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    ZAGREB, Croatia (AP) — Croatian lawmakers on Friday approved a law that paves the way for the introduction of the euro currency next year. Croatia is due to replace the Croatian kuna with the euro on Jan. 1, 2023. Lawmakers voted 117-13 in favor of legislation to bring in the euro. One lawmaker abstained in the 151-member parliament. Croatia, which joined the European Union in 2013, remains among weaker economies of the bloc following the war in 1992-95. Right-wing parties in Croatian parliament were opposed to the introduction of the euro, saying it would increase poverty and put pressure on the citizens. Both currencies are set to be in parallel use in the months after the formal start of the euro application. Croatia’s economy is dependent on the tourism revenue during the summer months. The country draws hundreds of thousands of European and other global tourists each season. Copyright © 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
    Brazilian ex-President Luiz Inácio Lula da Silva, a socialist running for president again this year after his judicial appointees overturned a 25-year prison sentence for corruption, used a campaign rally this weekend to promote the creation of a pan-American currency. The leftist outlet Telesur quoted Lula on Monday as describing the continental currency as a way to liberate Latin America from reliance on the U.S. dollar and a way of improving Brazil’s relations with its neighbors. He appeared to be promoting a proposal that surfaced in early April in the pages of the far-left Folha de Sao Paulo newspaper, proposed by fellow Workers’ Party (PT) presidential candidate Fernando Haddad, for a currency called the “Sur” [“South”] functioning throughout South America the way that the Euro works on the European continent. The Folha article argued that Russia’s vulnerability to sanctions in the face of its full-scale invasion of Ukraine is evidence that South America needs its own united currency to protest itself from Western sanctions on human rights grounds. Lula enjoyed months as the frontrunner in October’s Brazilian presidential election despite his corruption...
    A man views a digital board showing Russian rouble exchange rates against the euro and the US dollar outside a currency exchange office. On March 2, 2022, the Russian rouble hit record lows with the US dollar and the euro rates reaching 110 and 122 at the Moscow Exchange respectively.Mikhail Metzel | TASS | Getty Images LONDON — Currency markets have not escaped the steep losses and wild swings seen across other asset classes in recent weeks, and strategists are changing their game plans in light of Russia's invasion of Ukraine. The Deutsche Bank Currency Volatility Index climbed toward 10% on Tuesday morning in Europe, its highest level since April 2020, in the early stages of the Covid-19 pandemic. The euro gained 0.4% against the dollar on Tuesday as some of the flight to safe-haven assets moderated, but was still down more than 4% against the greenback since the war began, as conflict intensified and focus switched to the looming threat to European energy supplies. The common currency slid more than 1% on Monday to conclude its largest three-day slide...
    (CNN)Here's a look at the eurozone. Nineteen countries in the European Union use the euro as their currency, and comprise the eurozone. FactsThe countries in the eurozone as of 2020 are: Austria , Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, The Netherlands, Portugal, Slovakia, Slovenia and Spain. January 1, 1999 - The euro is introduced. The European Union's Maastricht Treaty "convergence criteria," or requirements for a member country to use the euro as currency:- Annual budget deficits must not exceed 3% of gross domestic product.- Public debt must be under 60% of gross domestic product.- The country must have exchange rate stability.- Inflation rates must be within 1.5% of the three EU countries with the lowest rate.- Long-term interest rates must be within 2% of the three lowest interest rates in the EU. Read MoreDenmark doesn't use the euro, and is not required to be a part of the eurozone.Sweden does not belong to the eurozone but must join in the future, according to the terms of the treaty.Bulgaria, Czech Republic, Hungary, Poland, Croatia...
    A German Member of the European Parliament (MEP) has suggested that the founders of BioNTech, which developed the Pfizer vaccine, should be put on euro currency banknotes. According to a suggestion by one German MEP, the two founders of vaccine company BioNTech (Biopharmaceutical New Technologies) should be put on upcoming redesigned Euro currency banknotes. The suggestion comes after the European Central Bank (ECB) announced that the bills would be getting a rework by 2024 in the hopes of making the notes “more relatable”. According to a report by Die Welt, German MEP Moritz Körner has suggested that the founders of BioNTech, Turkish-Germans Ugur Sahin and Özlem Türeci, should be put on the bills. “Important European personalities such as the BioNTech founding couple Ugur Sahin and Özlem Türeci should be printed on the new euro bills,” the publication reports Körner as saying. “[Their] work has saved the lives of millions of Europeans. [Their] journey through life is an impressive story of integration, advancement, entrepreneurship, scientific excellence and the potential of an open immigration society.” The publication notes that the two founders have made...
    The euro — the centralised currency of the European Union — has turned 20 years old on Saturday. The European Union’s main currency, which is used by 19 of the bloc’s 27 members, has entered its second decade of use on January 1st, 2022. Since its inception, the euro has been the centre of both praise and controversy, with it being lauded as a source for European unity as well as derided as the cause of division. Commenting on the euro’s 20th anniversary, European Central Bank President Christine Lagarde said that the currency has become a fundamental part of European identity. “It has helped unite us as Europeans,” Lagarde wrote in the Irish Independent. “In the latest Eurobarometer survey, when asked what the European Union means to them, 41pc of citizens said they think of the euro. Our single currency was second only to freedom of movement.” “Clearly, Europe and the euro have become inseparable. And for young Europeans, who have only ever known the single currency, it must be almost impossible to imagine Europe without it,” the ECB head continued....
