WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: All eyes today are on the ECB Governing Council meeting where the Central Bank is widely expected to adopt further monetary stimulus to support the euro area’s economic activity and address persistently subdued inflation pressures. In the press conference that will follow ECB President Mario Draghi is expected to adopt a dovish stance leaving the door open for further stimulus, stressing that the Central Bank is determined to do whatever it takes to reach its inflation target.
GREECE: Discussions in the context of the 1st programme review between the Greek authorities and the ECB/IMF/ESM/EC mission heads resumed yesterday with the agenda focusing on the planned overhaul of the social security pension system. Speaking to reporters after the meeting, Greece’s Minister of Labour, Social Insurance and Social Solidarity Georgios Katrougalos said that a compromise on the issue may not be reached soon and a relevant decision may have to be taken by an extraordinary Eurogroup. According to the most recent Bank of Greece data, the total amount of funding taken from the Eurosystem dropped in February for the second month in a row coming in at €104.23bn.
SOUTH EASTERN EUROPE
ROMANIA: Nominal wage growth remained in double-digit territory in January.
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