European Central Bank (ECB)
Duisenberg on accepting Austrian decoration
On accepting an Austrian decoration from Dr Thomas Klestil, the Austrian President, Wim Duisenberg of the European Central Bank said "I should again like to express my sincere gratitude for this high decoration. It strengthens my belief that the cause I …
ECB to aim for inflation 'close to 2%'
The ECB said Thursday that its Governing Council agreed that in the pursuit of price stability it will aim to maintain inflation rates close to 2% over the medium term. "This clarification underlines the ECB's commitment to provide a sufficient safety…
Papademos presents the ECB's Annual Report
In his presentation of the ECB's Annual Report 2002 to the Committee on Economic and Monetary Affairs of the European Parliament Lucas Papademos said one of the main messages of 2002 has been that the euro area economy needs to become more flexible and…
Welteke confirms support for stability pact
Looking back over the lifetime of the euro, Ernst Welteke, the president of the Deutsche Bundesbank, said in a speech on Wednesday that the ECB had achieved its aim of price stability in the face of strong and in some cases unprecedented economic shocks…
Hamalainen on challenges for retail banking
In a speech on 'EU accession - challenges for retail banking' Sirkka Hamalainen of the ECB said the ECB has assessed the payments infrastructure in the acceding countries and found it sufficiently robust to ensure that it will not generate systemic risks…
Duisenberg heir need not be French, lawmaker says
Christa Randzio-Plath, chairwoman of the European Parliament's monetary committee, has said that Wim Duisenberg's successor at the ECB does not have to be French, commenting "We have not only to look at nationality", according to Bloomberg News.
ECB voting change could hinder UK euro entry
The UK's treasury select committee said on Monday April 28 in a report that the ECB's proposed change in voting arrangements could pose an "obstacle to entry" for Britain and the euro, according to the Financial Times.
Solans on the ECB's Memorandum of Understanding
Eugenio Domingo Solans of the European Central Bank spoke of the close cooperation between the ECB and the European Commission (Eurostat) at the signature of the Memorandum of Understanding on Economic and Financial Statistics.
ECB's Solans on the international role of the euro
In a speech on 'The international role of the euro in a globalised economy' Eugenio Domingo Solans of the European Central Bank said the euro is firmly established as the second most important currency in global markets and that although the ECB sees the…
Hamalainen on the euro: making progress
In a speech on 'The euro: making progress' Sirkka Hamalainen of the European Central Bank said the euro has lived up to expectations and has delivered the internal price and financial stability that it was supposed to. On the indirect effects of the euro…
Duisenberg speech before the President of Italy
In a speech Wim Duisenberg of the European Central Bank spoke of Rome as a symbolic City for the ECB to hold a Governing Council meeting. The ECB has decided to meet twice a year outside its Frankfurt base, partly to emphasise the federal character of…
Issing on monetary and financial stability
In a speech on 'Monetary and financial stability: Is there a trade-off?' Otmar Issing of the European Central Bank said the question whether there is a trade-off between monetary and financial stability has been one of the most interesting areas of…
Bundesbank's profits shrink by nearly 50%
The Bundesbank revealed this week that profits for 2002 fell by almost 50%. Gold and currency reserves were shown to have more than halved on the previous year, accordint to a report in the Frankfurther Allgemeine Zeitung.
ECB's Papademos praises Ireland's economy
In a speech made in Dublin and reported by RTE News, the ECB's vice president, Lucas Papademos, said the Irish economy was a good example to others. He also outlined and defended the ECB's proposed new three-tier rotating voting system.
ECB's Issing on eurozone growth
In testimony to the European Parliament Otmar Issing of the ECB said eurozone economic growth is expected to be only moderate this year, and inflation is forecast to fall below 2%, although developments continue to be overshadowed by the war in Iraq. He…
EC to consider war when evaluating Pact
Romano Prodi has indicated that war in Iraq will be taken into account when the European Commission assesses member countries' deficits under the stability and growth pact, according to a BizWorld report.
ECB ready to react to disturbances
The ECB reassured on Thursday that it was ready to react in the event of financial market disturbances after the start of military action against Iraq.
ECB Press Release on the war in Iraq, 20 March
Statement of the ECB's Governing Council following the start of military action in Iraq, 20 March.
ECB sees profits slide by 0.6 bn euros for 2002
On Thursday the European Central Bank revealed that profits fell by 33% in the year ended 2002. In a press release the ECB blamed the reduction on the fall in both the US dollar and euro interest rates during the year. The accounts also show that the ECB…
ECB's Solans on economic policy
In the speech 'Economic policy: complementary and reinforcing dimensions' Eugenio Domingo Solans of the ECB said more focus should be placed on structural micro-economic reforms that can increase the production potential of the European economy. He…
Vintage ECB
FEATURE - Reports that certain ECB policy makers weren't exactly seeing eye to eye inspired a question to Lucas Papademos on the subject at Thursday's press conference. The answer did not reveal much, apart from the ECB's choice of wine at the top table,…
ECB refinancing, 6 Mar
PRESS RELEASE - Monetary policy decisions. The minimum bid rate on the main refinancing operations will be reduced by 0.25 percentage point to 2.50%, starting from the operation to be settled on 12 March 2003.
Issing on monetary policy strategies
SPEECH - In the speech 'Considerations on monetary policy strategies for accession countries' Otmar Issing of the European Central Bank said central banks in accession countries can do a lot to facilitate a smooth and sustainable accession process. Their…
Dissent inside the Eurotower
ARTICLE - This article suggests that even if the ECB cuts interest rates on Thursday, the move will do little to satisfy critics pressing for a reappraisal of the bank's policymaking framework. The article suggests tensions between key ECB officials…