    BRUSSELS (AP) — Annual inflation in 19 countries that use the euro currency hits 4.9% in November, highest since records began in 1997. Copyright © 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
    A euro currency symbol sits on display in the visitor centre at the European Central Bank (ECB) building in Frankfurt, Germany.Alex Kraus | Bloomberg | Getty Images The euro has cratered over the past month as a resurgence of Covid-19, European Central Bank policy divergence and political uncertainty converge. As of Tuesday morning in Europe, the common currency was down 2.6% on the month and 7.8% year-to-date against the dollar, and has also weakened against other major currencies. Germany, the Netherlands and Austria last week reimplemented strict Covid-19 containment measures amid a fourth wave of infections across the continent, resurfacing concerns for the euro zone growth recovery. Meanwhile, the ECB has remained steadfast in its dovishness in the face of spiking inflation, where other central banks have indicated that interest rate hikes are likely coming down the pike. ECB President Christine Lagarde said last week that the bank "must not rush into a premature tightening when faced with passing or supply-driven inflation shocks."VIDEO3:2403:24Euro area downturn should be a lot milder if Covid cases rebound: IHS MarkitSquawk Box EuropeThe euro did...
    If you live in Alicante, you could soon give a little taste of the future, living in advance what it will be like to pay for the purchase with a pilot version of the digital euro. During the II International Congress on Digital Money and Governance, which took place on July 22 and 23, the Mayor of El Campello, Juanjo Berenguer, represented by the Councilor for Finance Lourdes Llopis, applied to the Alicante municipality to be part of a pilot test for the implementation of a local digital currency. This in the framework of tests for the future digital euro. An international and multidisciplinary research group, in which various universities and high-level public institutions participate, will study how this momentous change from euros in banknotes to digital currency would be accepted by society. For the implementation of cryptocurrencies, it will be necessary to put into practice their massive use through pilot tests that will serve to iron out a thousand and one aspects and determine their most appropriate implementation. And without a doubt, this will require the...
    London (CNN Business)The European Central Bank is moving ahead with efforts to create a digital version of the euro as the use of cash declines and China ramps up tests of its own e-yuan.The central bank announced a two-year investigation on Wednesday that will examine "key issues regarding design and distribution" of a digital euro and analyze the potential market impact. A final decision on whether to roll out a digital euro would come later."Given the digital transformation under way, which has the potential to transform the payments landscape and even the entire financial system, central banks must be bold and keep up with the pace of change," Fabio Panetta, a member of the ECB's executive board, said in a blog post.A digital euro wouldn't replace cash, but would function in much the same way. Instead of paying for goods or services with banknotes, Europeans could use an electronic form of money issued by the European Central Bank or national central banks to a digital wallet.Panetta said the central bank will aim to start developing a digital euro once the...
    Christine Lagarde, President of the European Central Bank, speaks to the media following a meeting of the ECB governing board on March 12, 2020 in Frankfurt, Germany.Thomas Lohnes | Getty Images Europe | Getty Images LONDON—The European Central Bank announced Wednesday that it's starting work toward creating a digital euro currency as more consumers ditch cash. The project is expected to take two years and the idea is to design a digital version of the single currency, used in the 19 members of the euro zone. However, the actual implementation of the central bank backed currency could take another two years on top of the design and investigation stage. "It has been nine months since we published our report on a digital euro. In that time, we have carried out further analysis, sought input from citizens and professionals, and conducted some experiments, with encouraging results. All of this has led us to decide to move up a gear and start the digital euro project," ECB President Christine Lagarde said in a statement. "Our work aims to ensure that in the...
    The widely held view among analysts that the dollar would falter in 2021 and that the euro would hit $ 1.27, triggering a kind of intervention by the European Central Bank (ECB), has been put to the test by the performance of the ‘green ticket’ and there are not few who review their predictions. The analysis houses are reluctant to vary their forecasts substantially, but some they already openly acknowledge that this bearish outlook is not so. The US currency shows muscle when it is about to close the first quarter, supported by optimism in the quicker recovery of the country’s economy, the vaccination campaign and the infrastructure investment package of between 3 and 4 trillion to be presented by President Joe Biden. It is the best performing currency in the last five days and the dollar has gained 1% against the Australian dollar, 3% against the euro, more than 5% against the yen and the Swiss franc, and the British pound he has given up almost all of his earnings for the year. With the dollar at its...
