European Central Bank President Christine Lagarde said Bulgaria is “well advanced” in the process of meeting the criteria for joining the euro.

Meanwhile the ECB's survey of 19,000 euro area consumers showed a similar uptick in expectations last month. Median expectations for inflation over the next 12 months increased for the third month in a row, to 2.8% from 2.6%. However, three years out, expectations were unchanged at 2.4%.

The European Central Bank is cutting its key interest rate, a step to boost an economy that’s struggling to grow as consumers burned by inflation warily eye price tags and businesses try to chart a course amid political turmoil in leading economies France and Germany.

ECB President Christine Lagarde ruled out Bitcoin as a reserve asset for the eurozone’s central banks, citing concerns over liquidity, security, and regulatory risks.

European Central Bank (ECB) ­president Christine Lagarde did not mince her words about the wider economic conditions even as she gave Europe’s borrowers another rate cut yesterday.

European Central Bank (ECB) President Christine Lagarde reacts as she addresses the media, following the Governing Council's monetary policy meeting at the ECB headquarters, in Frankfurt, Germany, January 30, 2025. REUTERS/Kai Pfaffenbach

The European Central Bank cut interest rates on Thursday and policymakers guided for a further reduction in March as concerns over lacklustre economic growth supersede worries about persistent inflation.

was speaking today after interest rates were cut by a further 25 basis points Business Post subscribers can read:

In case EUR/USD drops below 1.0380-1.0390 (200-period SMA on the 4-hour chart, Fibonacci 50% retracement of the latest downtrend) and starts using this level as resistance, additional losses toward 1.0350-1.0360 (Fibonacci 38.2% retracement, 100-period SMA) and 1.0300 (static level, round level) could be seen.

European Central Bank President Christine Lagarde predicted that no European Union country will choose to add Bitcoin to its monetary reserves.

Axel Rudolph at IG observed: "The slowest US growth in three quarters has revived hopes that the Fed may move away from its hawkish hold. Eurozone GDP stalling and the German economy - in a mild recession since 2023 - shrinking more than expected in [the fourth quarter] have also increased the odds for further European Central Bank rate cuts."