Europe
Trichet: ECB monetary policy strategy after May 03
In a speech on 'The ECB's monetary policy strategy after the evaluation and clarification of May 2003' given on 27 November, Jean-Claude Trichet of the ECB said EMU is based on the conviction that Europe can derive strong benefits from a "culture of…
ECB rejects EU proposals re executive board
The European Central Bank has angrily rejected proposals from the Italian EU Presidency that could make it easier for governments to appoint members of the ECB's executive board, according to Biz World. "The governing council of the ECB is seriously…
EU official threatens court action over pact
EU Economic Affairs Commissioner Pedro Solbes said on Wednesday 26 November, according to AFP, that the (European) Commission's judicial service is studying the question of whether the ECOFIN ministers' decision this week to effectively let Germany and…
Trichet's letter to EU Council President
Letter of 26 November from Jean-Claude Trichet, President of the European Central Bank to the President of the Council of the European Union, on the introduction of a new article into the Constitution to allow for the amendment of the ESCB's basic…
ECB's Tumpel-Gugerell on capital markets in Europe
In a speech on 'ECB-CFS Research Network on capital markets and financial integration in Europe' given on 21 November Gertrude Tumpel-Gugerell of the ECB said the ECB clearly supports the view expressed among others by the Lamfalussy Committee of Wise…
Euro Parliament: More emphasis on growth for Pact
Press release on the Stability and Growth Pact by the Chair of the Committee on Economic and Monetary Affairs of the European Parliament, Christa Randzio-Plath MEP, 27 November. "A constructive debate on Stability and Growth Pact is needed: a political…
ECB's Padoa-Schioppa sees no threat to growth pact
ECB board member Tommaso Padoa-Schioppa has said that despite the changes to the stability and growth pact, its long-term credibility is not under threat, Reuters reports. He said he did not share speculation the decision could spell the end for the…
EU panel suggests rewriting euro rulebook
European Commission President Romano Prodi said on Wednesday 26 November that EU governments cannot use "ad-hoc measures" to suspend or amend the stability pact when they feel "its provisions are too stringent or inopportune", reports Associated Press…
OECD sees scope for ECB rate cut
The OECD's semiannual economic outlook report said that with inflation pressures waning it is assumed the ECB will hold interest rates until the recovery firms, reports AFP, but there is scope for easing policy if the economic upturn stalls or the euro…
Trichet's home sweet home
After stepping into Wim Duisenberg's shoes at the start of November as President of the European Central Bank, it now transpires that Jean-Claude Trichet has also moved into Duisenberg's old house.
Central bankers: Smarter or better informed?
"I have always admired the unique role of central bankers. As we reflect from time to time upon reincarnation as a possible next step, I lean towards that option", writes OECD secretary-general, Donald J. Johnston in this article published by the OECD…
EU bends budget rules for Germany, France
A proposal to suspend the sanctions mechanism of the stability and growth pact for France and Germany was agreed on Tuesday 25 November by eurozone finance ministers, acording to Reuters. A declaration by the Ecofin council, meeting in Brussels, agreed…
ECB considers one-euro, two-euro notes
Following requests from some countries, including Italy, the European Central Bank said on Tuesday 25 November it was considering introducing one-euro and two-euro notes, according to Expatica. If agreed, it is expected to take several years from design…
Trichet on the ECB's monetary policy strategy
In a speech on 'The ECB's monetary policy strategy after the evaluation and clarification of May 2003' given on 20 November, Jean-Claude Trichet of the ECB said in the field of fiscal policies the arguments in favour of the Stability and Growth Pact are…
Trichet on Europe at the crossroads
In a speech on 'Europe at the crossroads' given on 20 November, Jean-Claude Trichet of the ECB said the euro has become a strong symbol of Europe. It makes the world "identify Europe" and helps Europeans to identify with Europe. I am grateful, Trichet…
ECB's Trichet:: unsound budgets fuel inflation
The ECB President said on Thursday 20 November that "non-disciplined" fiscal policies would undermine confidence and thus reduce potential output and longer-term growth in the eurozone, according to a report by AFP. "The arguments in favour of the…
ECB's Papademos on European monetary policy
In a speech on 'Challenges for monetary policy in Europe' given on 13 November, Lucas Papademos of the ECB quoted from the American writer Joshua J. Marine: "Challenges are what makes life interesting; overcoming them is what makes life meaningful." In…
Euro inflation falls to three-month low
The annual rate of inflation in the eurozone fell to its lowest level in three months in October as energy, transport and entertainment costs declined, Reuters reports. Eurostat said on Tuesday 18 November that the rate fell to 2.0 percent on a year-on…
ECB new ruling on central bank capital
CentralBankNet investigates a new ruling by the ECB with wide implications for all the central banks of the euro area. The present situation, under which the national central banks are in effect national investment funds, is uncomfortable. If the ECB…
ECB's Solans on changeover to the euro currency
In a speech on 'The changeover to the euro currency' given on 13 November, Eugenio Domingo Solans of the ECB said based on the positive experience we have so far made with the euro and its smooth introduction, we can be confident that we will cope with…
ECB publishes results of its bank lending survey
The European Central Bank published the report on the results of the October 2003 bank lending survey for the euro area on 13 November. The bank lending survey has been developed by the Eurosystem in order to enhance the understanding of bank lending…
ECB Monthly Bulletin, November 2003
The European Central Bank published its November 2003 Monthly Bulletin on 13 November. This issue of the Monthly Bulletin contains three articles. The first reviews the main developments in the debt financing of the euro area private sector over recent…
ECB's Issing: Rule breaking undermines euro
Otmar Issing, the ECB's chief economist, has said in an interview reported by AFP that the stability and growth pact is an important institutional part of monetary union and it is a major concern if it is put into doubt. Asked whether the ECB could…
Publication of study on the euro area money market
In the context of the regular monitoring activities of the European System of Central Banks, experts from the European Central Bank and from the national central banks of the European Union have carried out an analysis of euro area money market…