• 2015-10-06 10:06

    LONDON (MNI) - The following is the full text of a release, published Tuesday by the European Central Bank in Frankfurt, outlining details of its new policy guidelines on speaking engagements by Executive Board members.

    Guiding principles for external communication by members of the Executive Board of the European Central Bank


    The members of the Executive Board of the ECB attach great importance to clear, effective and timely communication of the ECB's strategy and policy decisions as well as issues related to their implementation.

    The communication policy of the ECB is an essential part of its accountability and good governance obligations as an independent monetary and supervisory authority.

  • 2015-10-06 10:00

    By Martin Baccardax

    LONDON (MNI) - The International Monetary Fund said Tuesday that low oil prices, a weaker euro and loose monetary policy from the European Central Bank will continue to support a modest currency area recovery in the near term.

    In its regular World Economic Outlook report, published in Washington, the Fund made modest adjustments to its growth projections for the Eurozone and its four biggest economies, but cautioned that low inflation and incomplete reform efforts could put what it calls and "uneven" recovery at risk.

    "Potential growth remains weak - a result of crisis legacies, but also of demographics and a slowdown in total factor productivity that predates the crisis," the Fund said.

  • 2015-10-06 09:37

    --2016 Budget Set to Cut Taxes, Raise Spending by E1.5 Bln

    PARIS (MNI) - The Irish government is set to announce E1.5 billion in tax cuts and spending increases in its 2016 budget next Tuesday, despite criticism it may be embarking on a new boom-and-bust cycle by stimulating what is already the Eurozone's fastest growing economy.

    With an eye on national elections that must be held before April, the coalition government of Prime Minister Enda Kenny has signalled that it intends to use the "fiscal space" created by better-than-expected growth to inject money back into the economy, while still cutting debt and deficits.

  • 2015-10-06 05:36

    FRANKFURT (MNI) - The European Central Bank on Tuesday allotted E70.556 billion in its main seven-day refinancing operation at a fixed rate of 0.05%.

    The ECB satisfied all of the 127 bids received.

    Today's operation resulted in a net add of E1.995 million after the ECB allotted E72.551 billion in its 7-day MRO last week.

    --MNI London Bureau; tel: +44 207-862-7492; email:

    [TOPICS: M$X$$$,M$$EC$,M$XDS$,MN$MM$]

  • 2015-10-06 03:16

    - UK Sep Halifax House Price Index -0.9% m/m; +8.6% 3m/3m y/y - Monthly Fall Largest Since April 2014

    LONDON (MNI) - UK house prices fell in September on a monthly basis, data released Tuesday shows, also slowing on a rolling three-month annualised basis from August's level.

    The Halifax House Price Index fell 0.9% on the month, to stand up 8.6% in the three months through September on the same period a year ago.

  • 2015-10-06 02:00

    -- July reading revised downwards

    FRANKFURT (MNI) - Germany's manufacturing orders dropped sharply in August while the July level contracted more strongly than previously estimated, data from the country's statistical office showed Tuesday, putting a question mark over economic activity in the manufacturing sector.

    Orders fell -1.8% on the previous month in seasonally adjusted terms while they contracted by -2.2% in July.

    The reading is well below the median forecast collated from economists by MNI, whom had anticipated an increase of +0.4%. The lowest forecast only expected a decrease of -1.0%

    "Manufacturing orders showed a weak development of late after strong activity in the second quarter," the German economy ministry wrote in a press release.

  • 2015-10-05 14:47

    By Angelika Papamiltiadou

    ATHENS (MNI) - Greece's Prime Minister, Alexis Tsipras, vowed Monday that he will implement his country's bailout agreement with no delays and push for a quick review by the creditors, but at the same time will adopt a "new economic and productive model" so that the economy can rebound and gradually return to market borrowing by the first half of 2017.

    Presenting to parliament his government's priorities, Tsipras said that the "next 20 months are crucial" and acknowledged that the path ahead is difficult, that some of the bailout reforms are tough but stressed that there is also hope and that he would fight to adopt counter measures to ease the impact of austerity.

    "We have to push forward to get rid of surveillance," he said and stressed that h

  • 2015-10-05 13:41

    By Steven Arons

    FRANKFURT (MNI) - Eurogroup President Jeroen Dijsselbloem said Monday that currency area Finance Ministers adopted the milestones necessary for Greece to implement in its bailout, setting the course for unlocking another E2 billion in rescue funds by the middle of this month.

    The concrete measures to be adopted by Greece to release the final tranche of E1 billion should be adopted within this month as well, Dijsselbloem said at the press conference following the Eurogroup meeting, suggesting that the negotiations with Greece are progressing reasonably well.

    "The next set of milestones have been agreed. And once they are implemented, and hopefully that will be done by mid-October, they will unlock the next disbursement," Dijsselbloem said.

  • 2015-10-05 12:21

    LONDON (MNI) - The following is the full text of a release, published Monday by the European Stability Mechanism in Luxembourg, outlining details of an updated Memorandum of Understanding with Cyprus.

    The Board of Governors of the European Stability Mechanism (ESM) approved today the updated Memorandum of Understanding (MoU) with Cyprus, following a positive assessment of the seventh review of Cyprus's macroeconomic adjustment programme.

    The ESM Board of Directors is now expected to unlock the disbursement of E500 million to Cyprus tomorrow morning.

    ESM Managing Director Klaus Regling said: "Cyprus has taken another step towards a successful completion of its ESM programme in the first quarter of 2016.

  • 2015-10-05 10:17

    --Adds comment from Germany's Schaeuble, Spain's de Guindos

    LUXEMBOURG (MNI) - Europe's Commissioner for Economic Affairs, Pierre Moscovici, heaped praise on the Greek government Monday for moving ahead swiftly with the commitments inside its recently agreed upon bailout programme worth E86 billion, though he underlined that Europe remained vigilant regarding the rescue package's full implementation.

    His comments came as finance ministers from the Eurozone convened in Luxembourg for their monthly meeting during which they will be updated about the progress being made in Greece so that the next two tranches of its bailout money totalling E3 billion can be transferred later this month.

    "Since the middle of July when the agreement that was made, there has be