SHARE
COPY LINK

MONEY

ECB announces economy boost

The European Central Bank (ECB) will buy €60 billion of European debt every month from March 2015 until September 2016, ECB president Mario Draghi announced on Thursday.

ECB announces economy boost
ECB President Mario Draghi. Photo: APA

"The combined monthly purchases of public and private sector securities will amount to 60 billion euros" Draghi told assembled journalists at a press conference in Frankfurt.

The bond-buying programme will continue "until we see a sustained adjustment in the path of inflation which is consistent with our aim of achieving inflation rates below, but close to, 2%", he added.

Spending €60 billion a month for that long would mean the bank injecting over €1.1 trillion into the economy.

The Euro immediately dropped sharply against the US dollar on the news.

The Financial Times reported that interest on German 10-year government bonds fell by two basis points (=0.1 percent) to 0.5 percent as investors scrambled to buy.

Meanwhile, interest on Greek debt fell 10 points to 8.9 percent, Spanish debt 7 points to 1.46 percent, and French debt four points to 0.66 percent.

Member comments

Log in here to leave a comment.
Become a Member to leave a comment.
For members

ENERGY

How to keep your apartment cool in Austria this summer amid rising energy prices

With energy costs continuing to rise, in Austria many people are reluctant to use air conditioning in their apartments this summer. Here’s how to keep your apartment cool without breaking the bank.

How to keep your apartment cool in Austria this summer amid rising energy prices

It’s a well-known fact that air conditioning units are expensive to run – and even more so this year with spiralling energy costs.

But with temperatures in Austria already hitting the mid-30s on some days, apartment dwellers are starting to feel the heat.

What are the alternatives to air conditioning? Here’s what you need to know.

READ MORE: EXPLAINED: How Austria’s new finance measures could benefit you

Use a fan

An electrical fan might not cool the air down as much as an air conditioning system but it is significantly cheaper to run. 

Der Standard reports that a fan uses 95 percent less energy than a mobile AC unit with an average cost of just €7 per summer (based on 60 days of use).

Whereas a mobile air conditioning unit could cost €170 in additional electricity costs.

Close blinds and curtains

One of the easiest and most cost effective ways to cool down an apartment is to keep all blinds and curtains closed during the day to keep out the heat.

In Vienna, there are even government subsidies available to purchase external blinds and shutters for an apartment. Although permission from a landlord is required for rental properties.

The City of Vienna website has more information about this scheme.

Hang up wet laundry

A top tip to cool down a hot apartment is to hang up wet laundry to dry.

As the clothes dry, evaporation removes heat from the air which cools down the room. Plus, it saves more money on energy bills by not using a tumble dryer.

READ ALSO: Ten ways to save money on your trip to Austria this summer

Wear clothing made from natural fibres

Wearing natural fibres is one of the best ways to stay cool in hot weather.

This means wearing clothing made from cotton, linen, silk, bamboo, lyocell or merino wool.

Bamboo and lyocell are also sustainable crops, so buying clothes made from these fibres is better for the environment too (as long as it’s from FSC-certified wood).

Drink lots of water

This is an obvious one, but it works.

Always drink plenty of water during hot weather – even when inside an apartment – as this will help to keep your body temperature down.

Additionally, try to eat a light diet during times of high temperatures, such as salads and vegetables.

READ MORE: Vienna to handout €200 payments to counter rising energy costs

Use a damp cloth

If it gets really hot at night, try using a cool damp cloth to cool the neck.

It won’t have the same effect as crisp air conditioning, but it will help to cool you down.

Last resort

If there really is no other option than air conditioning then try to use it sparingly. For example, just for a few hours at night.

Mobile air conditioning units are the most expensive with approximately 8kWh of electricity consumed during an eight hour period. However, these are easy to source at hardware stores and are simple to install.

Split units (with indoor and outdoor compartments) are cheaper to run but need to be installed by a specialist and usually require permission from a landlord. These devices use around 40 to 50 percent less energy than a mobile unit.

SHOW COMMENTS