    By Elizabeth Howcroft LONDON, Mar 11 (.) – The dollar index fell to its lowest level in a week in the Europe session on Thursday and currency markets leaned towards a “slight atmosphere of risk” as attention turned to the policy meeting monetary policy of the European Central Bank (ECB). * Weak US consumer price data released on Wednesday helped ease fears of a possible runaway rise in inflation when economies reopen after the COVID pandemic. Treasury bond yields have also declined. * The market expects the ECB authorities to give the message that they will avoid the excessive rise in sovereign debt yields, as this could damage the economic outlook for the euro zone. * Analysts expect the bank to announce faster money printing but to maintain the levels of its already aggressive monetary stimulus policy. The ECB’s decision will be released at 1245 GMT. * Early in the morning, the dollar fell about 0.2% to 91.606 against a basket of currencies, after hitting a three-month high of 92.506 on Tuesday. * The euro was up about 0.3% against...
    The decoupling of the United States from world growth and the rebound in bond interest rates have raised volatility in the currency market to the point that the analysis houses begin to rethink their predictions for the euro / dollar in 2021. The recent fall of the euro has left the single currency at just over 2% of the price from where it began to fly in early November last year ($ 1.16) and raises its loss so far this year to almost 4% from the January highs. This scenario has caused Bank of America have already moved and bet now on a bearish turn at the crossroads, contrary to the market consensus, which still sees the euro at $ 1.23 at the end of the year and that speculators have recalibrated their bets on the euro and the dollar in the last week. The US investment bank is now betting that the shared currency will yield to $ 1.15 by the end of the year, compared with projections of $ 1.23 for 2021 and $ 1.25 for 2022....
    Fact check: Post comparing Capitol riot to 2018 Kavanaugh protests lacks context Justice Department Drops Yale Admissions Discrimation Lawsuit Why dollar bears aren’t shaken by currency’s 2021 bounce © Getty Images CURRENCIES Load Error The U.S. dollar is beginning 2021 with a bounce, despite a consensus view for the currency to extend last year’s selloff. The ICE U.S. Dollar Index a measure of the currency against a basket of six major rivals, is up 0.6% so far this week, contributing to a 1.3% bounce since the end of last year, when it finished near a 2 1/2-year low. The index is down around 12% from levels seen last February and March, when a pandemic-inspired scramble for greenbacks pushed the index to its highest level in more than three years. U.S. dollar (USD) “bears are beside themselves but still holding on to the notion that this is a countertrend rally and the USD down move will continue again soon,” wrote Brad Bechtel, global head of FX at Jefferies in a Tuesday note. “We of course, adamantly disagree,” said...
    After viral win over 529-pound man, Darina Mazdyuk has big plans for Bellator career California woman killed during Capitol riot was a military veteran and staunch Trump supporter Zloty Tests Polish Intervention Appetite With Gain to Key Level (Bloomberg) -- The zloty swung back to a level seen as a possible trigger-point for central bank intervention, keeping investors on edge about its true intentions for preventing more gains. The Polish currency rose past 4.50 per euro on Thursday, a level that prompted the central bank to step in last year to halt the advance. In see-saw trading after a public holiday on Wednesday, the zloty quickly lost all of its gains only to rebound later in the day as traders tried to guess whether the central bank is back in the market. © Bloomberg Polish zloty gyrates near key intervention level The zloty is being jolted after its rally since October launched a rare effort from policy makers to curb the currency’s strength. That culminated in direct market interventions from mid December, starting below 4.45 per euro and then...
    Maryland director on controversial Beltway, I-270 widening plan retires 5 things to know before the stock market opens Thursday Zloty Bounces Off Level Seen as Polish Intervention Trigger (Bloomberg) -- The zloty pared gains against the euro after breaching a threshold seen as a possible trigger-point for central bank intervention. The Polish currency appreciated as much as 0.7% on Thursday to trade below 4.50 per euro, a level that prompted the central bank’s recent foreign-currency purchases aimed at stemming the gains. It then pared all gains to trade little changed at 4.5216 per euro as of 12:37 p.m. in Warsaw. © Bloomberg Polish zloty pares gains after breaching key intervention level The zloty is being jolted after its rally since October launched a rare effort from policy makers to curb the currency’s strength. That culminated in direct market interventions from mid December, which contributed to the currency’s biggest annual retreat in almost a decade. Load Error Mateusz Bieniek, chief dealer at Santander Bank Polska SA in Warsaw, said the central bank was not behind the zloty’s erratic moves...
    Woman fatally shot as pro-Trump mob stormed the Capitol identified as Air Force veteran Anarchy in the USA: Global media reacts to U.S. Capitol chaos Zloty Strengthens Past Central Bank’s Intervention Trigger Point (Bloomberg) -- The zloty extended gains, breaching a threshold seen as a possible trigger-point for central bank intervention. The Polish currency appreciated as much as 0.6% on Thursday to trade below 4.50 per euro, a level that prompted the central bank’s most recent foreign-currency purchases aimed at stemming the gains. The zloty has rallied almost 4% versus the euro since the end of October, with the first reported intervention on Dec. 18. Policy makers’ efforts to curb that strength contributed to the currency’s biggest annual retreat in almost a decade. © Bloomberg Polish currency breaches short-term cap versus euro Governor Adam Glapinski had deemed the zloty’s advance “very harmful” and confirmed the Polish central bank has been intervening since mid-December. He also flagged a further rate cut may be in the cards this quarter, even though the current, record-low reference rate of 0.1% was “appropriate and...
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