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For the ECB, it was its first intervention since the 9/11 terrorist attacks six years earlier.
Unlike the ECB, it has never written down its monetary-policy strategy.
Note that the phrase "may undertake outright open market operations of a size adequate to meet its objective" is a new one from the ECB: it suggests it is preparing to undertake large-scale asset purchases to bring down yields in southern Europe and without claiming seniority.
ECB, it is joked, stands for "exceedingly cautious bunglers".Yet the bank has actually done a better job than is generally thought.
He went on to note that even the Bundesbank has agreed that the new scheme counts as monetary policy and is therefore under the purview of the ECB; it is not the "monetary financing" of shaky states, which is banned by treaty law.
In a co-ordinated move with other central banks, including America's Fed and the euro area's ECB, it cut the base rate by half a percentage point, from 5.0% to 4.5% (see chart).In times gone by, Labour stalwarts might have dreamt of taking stakes in banks to match their post-war seizure of the economy's industrial "commanding heights".
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Nationality is not supposed to count at the supranational ECB; but it always does.Until the start of this year it looked likely that Axel Weber, then the head of the German Bundesbank, would take over the ECB: a popular prospect with the German public and other onlookers who doubt the anti-inflationary zeal of the non-teutonic.
Greece has repaid €3.4bn to the European Central Bank (ECB) after it received €13bn of new loans – its first injection of cash since the country secured the €86bn bailout after fractious, summer-long negotiations with the rest of Europe.
However, in a joint statement with the Professional Cricketers Associationn, the ECB said: "It has been a matter of great frustration that until now the ECB has been unable to respond to the unwarranted and unpleasant criticism of England players and the ECB itself, which has provided an unwelcome backdrop to the recent negotiations to release Kevin Pietersen from his central contract.
Despite this, Massimo Capuano, chief executive of the Milan exchange, claims that his bourse has Europe's lowest total trading costs.A new wrinkle in the story emerged recently when the European Central Bank (ECB) said it would explore the possibility of creating its own pan-European settlement platform.
Since 1999, interest rates have been set by the European Central Bank (ECB), and it chooses monetary policy to fit the euro area as a whole.The ECB cut rates last year, but less sharply than America's Federal Reserve or Britain's Bank of England.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com