Europe
Report says ECB's losses increased last year
The European Central Bank, which posted a 2003 loss of 477 million euros (US $625 million), saw its net loss increase to at least one billion euros last year as a result of the weak dollar, according to the German Handelsblatt business daily.
Central bank credibility vital, says ECB's Issing
Speaking to the annual meeting of the Allied Social Science Associations, European Central Bank's chief economist Otmar Issing said interest-rate policy can only control inflation in the "medium to longer term," and that consistent policy was needed to…
ECB's framework for the detection of fake euros
The Eurosystem's terms of reference for the detection of counterfeits and fitness sorting of euro banknotes by credit institutions and other professional cash handlers was published on Thursday 6 January by the ECB.
ECB announces public consultation on SWIFT
The European Central Bank announced on Wednesday 5 January that it was inviting the market to participate in the SWIFT public consultation on removing technical barriers to market integration.
ECB starts publishing administrative decisions
The ECB published details of operational decisions taken by the governing council for the first time on 17 December, in a move towards greater transparency.
Market remains fragemented: ECB-CFS study
According to a study published today, 20 December, by the European Central Bank and the Center for Financial Studies, integration of Europe's financial markets is still some way away.
ECB's Financial Stability Review, December 2004
The European Central Bank published its first ever Financial Stability Review on Wednesday 15 December. In the report the ECB expressed some concern about the risks posed by the large US current account deficit, warning that a "disorderly rebalancing"…
Bank of Japan, a role model for the ECB?
This article looks at recent comments from Gerhard Schroder that Europe "can learn something from Japan and its great monetary policy." Japan is the only major industrialized economy in the past 70 years to experience prolonged deflation and now its much…
Mersch says ECB ready to act on inflation
European Central Bank council member Yves Mersch said the bank would act if inflation expectations in the eurozone rise further after record oil costs raised prices this year.
Issing on inflation persistence in the euro area
In a speech on 'Inflation persistence in the euro area' given on 10 December, Otmar Issing of the ECB said that the degree of inflation persistence "has major implications for the optimal conduct of monetary policy".
ECB's Papademos on the role of structural reforms
In a speech on 'Determinants of growth and the role of structural reforms and macroeconomic policies in Europe' given on 9 December, Lucas Papademos of the ECB said current low interest rates are conducive to economic growth in the euro zone.
Interview with ECB's Issing
In an interview with Slovenian daily newspaper Delo published this week, European Central Bank chief economist Prof. Otmar Issing said the US twin current account and budget deficits are unsustainable and the US is well aware of this. He reiterated ECB…
Trichet on a stability-oriented monetary policy
In a speech on 'A stability-oriented monetary policy as a necessary condition for long term growth' given on 9 December, Jean-Claude Trichet of the ECB said uncertainty over the future of the stability and growth pact could mean higher long-term interest…
Gonzalez-Paramo: 'strong need' for price vigilance
Jose Gonzalez-Paramo, one of the European Central Bank's governors, said on Friday 10 December that in view of the recent surge in oil prices there is a "strong need for vigilance" over medium-term price risks.
ECB Monthly Bulletin, December 2004
The European Central Bank published its December 2004 Monthly Bulletin on Thursday 9 December, saying the outlook for inflation in the eurozone is "worrisome" after a 33 percent appreciation in the price of oil over the past year.
ECB's Tumpel-Gugerell on global view of euro
In a speech on 'The Euro - Financial strength and weakness from a global perspective' given on 6 December Gertrude Tumpel-Gugerell of the ECB said sharp moves in exchange rates are unwelcome because of their adverse impact on investment decisions.
ECB's Issing reassures on eurozone growth
The European Central Bank's chief economist Otmar Issing insisted in an interview published on Wednesday 8 December, that Eurozone growth would recover from its current lull next year.
ECB's Tumpel-Gugerell on global exchange rates
In a speech on 'Exchange rate moves in a global economy: a central banking perspective' given on 3 December, Gertrude Tumpel-Gugerell of the ECB said policies aimed at fostering macroeconomic stability should frame discussions between countries, and this…
ECB and finance cheifs issue euro warning
The head of the central bank, Jean-Claude Trichet, joined the chairman of the 12 Eurozone finance ministers at a news conference to reinforce the message of a written statement.
ECB report 'The euro bond market study 2004'
The European Central Bank published a report entitled "The euro bond market study 2004" on 3 December. The report contains the results of an analysis of developments in the euro bond market since 2001.
Trichet on the integration of the single market
In a speech on 'The integration of the single market for financial services: the Eurosystem perspective' given on 6 December, Jean-Claude Trichet of the European Central Bank said the ECB will start publishing a report on the stability of the eurozone…
Issing says factors for stronger growth 'in place'
European Central Bank Chief Economist Otmar Issing said in an interview published on Monday 6 December that the surge in oil prices hasn't prompted labor unions to raise their wage demands, and eurozone inflation is expected to fall back below 2 per cent…
ECB announces changes in senior management
The Executive Board of the European Central Bank announced on Thursday 2 December that it has decided on some changes in senior management at the ECB.
Towards a Single Euro Payments Area - 3rd report
In its third progress report on the single euro payment area (SEPA), published on Thursday 2 December, the Governing Council of the ECB assesses recent developments in the efforts to transform the still largely fragmented national retail payment systems…