By Sinead Cruise, Amanda Cooper and Francesco Canepa LONDON/FRANKFURT (Reuters) - The European Central Bank was scrambling to fix a rare outage in its payment system which left transactions likely worth trillions of euros from companies,
The European Central Bank said late on Thursday it had fixed an unprecedented outage in its payment system which had left transactions likely worth trillions of euros from companies, consumers and investors up in the air for most of the day.
The European Central Bank has taken down some interfaces of its securities settlement system as it works to resolve an ongoing glitch that disrupted communications within that network, known as Target 2 Securities (T2S).
The European Central Bank reported a communications glitch on Thursday in its securities settlement system, which handles $1.9 trillion a day in transactions, leaving traders and bank risk managers scrambling to figure out the potential impact.
The European Central Bank’s securities settlement system is working again after a communications shutdown earlier on Thursday due to a hardware failure.
Members noted ‘shift in balance of [inflation] risks to upside’ while ‘greater caution’ in face of uncertainties was needed on size and pace of further cuts
Our base case remains that the ECB will ease a total of four times this year, extending its divergence with the US. Having cut in January we expect a further cut to follow in March, despite some vocal pushback on inflation, followed by a third cut at or before its June meeting.
The European Central Bank's said late on Thursday its systems for settling transactions were working again after an outage that had kept them offline for most of the day was fixed.
European Central Bank Governing Council member Gabriel Makhlouf warned of dangers to the slowdown in consumer-price growth amid acute uncertainty.
The staff reps have been vocal about issues including poor mental health and alleged favoritism at the central bank.
Nearly nine in 10 workers reported an improved work-life balance, giving central bank an edge in recruitment ahead of the private sector.
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