Europe
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…
Some questions and answers from the ECB
At the ECB's press conference on Thursday Vice President Lucas Papademos said the bank's governing council "takes note with great concern of recent fiscal developments" in some member states. Papademos did not name the countries concerned, but his…
OECD urges ECB to be prepared to cut rates
The OECD has said that fiscal measures are unlikely have a significant impact on growth and urged the ECB to be ready to cut interest rates if further signs of weakness in the eurozone economy appeared, according to the Financial Times. OECD chief…
ECB cuts euro-zone growth forecast, holds rates
The European Central Bank held its main interest rate steady at 2 per cent on Thursday 4 September, according to Reuters, and cut its estimate of euro zone growth to "slightly below" the mean of its range of 0.4-1 per cent. The slight downward revision…
ECB would be 'delighted' if Sweden joins euro zone
At the ECB's press conference on Thursday 4 September, the deputy president Lucas Papademos said that the European Central Bank would be "delighted" if Sweden was to join the euro but that the decision was for Sweden to take, eports EU Business.
Eurozone inflation up to 2.1 per cent in August
The estimate of eurozone inflation for August rose to 2.1 per cent Eurostat said on Friday 29 August, according to Associated Press.. The increase from 1.9 per cent in July was larger than expected.
Duisenberg to skip September rate-setting meeting
Wim Duisenberg, European Central Bank president, will be on a panel of former central bankers on September 4th instead of chairing the rate setting meeting at the ECB, reports Bloomberg.
ECB's Solans on global economic statistics
Eugenio Domingo Solans, of the ECB's Executive Board, talks on the importance of reliable and harmonised statistics, without which European Monetary Union would not have been possible, he says. However the "ultimate goal" is to reach a similar degree of…
All's well in the euro zone
Contrary to incessant and repetitive media mutterings about the sickly euro zone economy, it would seem that in fact all is well. So well, in fact, that the ECB has decided that there is really no need for its forthcoming fortnightly meeting because…
European inflation dips below ECB's target
Inflation in the eurozone dipped below 2% for July, according to Eurostat. The figure of 1.9% was down from 2% in June, helped by a 0.2% drop in prices - the largest monthly fall in two years, reports the Financial Times.
Eurozone in your pocket
The ECB launched its latest periodical: "Statistics Pocket Book" on August 15. Updated monthly, the guide offers the latest key economic figures for the eurozone in a handy-size book.
European lawmaker calls for action on euro fakes
Christa Randzio-Plath, chair of the European Parliament's Committee on Economic and Monetary Affairs, has called for an "urgent and concerted" effort to tackle counterfeits euro banknotes. These have included a €300 note.
The ECB's mission statement
Five years after its creation the ECB has decided it needs a mission statement. Its main objective is, of course, price stability, with "integrity, competence, efficiency and transparency" as its watchwords. But there is no place in the two paragraphs,…
Undue pessimism is driving the eurozone recession
This article by Paul De Grauwe in the Financial Times says that the ECB was wrong to blame the eurozone recession on structural factors and scold eurozone politicians for doing nothing to liberalise labour markets and modernise welfare systems. "It is…
ECB Monthly Bulletin, August 2003
The European Central Bank published its August 2003 Monthly Bulletin on 7 August. The report said economic activity in the euro area remained subdued in the first half of 2003, broadly in line with previous expectations. At the same time, there is…
ECB optimistic on euro zone recovery
The ECB said on Thursday 7 August that the latest economic data confirm that interest rates are appropriate, according to Reuters, because the outlook for price stability remains favourable and there is increasing reason to expect that economic activity…