Have a Good NEWS

. Two-day summit on the crisis to save the euro was launched in Brussels tonight

. Today's agenda . Bank

of England keeps rates and QE . FTSE 100 up 25 points

. S & P has put the EU on negative watch

. Live -blogging today: Rupert Neate

14:32:

The Dow Jones opened 30.65 points (or 0.25%) to 12,165.72. The S & P 500 was down 5.25 (0.42%) to 1255.76 and the Nasdaq fell 15.3 points (0.58%) to 2633.9

2:11 p.m.

Cameron raised his language offered on Merkozy said he has "no doubt" in the new treaty if vetoting can 't get a good deal for the United Kingdom.

2:03 p.m.

Larry Elliott

explains why the Bank of England kept QE his powder dry.

The Bank of England kept its powder dry. This is the implicit message of Threadneedle Street, after the board meeting of the Bank's monetary policy, which left its rate unchanged at 0.5% and has not announced a further injection of electronic money in the economy .

When the minutes of the meeting are released, however, is likely to show a new dose of QE is on the agenda of the Bank, and is purely a matter of when, if not .

know this because the Bank said it would do more to boost spending on the economy when it published its last inflation report last month. The best estimate of the MPC is that inflation will fall below its 2% target over the next two years if there is an additional stimulus.

1:59 p.m.:.

More allegations U.S. unemployment fell to 23,000,381,000 - the lowest in nine months

13:54:

More again by the ECB "non standard" FT Alphaville measurements.

DRAGHI BCE - the underlying rate of monetary expansion remains moderate,

DRAGHI cost pressures should remain in TIME political relevance MODESTO

DRAGHI-ECB unconventional measures adopted more

DRAGHI ECB to hold two-OPS DUE TO LONG DURATION OF 36 MONTHS

DRAGHI interest rate to be indexed Principal rates

Draghi, provided rules of collateral

DRAGHI-ABS have the second best single A SIDE IS ACCEPTED

DRAGHI-ECB decided to reduce a coefficient of reserve of a PCT

DRAGHI-measures to reduce the reserve ratio will come into force January 18, 2012

1:48 p.m.

Back to Frankfurt
Draghi is to answer questions from journalists. What a question first loooong Bloomberg.

Draghi said he was "surprised" that the media do not come assumped measures.

1:47 p.m.

Now Merkel in Marseille. She said the 27 Member States' obligation to "ensure a strong future for the euro. She says she is "sure" that there will be a "number".

1:46 p.m.:. Although Draghi spoke to the euro climbed against the dollar

1:43 p.m.

ECB sees 2012 GDP growth of -0.4% to 1.0%, compared to previous estimates 0.4% to 2.2%

1:39 p.m.

Larry Elliott, editor of our economy, Draghi said that is "kitchening flow" at all (except to offer bonus) the life easier for banks.

1:36 p.m.

Draghi speaks in Frankfurt. He said inflation is likely to remain above 2% for several months. He says the outlook remains subject to "considerable uncertainty and downside risks."

three years, the ECB will make emergency loans to banks in difficulty.

said a detailed press release will be announced at 3:30 p.m. (1430 GMT).

1:29 p.m.

Sarkozy said there will be a "second chance" after the summit on Friday. Merkel said they have until Christmas. Could this be the beginning of the end Merkozy

13:10:

My colleague Polly Curtis was

investigation into whether the city is really under threat from proposed changes to the regulation of the EU.

the city is under, "he continued regulatory" attacks in Europe, David Cameron, said yesterday the promise of the demand for new shares when the EU summit beginning of today. What are the rules, so the promulgation of Europe, which constitutes a threat and how you could play in the negotiations this week

1:03 p.m.

Tim Gatt tweets from heaven, "Cameron: EU summit" at times, like playing chess against 26 different people instead of one person - and I'm not really chess anyway "

1:01 p.m.:. Hilliary Clinton said she hopes to make the euro area and the world can rally behind

24:52:
Some immediate reactions Carsten Brzeski, chief economist at ING.

The ECB has decided to reduce interest rates by 25 basis points, reducing the refinancing rate to 1.0%. Within months, Mario Draghi has eradicated rate increases strongly contested by his predecessor. Paradoxically, the reduced rate itself is not going to be the most sensational decision of the meeting today. It was expected and was almost the least of the ECB might offer in the current situation. During the press conference at 14.30 CET, all eyes will be on other opportunities for unconventional measures.

Howard Archer of IHS Global Insight:

While an important step, reducing the interest rate is almost a sideshow to the main event, which is what the future actions of the ECB to do about their purchases of bonds?

much larger share of the ECB is widely seen as vital to easing tensions in sovereign debt in the euro area.

24:45:.

The ECB cut interest rates by 25 basis points to 1%

24:38:

European Commission Jose Manuel Durao Barroso, came to the leaders of center-right European meeting in Marseille.

Summit we will start tonight in Brussels is indeed a crucial issue. What I expect of all heads of state and government have been saying is that they can not do but what they will do for Europe.

World watching us. And the world expects of us is national problems, but solutions in Europe. In the center of this crisis there is a problem of trust and credibility. Therefore the support of the European Commission greater convergence over discipline. is very important that all together, all of the European Union shows that the euro is irreversible, we support all the euro. And I think this is possible. My vocation, my strong appeal to all Heads of State and Government demonstrates its commitment to our common currency. I think the leadership is essential and it is possible to do what is necessary.

24:00:

No change. The Bank of England kept interest rates at 0.5% and £ 275bn QE on.

Read the press note

Bank press release here. More details on PA here.

11:48:

John Hooper, our man in Rome, sent over this vision of the leading travel arrangements frugal Euro.

"Italy will pass through," he said. "I never had any doubts ... We are a state debt of wealthy citizens. This is the situation real Italy. " Just to make sure that the markets calmed down completely, but also hinted that his party will try to make changes to the emergency budget presented to Parliament by Monti earlier this week. He said it was "better able".

(I wonder if Kenny had spent on Speedy Boarding)

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