Europe
ECB Monthly Bulletin, December 2003
The European Central Bank published its December 2003 Monthly Bulletin on 11 December. The ECB maintained its forecast for 2003 inflation at 2.1pc, but lowered its forecast for 2005 inflation to 1.6pc from 1.7pc. But it repeated that official interest…
ECB's Solans on importance of MFI interest rates
In a speechon 'The importance of MFI interest rates for the Eurosystem and the general public' given on 10 December, Eugenio Domingo Solans of the ECB said the aim of the new set of MFI interest rate statistics is to provide a comprehensive, detailed and…
Growth down inflation up, predicts ECB
The European Central Bank's December monthly report released on Thursday 11 December increased its inflation forecasts for 2004 to a range of between 1.3 - 2.3 per cent for the euro area, reports EUpolitix, a figure revised significantly upwards from the…
ECB no comment on FX intervention rumours
Market rumours that the ECB intervened in the foreign exchange markets were met with a 'no comment' answer on Wednesday 10 December, according to Reuters.
ECB's Issing: Rate impact from deficits action
European Central Bank Chief economist Otmar Issing has said in a newspaper article that the decision to effectively suspend the stability and growth pact carries serious risks for the eurozone, according to Reuters.
The future of Europe's payments: Target 2
The Eurosystem's payment system - Target - is set for a restructuring which will place emphasis on consolidation and cost effectiveness of the existing linked national payment systems. In this brochure the ECB outlines what Target 2 will require of…
ECB press conference with questions and answers
At the ECB's post meeting press conference on Thursday 4 December, Jean-Claude Trichet said the overall fiscal framework of the Stability and Growth Pact remains of central importance and should be fully respected. The same applies to the requirement to…
ECB monetary policy decision
At Thursday's meeting the Governing Council of the ECB decided that the minimum bid rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 2.00%, 3.00% and 1.00%…
ECB has no comment on EU currency controls report
The ECB declined to comment, according to Reuters, on a newspaper report on Thursday 4 December that the EC is looking at the legal issues surrounding exchange controls to prevent a damaging rise in the euro. The report said Brussels could lawfully…
Economic recovery has started in Eurozone: Trichet
The ECB left interest rates unchanged on Thursday 4 Decemberat its last meeting scheduled for this year, reports AFP. Speaking at a press conference following the meeting of the ECB rate-setting council, President Jean-Claude Trichet said economic…
France, Germany 'killed' stability pact: EU Monti
European Competition Commissioner Mario Monti has criticised France and Germany, according to a report by EU Business. "The parents of the Stability and Growth Pact (France and Germany) in the past forbade any person or institution from expressing any…
Trichet the internationalist
Jean-Claude Trichet, the new president of the ECB, has a reputation as a polished performer. He lived up to it at his first press conference in Frankfurt: first praising his predecessor, apologising when consistency necessitated repetition and peppering…
ECB's Trichet on financial stability
In a speech on 'Financial stability' given on 26 November, Jean-Claude Trichet of the ECB said the issues generated by the fast evolution of the financial system are very complex and demanding for public authorities. He added that some elements of the…
Tumpel-Gugerell on ECB's monetary policy issues
In a speech on 'ECB's Monetary Policy Issues in the Run-up to Enlargement' given on 14 November, Gertrude Tumpel-Gugerell of the ECB said the ECB is interested in assisting acceding countries on their way to monetary integration the best way it can. The…
Trichet testifies before European Parliament
In testimony before the Committee on Economic and Monetary Affairs of the European Parliament given on 1 December Jean-Claude Trichet of the ECB said since Wim Duisenberg's last testimony in September data have confirmed the ECB's main scenario, which is…
ECB chief: Euro economy recovering
Jean-Claude Trichet urged France and Germany to respect European Union budget rules on Monday 1 December in testimony before the European Parliament's Committee on Economic and Monetary Affairs, according to a report by CNNmoney. He said "It is, in the…
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…