Europe
ECB Monthly Bulletin halves growth forecast
The European Central Bank published its June 2003 Monthly Bulletin on 12 June. It halved its growth forecast for the eurozone this year to just 0.7 per cent from 1.6 per cent. Inflation was projected at 2.0 per cent this year, slightly above earlier…
Duisenberg to G. d'Estaing on Constitution Treaty
Letter from the ECB President Wim Duisenberg to the President of the Convention, Valery Giscard d'Estaing, regarding the draft Constitutional Treaty, 5 June.
Duisenberg biography dredges up 'dim' past
A new biography of European Central Bank president Wim Duisenberg by two Dutch journalists reveals the central banker's unhappiness at the IMF in the 1960s, courtesy of a small and badly-lit room, according to the Financial Times.
Duisenberg on structural reform and mon policy
In a speech on 'Structural reform and its implications for monetary policy' Wim Duisenberg of the European Central Bank said labour market reforms are urgently needed if euro zone economic growth is to recover strongly as some countries are hampered by…
ECB press conference on Governing Council mtg
At the ECB's post-meeting press conference Thursday Wim Duisenberg said the Governing Council had decided the outlook for price stability over the medium term has improved significantly since the last decision to lower interest rates in March, and as a…
Book published on ECB's 2nd conference
The European Central Bank (ECB) has published a book entitled "The transformation of the European financial system", containing the proceedings (papers, discussants' comments and summaries of the general discussions) of the Second ECB Central Banking…
Euro rises as ECB cuts rates by 0.5%
Slowing inflation has prompted the ECB to at last cut rates by half a percentage point to 2%, after persistent pressure from the markets, Bloomberg reports. The immediate consequence was a rise in the euro.
"Myths surrounding a deflationary spiral"
An article published in the Financial Times argues that although some commentators think that the world economy is about to be devoured by deflation, in fact UK and Eurozone rates are currently at 3 and 1.9 per cent. Jacek Rostowski says that those…
ECB's Duisenberg says inflation receding
Speaking at the International Monetary Conference on Tuesday 3 June, Wim Duisenberg said inflation pressures had fallen back significantly in recent months and the pace of growth in Europe should pick up, according to a Reuters report.
Statement by IMF Mission on Euro Area Policies
In the concluding statement of the IMF Mission on Euro Area Policies released 28 May the IMF saw 'considerable scope for monetary easing' but recognised that monetary policy could only play a 'supportive' role in the resumption of Eurozone growth. The…
Eurozone inflation drops to 1.9%
Inflation in the Eurozone fell below the ECB's 2 per cent target for only the second time last month according to Eurostat, the Associated Press reports.
ECB economist - Deflation concerns are excessive
Otmar Issing of the European Central Bank said on Wednesday 28 May that deflation concerns are excessive and that currently, this is like a Pavlovian reflect, according to a report by Reuters.
Issing on efficiency in financial institutions
In a speech on 'Efficiency in financial institutions' Otmar Issing of the ECB said sound central banking, but also banking in general and the business of savings banks in particular, must be based on long-term objectives. In this context, the monetary…
Electronic Money System Security Objectives
Electronic money system security objectives according to the common criteria methodology, 23 May. The "Electronic Money System Security Objectives" (EMSSO) report, published on Friday, presents the expectations of the Eurosystem with regard to the…
ECB's Padoa-Schioppa: no danger of deflation
Tommaso Padoa-Schioppa of the ECB was quoted Monday as saying speculation over deflation was alarmist and that the central bank stands ready to act if necessary, according to Reuters.
ECB statements boost rate cut chances
Euro-zone central bankers gave what looked like strong hints on Friday 23 May for an ECB interest rate reduction in June, according to Reuters. The surging value of the euro which went through its launch level on Friday and data showing inflation…
ECB eye Hitachi micro chip to prevent note forgery
A report noted by Kyodo Newsby says the European Central Bank is looking into the idea of using integrated circuit chips in bank notes to prevent forgery.
Duisenberg - Financial market and monetary policy
In a speech on 'New economy, financial markets and monetary policy' Wim Duisenberg of the European Central Bank said with the benefit of hindsight, he can say that the ECB was right to have reacted relatively cautiously when the world discussed the "new…
EU's pact is a false promise of stability-Stiglitz
In an article in Business day (South Africa), Joseph Stiglitz says the lesson for Europe is clear: the EU should redefine its stability pact in terms of the structural or full employment deficit to what the fiscal deficit would be if the economy were…
Solans on importance of Eurostat for ECB policy
In a speech on 'The importance of Eurostat for the monetary policy of the European Central Bank' Eugenio Domingo Solans of the ECB said he would like to thank the European Statistical System very much for its support of the ECB's monetary policy. "I wish…
Advisor to UK chancellor says scrap Stability Pact
In a paper published on Monday 19 May in the Oxford Review of Economic Policy abd reported in The Times, Michael Artis, an economics professor who provided technical input for some of the 18 euro studies sent to the UK Cabinet this weekend, and…
ECB Monthly Bulletin: erozone inflation limited
The European Central Bank published its May 2003 Monthly Bulletin on 15 May. In the report the ECB said that eurozone inflation risks were limited and that the economy would pick up later this year and accelerate in 2004.
ECB predicts eurozone recovery
In its May bulletin published on Thursday 15 May, the ECB said "Looking ahead, a gradual strengthening of real GDP growth is expected to start later in 2003 and to gather more pace in the course of next year", according to the Financial Times
Germany sparks row over bank watchdog
Bundesbank president Ernst Welteke is reported by the Independent newspaper to have said on Tuesday 13 May that Germany rather than London should house the new supervisory regulator for banking in Frankfurt because of the proximity to the ECB and because…