The world’s second largest oil exporter, Russia, could lose up to $135 billion this year because of the plummeting price of crude. That’s according to the latest monthly report from the Organization of the Petroleum Exporting Countries, OPEC. The sum is equivalent to 10% of Russian GDP.
QE: can the ECB kick-start credit?
In launching its quantitative easing (QE) programme last week, the European Central Bank (ECB) dispelled the threat of severe, self-sustaining deflation in the euro zone. However, the move will extend the low interest rate environment for a protracted period, impacting bank earnings.