Germany
Jurgen Stark on ECOFIN Council decision
In a statement following the ECOFIN Council's decision on the stability and growth pact, Bundesbank Vice President Jurgen Stark said the "decision of the ECOFIN Council threatens to break the political consensus of the Maastricht Treaty, which is also…
Stark: currency union leading to political union?
In a speech on 'Ten years of Maastricht - Currency union leading to political union?' given on 2 December, Jurgen Stark of the Deutsche Bundesbank said further damaging the pact would expose the policy regime of monetary union to a very severe endurance…
Germany works to reduce budget deficit
The German government forecast on Wednesday 3 December that its budget deficit will drop back to 2.5 percent in 2005, according to a report by Associated Press. But it reaffirmed Hans Eichel's position that Germany isn't prepared to implement extra…
Buba warns of tensions between ECB, politicians
Deputy chief of the Bundesbank, Juergen Stark, warned on Tuesday 2 December that the stability and growth pact dispute could lead to increased tensions between politicians and the European Central Bank, according to a report by EU Business. "Further…
Hans Eichel Interview - 'Spirit' of Pact observed
In an interview published by Welt am Sonntag, German Finance Minister Hans Eichel said Germany has "observed the letter and spirit of the Stability Pact". He commented that further measures to reign in the budget deficit would have been wrong and…
Buba chief concerned about euro stability, growth
Bundesbank President Ernst Welteke said in an article published at the weekend by Welt am Sonntag that the Stability and Growth Pact has "not yet been buried," but it has been seriously damaged by the decision taken in Brussels. "It is now decisively…
Deutsche Bundesbank Monthly Report, October 2003
The Deutsche Bundesbank has published the English version of its October 2003 monthly report. Seasonally adjusted industrial output in August was down on the month, July having produced a high figure, the Report said. The slight rise in consumer prices…
Bundesbank's Welteke on reforming Europe
In the speech 'Reforming Europe' given on 21 November, Ernst Welteke of the Deutsche Bundesbank said at present, low interest rates and ample liquidity are highly conducive to growth in the euro area. In the ECB Governing Council, Welteke stressed, we…
EU bends budget rules for Germany, France
A proposal to suspend the sanctions mechanism of the stability and growth pact for France and Germany was agreed on Tuesday 25 November by eurozone finance ministers, acording to Reuters. A declaration by the Ecofin council, meeting in Brussels, agreed…
Germany's Welteke warns on EU draft constitution
The chief of the Deutsche Bundesbank warned on Friday 21 November that unless changes are made to the EU's draft constitution it could jeopardise monetary stability in the eurozone, reports AFP. "In my view, redrafting the convention's proposal is…
ECB sees improvement in European banking sector
Bundesbank director and head of the ECB's banking supervisory committee Edgar Meister said, according to an AFP report, "Generally speaking, we do not consider that EU banking sector stability is at risk. Indeed, we perceive several signs that conditions…
Bundesbank warns eurozone rates may rise soon
The Bundesbank said in its November monthly report, released on Monday 17 November, that the ECB "could" be forced to raise interest rates as "It will be more difficult for monetary policy to guarantee price stability with low interest rates" with some…
Bundesbank's Remsperger on economic policy making
In a speech on 'Current challenges facing economic policy-makers' given on 3 November, Hermann Remsperger of the Deutsche Bundesbank said given the adjustments at the enterprise level, the urgently required reforms in the labour market and fiscal and…
Germany, France confirm euro zone rebound
Data released on Thursday 13 November showed that both Germany and France grew in the third quarter of this year, according to Reuters, with Germany pulling out of its second recession in two years, expanding 0.2 percent and France seeing growth of 0.4…
Report says Bundesbank to cut 5,000 jobs
The Bundesbank is set to cut its workforce by up to a third a report in German financial daily Boersen-Zeitung said. A Bundesbank spokesman insisted that no decision had been made yet, however, the AFP news agency reported.
Bundesbank's Welteke: is US growth sustainable?
Bundesbank President Ernst Welteke said on Sunday 26 October, on the sidelines of the Mexico G20 meeting, that the world economy is in recovery but he questioned whether growth in one of its main drivers, the United States, was sustainable, Reuters…
Deutsche Bundesbank Monthly Report, September 2003
The Deutsche Bundesbank published the English version of its September 2003 monthly report on 21 October. The German economy remained on a path of stagnation in the second quarter of 2003, the report says. Despite a number of positive signals, major…
Bundesbank expects no solid 2003 upturn
The Bundesbank said in its October monthly report published on Monday 20 October that it forecasts a slight rise in economic performance in the third quarter this year, reports Expatica, but it does not see a sustained upturn in the German economy.
Swinging euro worries Bundesbank chief Welteke
Bundesbank chief Ernst Welteke has said the euro is at around its long-term average, according to RTE News, but that abrupt swings in the exchange rate with the dollar could harm the global economy.
Buba eyes 400-600 tonne gold sale in new pact
A report says that the Bundesbank is considering selling between 400 and 600 tonnes of gold from late 2004 to 2009, according to Reuters. Bundesbank President Ernst Welteke declined to comment on details of any deal ahead of discussions in the spring…
Welteke at the 2003 IMF/World Bank Annual Meeting
In a speech at the 2003 IMF/World Bank Annual Meetings in Dubai given on 23 September, Ernst Welteke of the Deutsche Bundesbank said we have to make sure that the economic upswing stabilizes and broadens in a sound financial environment. The IMF and the…
Remsperger on inflation differentials in the EMU
In a speech on 'Inflation differentials in EMU: causes and implications' given on 13 September, Hermann Remsperger of the Deutsche Bundesbank said the ECB's Governing Council, in its recent clarification of its monetary policy strategy, spelled out its…
Address by Jurgen Stark to the CEPR/ESI conference
In his opening address to the CEPR/ESI conference on 'The Euro Area as an Economic Entity' given on 12 September Jurgen Stark of the Bundesbank said he considered such meetings especially valuable because academics should increasingly confront themselves…
Bundesbank chief Welteke dashes rate cut hopes
Bundesbank president and ECB council member Ernst Welteke said in an interview that monetary policy is not standing in the way of growth with historically low levels of interest rates, reports AFP. However, he warned that the current low cost of…