European Central Bank is to pump 30 billion euros into the financial markets to calm them.

European Central Bank is to pump 30 billion euros into the financial markets to calm them. The move follows Monday morning falls on the European stock exchanges in the wake of problems caused by the credit crisis at two of the United States' largest investment banks. Lehman Brothers is currently filing for bankruptcy, while Merrill Lynch, often seen as a Wall Street giant too big to fail, is being taken over by Bank of America.The damage, seen mainly in the morning, proved to be less than expected, especially when the New York stock exchange opened with no sign of a "Black Monday". When the European exchanges finally closed, losses amounted to between three and four percent.In the US, the Federal Reserve is also intervening to curb the rising unrest in the financial markets by easing restrictions on access to emergency credit. In addition, ten large international banks have set aside 70 billion dollars to help stabilise the markets.