Bloomberg Euro-area government bonds surged after the European Central Bank unexpectedly cut all its interest rates and expanded its monthly bond purchases. Spanish 10-year yields dropped the most in five months with the decision boosting peripheral debt relative to the higher-rated peers. ECB officials cut the central bank’s deposit rate by 10 basis points to minus 0.4 percent, and its …

Bloomberg U.K. Chancellor of the Exchequer George Osborne is facing a potential shortfall in the nation’s finances ahead of his annual budget as plans to sell Royal Bank of Scotland Group Plc shares stall. Whipsawing markets and a split within the government ahead of Britain’s June 23 referendum on European Union membership mean the chancellor probably won’t meet next fiscal …

The rate on its marginal lending facility, by which the ECB offers overnight credit to banks, is going down to 0.25 percent from 0.30 percent. The ECB also announced it would expand the volume of bonds it purchases each month under its programme of quantitative easing to 80 billion euros ($88 billion) from 60 billion euros. And it would also …