ECB

Spain's inflation rate has unexpectedly climbed to 5%, according to a Bloomberg report, strengthening the case for the European Central Bank to keep raising interest rates. The figure adds to concerns that price pressures across the eurozone remain stubborn, putting the ECB under renewed pressure to tighten monetary policy despite risks to economic growth.

The European Central Bank is examining new currency safety nets aimed at strengthening the euro's role in the global financial system. The initiative would seek to make the euro a more attractive alternative to the US dollar for international reserves and trade, amid growing discussion in Europe about greater financial autonomy and reducing reliance on dollar-based arrangements.

The European Central Bank is taking part in a hearing of the European Parliament's Committee on Economic and Monetary Affairs, where lawmakers question central bank officials on monetary policy, inflation and eurozone financial stability. Such hearings are a regular part of the ECB's accountability to the Parliament, giving MEPs a chance to scrutinise decisions affecting the euro area economy.