agreed on a broadly based new plan to halt the further deterioration of the financial system in the Eurozone. The plan has many of the elements reported as recently as yesterday by GEI News, including a doubling of the EU/IMF (International Monetary Fund) rescue infusion with an additional €109 billion, contributions from private sector bondholders and authorization of the EFSF (European Financial Stability Facility) to buy bonds in the secondary market if the ECB deems that necessary to maintain market stability. more »

European finance ministers Monday (July11) discussed using the EFSF ( European Financial Stability Facility) to buy up Greek debt and cut the country’s overall debt burden. The ministers issued a statement containing the words “enhancing the flexibility and scope” of the EFSF but offered no other words to explain what that might mean. However, banks and investors had called for use of EFSF funds to buy bonds in conjunction with more private sector purchases. more »