Eurozone
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.
Buba report says weak growth in EU 'real' problem
The Bundesbank published its August monthly report on Monday 15 August, saying that weak economic growth in the EU is responsible for feelings of discontent with eurozone economic growth.
Interview with ECB's Issing
In an interview published on Tuesday 9 August, ECB Chief Economist Otmar Issing said that recently the eurozone economy has seen a series of positive signals. However risks to the outlook remained on the downside, he said, particularly with the continued…
ECB Monthly Bulletin, August 2005
The European Central Bank published its August 2005 Monthly Bulletin on Thursday 11 August. The euro zone economy is on track for gradual expansion without pressing inflationary problems, the report said.
Shadow on the Euro
An article published this week notes that five months after central banks talked of increasing their euro reserves at the expense of the dollar, the speculation now is about how long the euro will last. With its credibility in danger the article asks…
IMF letter on prospects for ECB rate cut
In a letter published by the Financial Times on Tuesday 9 August, Michael Deppler of the IMF said international developments suggest that the worst may be over on growth in the eurozone but point to further upward pressure on headline inflation because…
ECB's Issing sees positive signals on economy
European Central Bank chief economist Otmar Issing said in an interview there have been a series of positive signals on the economy, but said high oil price could curb growth.
The future of EMU: one size fits none?
According to the forthcoming edition of Central Banking, inflation and output gap differentials have grown between European states since the inception of the EMU in 1999. If these continue to worsen, the resulting tensions would put a big strain on…
IMF says ECB should be ready to cut rates
The International Monetary Fund published a report on Wednesday 3 August urging the European Central Bank to stand ready to cut interest rates.
OECD report calls for eurozone reforms
Economic growth in the eurozone will halve in the next two decades unless it implements reform, the Organisation for Economic Co-Operation and Development warned on Tuesday 12 July.
IMF's Rato says don't rule out ECB rate cut
The head of the International Monetary Fund has said a rate cut in the Eurozone cannot be ruled out if the EU economy weakens.
The Maastricht inflation criterion
According to the ECB Working Paper "The Maastricht inflation criterion: How unpleasant is purgatory?" the Maastricht inflation criterion, designed in the early 1990s to bring "high-inflation" EU countries in line with "low-inflation" countries prior to…