The euro (EUR): special focus
Euromoney's latest coverage of the single currency.
The Grim Reaper's scythe has loomed over the euro ever since its inception. Here is a comprehensive list of Euromoney's latest coverage on the survival of the single currency, plus choice pickings from the past two decades.
Despite the latest attempts to stymie them, Eurosceptic populists remain the most powerful political force in Italy – largely thanks to anger at a banking crisis, often fanned by the ECB. Now their approach to power is killing the last chance of fixing the banking union, and possibly the euro.
The new government is imminent and is expected to announce policies that will cause financial markets to turn their attentions from the recovering economy to unorthodox populism.
Sovereign targets credit uplift for euro admission; Lazard advises on SOE restructuring.
Eurozone stress has been felt most acutely in the so-called periphery, but investors should look at the core of the European Union.
This year has been a good one for the eurozone economy, with business confidence, credit growth and economic activity set to hit a six-year high in the first quarter.
The dollar’s multi-year bull run might last a couple more months, but its fundamental underpinnings are weakening.
Existential threat to euro wholesale industry; fears for loss of single-market passport.
In the great debate on banking union, the smaller markets of emerging Europe are often overlooked. Yet, with banking sectors dominated by eurozone groups, they are uniquely vulnerable to changing regulatory regimes.
News of the ECB’s corporate-sector purchasing programme shocked the market in March and has already prompted a stampede for paper among desperate investors before the central bank has purchased a single bond. Bankers and investors are already complaining that the programme will not have its desired effect.
With the spectre of a 'Leave' vote predominating in the UK EU referendum hanging heavily over FX markets, corporates are likely to further increase their use of forwards as a hedging option.
The world’s two major currencies – the US dollar and the euro – are making strong gains against the British pound; "the euro is benefiting from anti-risk sentiment."
The euro has emerged as a funding currency, and traditional euro/dollar safe-haven dynamics have broken down.
How did the relationship of the Swiss franc and the euro turn out to be purely platonic? Conscious uncoupling was perhaps inevitable.
Swiss franc: special focus January 2015
The Swiss National Bank has been under sustained fire in its attempt to defend its euro peg in recent years. Accordingly, the shift in the long-defended policy regime has shocked markets and will have far-reaching implications for the euro, eastern Europe and private banking, among other things. Euromoney investigates.
European bond and equity markets have been happy hunting grounds for foreign investors of late, and demand for European assets has helped support the euro, despite economic headwinds. However, bankers now report a shift to increased hedging of European exposures, leaving the region’s currency relatively unprotected against interest-rate differentials.
Euro carry trade the new 'Bernanke put' September 2014
As the Fed prepares for rate hikes, the hope is that the ECB stands ready to take over its mantle as chief global liquidity provider, raising the spectre of the euro becoming a more attractive funding currency for carry strategies.
ECB president Mario Draghi has resisted using his quantitative easing bazooka up to now. However, with inflation expectations already moving lower, he will have to fire it before the year is out.
What is needed is a persistently weaker euro. To get to that, the ECB needs either to embark on a comprehensive QE programme or intervene in the foreign exchange market.
With ECB policymakers meeting in Frankfurt next week, European exporters will watch with bated breath amid expectations the central bank will take action that helps weaken the euro. However, those anticipating fireworks might be disappointed, analysts say.
The ECB view that eurozone disinflation is slowly reversing is unconvincing. QE might be the only strategy left, although it is not risk free.
Bank of Lithuania deputy chief Ingrida Šimonyte discusses the country’s euro-adoption plans, the challenges for the foreign-owned banking system, and the asset quality review in a wide-ranging interview.
Enduring strength in the euro might derail any nascent recovery.
Investors might fear that official action will be taken aimed at supressing euro strength, but the region is likely to have to put up with a strong currency.
After another annus horribilis for Europe in 2012, there has been a gradual but steady improvement in market sentiment this year. Although the growth outlook still looks weak, there has at least been some respite from the relentless worry about debt default and euro break-up.
The international role of the euro has shrunk to the lowest level since the creation of the single currency, according to the Bank for International Settlements (BIS).
Famed for his tough approach to regulation, Czech central bank head Miroslav Singer now has his sights set on currency market intervention to reflate the country’s flagging economy. He talks to Euromoney about the limitations of fiscal policy, the prospects for Czech adoption of the euro, and the dangers of regulatory integration.
Rarely have two decisions to leave interest rates on hold had such an impact on the currency market, but the Bank of England (BoE) and the European Central Bank (ECB) managed to put heavy pressure on the pound and the euro after their policy meetings on Thursday.
The euro has remained resilient amid the turmoil that has engulfed the financial markets in recent weeks, but its fortunes might be starting to turn.
For some, the growing divergence between the size of the Federal Reserve’s balance sheet and that of the European Central Bank (ECB) is a reason to be bullish on EURUSD, but that relationship might be in the process of breaking down.
Latvia’s Vilks defends euro decision
Europhoria takes single currency to new heights
Further euro strength could prompt ECB rate cut
Merk: the euro might be the ‘rock star’ of 2013
The battle for the eurozone's soul: a reading list
The problem with the euro: it’s working too well
Special focus: Grexit
Catch-22 – death knell of the euro?
Greece might exit the euro afterall...
Against the tide: Euro’s end game
Eurozone withdrawal slim
UBS counts the cost to Germany of leaving the euro
Book review: The euro, alive but not kicking
Against the tide: It’s a twin-track Europe
Breaking up the euro
Euro adoption: Crunch makes euro attractive
Does east follow west to the euro?
On the road to euroland
Here comes the euro
Euro awaits single financial market
Europe, the euro and sterling
Which way for the euro now?
Pushing the euro uphill?
The capped crusader
Which way for the euro?
SS Euro – sinking the unsinkable