Europe
ECB's Duisenberg prays for gradual dollar decline
Wim Duisenberg has said that a fall in the dollar was "unavoidable" considering the "huge" trade deficit the United States has. The outgoing ECB president said in an interview with the Financial Times: "We hope and pray that this adjustment, which is…
ECB Press Conference with Questions and Answers
At the ECB's post Governing Council meeting press conference in Lisbon on Thursday 2 October Wim Duisenberg said "There is growing evidence that most countries will miss their budgetary targets for 2003 by a significant margin and, in a number of cases,…
EU sees more signs of economic recovery
The EU's third quarter economic report released on Tuesday 30 September expressed optimism in the euro zone economy but warned of risks to the recovery, reports Associated Press. "Recent data have begun to send out encouraging signals suggesting that the…
Eurozone inflation remains above 2.0pc
Provisional figures for eurozone inflation released on Tuesday 30 September showed that the rate remained above the ECB's target at 2.1%, according to BizWorld. Ireland had the highest rate of inflation in August, at 3.9pc, followed by Greece and Spain…
Information acquisition & decisions in committees
This ECB Working Paper is a survey of the recent game theoretic literature on committee decision making. It considers theoretical work on the role of (i) strategic voting, (ii) costly information acquisition, (iii) conflicting interests, and (iv)…
Monetary developments in the euro area
The ECB's "Monetary developments in the euro area" published on 25 September reveals the annual rate of growth of M3 decreased to 8.2% in August, from 8.6% in July 2003 (revised upwards from 8.5%).
Duisenberg praises US-style labour reforms
Wim Duisenberg told the European Parliament on Thursday 25 September that to increase employment the EU must become more flexible. He compared the US labour market with that of Europe, saying "clearly they are doing better than us".
Euro parliament approves Trichet for ECB
On Tuesday 23 September, according to AFP, the European parliament approved the nomination of French central bank governor Jean-Claude Trichet as the next ECB president, replacing Wim Duisenberg of The Netherlands.
Euro economic growth on pause
The euro area economy is stagnant but not in recession - yet - according to a new CEPR committee set up to date the euro-area business cycle. The committee seeks to emulate the NBER in the US, which has performed a similar role since 1980. Using data…
Keeping up appearances at the ECB
MONDAY SPECIAL - It's always a bit unsettling to learn that something is not quite as it seems - but all the more so when the illusionist turns out to be such an esteemed pillar of the establishment as the European Central Bank (ECB). Who would suspect a…
Opening of the euro banknote design exhibition
Introductory statement by Prof. Eugenio Domingo Solans of the ECB at the Press Conference for the opening of the euro banknote design exhibition on 17 September. Today, more than a year and a half after the introduction of the euro banknotes and coins,…
ECB officials split on pace of recovery
ECB officials remain divided over the pace and strength of the economic recovery, says the Financial Times. Eugenio Domingo Solans said the eurozone should start showing signs of recovery soon, but it was possible the upturn had already started. But…
IMF's Rogoff urges EU stability pact reform
IMF chief economist Kenneth Rogoff has said that the EU's stability and growth pact needs to be implemented differently in the future, says AFX Asia. He also said he would not be against the European Central Bank cutting interest rates again now.
Non, je ne regrette rien
It may be the eve of Wim Duisenberg's departure from the ECB, but if anyone was hoping for a token show of contrition from the stern Dutchman for his occasional indiscretions, they will have been sorely disappointed.
Sweden spurns the euro
Europe's unifiers have been profoundly shaken by Sweden's unambiguous decision to steer well clear of the euro for the time being. Both the Riksbank and the ECB have since publicly been at pains to clarify that the result of the referendum will have no…
Tumpel-Gugerell on payments and confidence
In a speech on 'Payments and confidence - the views of the Eurosystem' given on 16 September Gertrude Tumpel-Gugerell of the ECB said the ECB - entrusted with the objective of the smooth functioning of payment systems - plays its role as a "watchdog" for…
Trichet's law
This article in the Financial Times accuses Jean-Claude Trichet of portraying himself on Thursday as less willing to understand the problems of the European economy than Wim Duisenberg, the current ECB president. His unfortunate choice of words was…
ECB Monthly Bulletin, September 2003
The European Central Bank published its September 2003 Monthly Bulletin on 11 September. The report said recent data confirm that economic activity in the euro area was very weak in the second quarter of 2003, with a slight decline in real GDP according…
ECBs Issing finds flaws in planned EU constitution
European Central Bank chief economist Otmar Issing said in an interview, published in EU Business, "I have difficulty in understanding why there is resistance to reinstating price stability as one of the goals of the EU" and that while there had been…
Trichet given green light for ECB presidency
On Thursday 11 September, The European Parliament's economic and monetary affairs committee backed Jean-Claude Trichet as the next president of the European Central Bank (ECB), putting the Bank of France governor a step closer to one of the most…
Duisenberg testimony to the European Parliament
In testimony before the Committee on Economic and Monetary Affairs of the European Parliament on 10 September, Wim Duisenberg of the European Central Bank resisted calls to lower interest rates and blamed political leaders for weak growth even as the…
Duisenberg eyes recovery, says ECB rates correct
Wim Duisenberg said in testimony on Wednesday 10 September: "Indications of an upturn in economic activity starting in the second half of the year have strengthened" and that the key ECB interest rates are considered "appropriate at present", according…
Duisenberg on changing fortunes and world growth
In a speech on 'Changing fortunes: financing world growth' given on 5 September Wim Duisenberg of the European Central Bank said he is convinced that economic activity in the euro area can only be lifted to a new, structurally higher, level by far…
No sign of sustained recovery yet - ECB's Schioppa
ECB Executive Board member Tommaso Padoa-Schioppa said on Saturday 6 September that after so many disappointments it is hard to believe in an imminent recovery, Reuters reports. While "some signs" of recovery exist, Padoa-Schioppa said the euro zone…