Eurozone
Eurosystem currency reserves down
The European Central Bank said net foreign currency reserves in the eurosystem decreased by 0.7 bln eur to 165.4 bln in the week ending 30 September.
ECB's Tumpel-Gugerell on euro payments area
European Central Bank executive board member Gertrude Tumpel-Gugerell said foreign banks will take the leading role in restructuring the European banking sector if domestic banks move too slowly to create a single eurozone payments area.
ECB's power over market inflation outlook queried
According to this article published on Friday 30 September, the European Central Bank may have less control over financial markets' inflation expectations than it thinks, despite its increased rhetoric about the importance of keeping them under control.
IMF's Deppler sees eurozone recovery on horizon
A top IMF official said on Friday 30 September that the potential economic growth rate for the eurozone should rise above 2% in the next few years, but high oil prices could delay the recovery.
ECB's Papademos on growth in euro area economies
In the speech 'Growth and competitiveness in euro area economies' given on 22 September Lucas Papademos of the ECB said growth in Germany and Italy has lagged behind the rest of the euro zone in recent years because of specific structural problems in the…
ECB Observer - Back to the rules
This publication released on Tuesday 27 September suggests that by publishing Governing Council meeting minutes, the ECB could improve the transparency and efficiency of its monetary policy substantially, thereby supporting its stability-oriented course.
The ECB: Villain, or a savior of Europe?
According to this article published on Saturday 24 September, the challenges facing the European Central Bank are particularly acute, with the ECB under fire for refusing to deviate from its inflation-fighting mandate in order to stoke growth through…
Confidence in stability keeping rates low- Trichet
Interest rates in the Eurozone are at their lowest level thanks to confidence in price stability inspired by ECB policy, European Central Bank president Jean-Claude Trichet said, in an interview to be published in Le Figaro.
ECB's Papademos on the new EU Member States
In a speech given on 19 September Lucas Papademos of the ECB said that the ECB so far sees no sign that costly energy is pushing up wages and prices broadly throughout the eurozone economy.
ECB's Gonzalez-Paramo on regional divergence
In the speech 'Regional divergence in the euro area' given on 19 September Jose Manuel Gonzalez-Paramo of the ECB said growth and inflation differentials among euro countries are far from being large, whether from a historical perspective or compared…
Comment: Divergence and monetary policy
The issue of regional economic divergence continues to attract much attention from policymakers and academics studying the eurozone. The issue is particularly important for the ECB, as it is often mentioned that divergent economic performance across…
ECB's Trichet on the eurozone economy
In testimony to the European Parliament given on 14 September Jean-Claude Trichet of the European Central Bank said stronger economic growth remains likely in the euro zone for the second half of the year.
Euro area decision-making lacks synchronisation
This article published on Thursday 8 September by ECB Executive Board Member Lorenzo Bini Smaghi says Eurozone countries could boost the effectiveness of the currency union by unveiling their national budgets around the same date and by using the same…
ECB's Trichet sees need for Asian FX rise
European Central Bank President Jean Claude Trichet said on Friday 9 September that in order for the global economy to work better a further appreciation of Asian currencies is needed.
ECB Monthly Bulletin, September 2005
The European Central Bank published its September 2005 Monthly Bulletin on Thursday 8 September. The ECB said it needs to exercise 'particular vigilance' on risks to eurozone inflation following the recent increase in oil prices.
Comment: Smaghi calls for fiscal synchronisation
Writing in the Financial Times on September 8, Lorenzo Bini Smaghi, a member of the ECB's executive board, called on member states to improve the synchronisation of the their budgets in order to strengthen the economic governance of the Euro area.
ECB's Bini Smaghi rejects France's proposal
European Central Bank Executive Board member Lorenzo Bini Smaghi has rejected France's proposal for a dialogue between the ECB and eurozone states regarding economic policies in the region, according to an interview with Handelsblatt.
Challenges for central banks in an enlarged EMU
A new book analyses the challenges that lie in front of the EU as it used to be, the hurdles that have to be cleared by possible candidates, and the impact of these developments on important economic sectors like the financial markets.
Strong demand for euronotes
The euro has received a good deal of flak recently, but in cash terms it seems people can't get enough of Europe's single currency as the value of euro banknotes in circulation soared past €500 billion in the second quarter of 2005.
What remains of the SGP?
Franz-Christoph Zeitler, a member of the executive board of Deutsche Bundesbank, delivered a speech at the Salzburg seminar, a high-profile meeting place of international leaders, at which raised the question "What remains of the Stability and Growth…
Comment: The Benefits of Joining the EMU
What is the gain for new European Union member states of joining the Euro currency area so soon? This is the question asked by Federico Ravenna in a recent ECB working paper*. The author argues that the decision to become part of the monetary union is…
Europe's unstable currency union?
John Nugee writes on how a "one size fits all" interest rate policy in the Eurozone can exacerbate divergence between economies.
Comment: A controversial Central Banking feature
About two weeks after its publication, the current issue of Central Banking has suddenly been receiving wall-to-wall coverage in some sections of the UK media. But what was intended as a sober, objective and balanced appraisal of some of the problems of…
One size fits none
As the German economy stalls, should the ECB shift its policy focus from the eurozone as a whole? By Henrik Enderlein.