Europe
ECB's new HQ begins to take shape
The construction of the new European Central Bank headquarters in Frankfurt moved one step closer this week with demolition work on the former site of the Grossmarkthalle (wholesale market) due to begin on Thursday 1 July.
The development of statistics for EMU - ECB book
The European Central Bank published a book on 2 July recording the work to develop statistics for Economic and Monetary Union (EMU). Part A of the book concerns the preparatory work in the years 1992 - 98. Part B describes the numerous enhancements made…
Trichet on European financial sector integration
In a speech on 'Integration of the European Financial Sector' given on 29 June, Jean-Claude Trichet of the ECB said the financial system plays an essential role in the transmission of monetary policy and integrated European financial markets facilitate…
Will ECB independence threaten ECB independence?
The Federal Reserve is about to join the club of central banks that has embarked on a course of normalizing short-term interest rates, this article says ahead of the Fed's much awaited FOMC decision. And with the ECB meeting on Thursday it describes the…
New version of the ECB's website
The European Central Bank (ECB) launched a new version of its website (www.ecb.int) on Saturday, 26 June. The site's design has been modernised and the contents restructured in order to make it more user-friendly, the ECB said.
ECB board bypass Frankfurt
Apparently none of the Frankfurt based European Central Bank's board members actually live in Frankfurt, the FT revealed this week.
Trichet shown red card for speaking English
French deputies walked out of the Council of Europe's parliamentary assembly on Monday 21 June when ECB chief Jean-Claude Trichet began addressing a meeting in English, according to Reuters.
EU proposes easing of stability pact
At its regular meeting on Thursday 24 June, the European Commission recommended that a country's economic situation should be taken into account when applying the stability and growth pact, Deutsche Welle reported.
ECB's Padoa-Schioppa on challenges post-FSAP
In a speech on 'Challenges of financial integration in the post-FSAP period' given on 23 June, Tommaso Padoa-Schioppa of the ECB said efforts in the post-FSAP period should be devoted to best implementing the new framework. If exploited ambitiously, the…
Rates not to blame for slow growth: Padoa-Schioppa
The European Central Bank's reluctance to cut interest rates below 2 per cent isn't to blame for slow growth in the 12 nations that share the euro, said Tommaso Padoa-Schioppa, an ECB board member, in an interview with newspaper La Stampa.
ECB's Issing on the primacy of price stability
In a speech 'On the primacy of price stability' given on 10 June. Otmar Issing of the ECB said the primacy of price stability does not imply that this objective can be left to the central banks alone. Monetary policy needs to be complemented by a sound…
ECB Monthly Bulletin, June 2004
The European Central Bank published its June 2004 Monthly Bulletin on 10 June. The report said the recovery in euro area economic growth is expected to continue over the coming quarters, leading to a broader and stronger upswing in the course of next…
Prodi defends independence of ECB
Italian Prime Minister Silvio Berlusconi and his compatriot Romano Prodi, president of the European Commission, have locked swords over the strength of the euro and European Central Bank interest rate policy during the G8 summit of industrialized nations…
Trichet says ECB vigilant on oil
European Central Bank president Jean-Claude Trichet said the ECB has to be vigilant over the recent rise in oil prices, but is confident that inflation in the euro zone will be below 2 pct in 2005.
President proposed for euro finance ministers
French finance minister Nicolas Sarkozy proposed this week that the finance ministers of the 12 eurozone countries should have a permanent president for two and a half years.
Trichet on financial stability & structural change
In a speech to the Second Conference of the Monetary Stability Foundation given on 3 June, Jean-Claude Trichet of the ECB said faced with new developments in the financial markets, namely, their increasingly large role and their integration across…
ECB decision on the rules applying to OLAF
Today, 3 June, the Governing Council of the European Central Bank (ECB) adopted a Decision (ECB/2004/11) on the terms and conditions for European Anti-Fraud Office (OLAF) investigations of the European Central Bank.
ECB press conference, with Q & A session
The European Central Bank held eurozone interest rates unchanged for a 12th month on Thursday 3 June. At the post-meeting press conference Jean-Claude Trichet said the economic recovery has strengthened over recent months, but noted we have also…
EU Finance ministers urge OPEC action on oil price
French Finance Minister Nicolas Sarkozy says that eurozone finance ministers have agreed to coordinate any response to surging oil prices and want talks with oil producers to lead to an increase in output.
Report says Basel II will cost banks 20-30bn euros
Applying capital requirements under a new accord drafted by the Basel committee should cost European banks 20-30 billion euros between 2002 and 2006, a study prepared for the European Commission has estimated.
Trichet on Eurozone reforms and growth
In a speech on 'Structural reforms and growth, as highlighted by the Irish case' given on 31 May, Jean-Claude Trichet of the ECB said governments of the twelve euro countries could help boost consumer confidence by increasing efforts to cut their budget…
Issing on the euro and the Lisbon agenda
In a speech on 'The euro and the Lisbon agenda' given on 28 May, Otmar Issing of the ECB said structural reforms in eurozone countries would allow the ECB to avoid sharp interest rate changes in reaction to external shocks.
Solans set to leave ECB
ECB Executive Board Member Eugenio Domingo Solans, who in 2002 oversaw the debut of the euro notes and coins, will step down from his post on Monday, 31 May. He will be replaced by Spaniard Jose Manuel Gonzalez Paramo.
ECB's Issing: Euro zone recovery set to continue
European Central Bank's chief economist Otmar Issing said on Thursday 27 May that economic recovery in the 12-country euro zone is set to continue and gather momentum this year.