- ECB
German consumer morale rose to the highest level in eight years, as shoppers expect the European growth engine to regain momentum. Gfk consumer sentiment indicator, based on a survey of around 2,000 Germans, climbed to 9.0 heading into January, up from 8.7 in December. Shoppers became more willing to spend as plummeting energy prices pushed down the cost of heating oil and petrol, leaving households with more money to spend on other items. On top of that, domestic conditions remain favourable for consumption, with employment at a record high, wages advancing and inflation moderate.
A separate report showed the Euro zone current account surplus shrank in October compared to the preceding month on a seasonally adjusted basis, according to the European Central Bank. The current account surplus declined to 20.5 billion euros, down from a revised 32.0 billion euros reported in September. The ECB also announced that starting from January 22, 2015, the central bank will release minutes of Governing Council monetary policy discussions to "provide the rationale behind monetary policy decisions." The accounts will be released four weeks after each meeting. With Lithuania joining the Euro zone on January 1, 2015, the Governing Council will consist of 25 members: six members of the ECB's Executive Board and 19 national central bank governors.
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