Growth
Trichet rules out 'corrective arm' on pact
In a speech on Tuesday 12 october, ECB president Jean-Claude Trichet, addressing a conference on the euro, voiced renewed opposition to any moves that might make it easier for eurozone members to breach their 1997 Stability and Growth Pact.
Buba's Weber on the stability and growth pact
In a speech given on 27 September, Bundesbank president Axel Weber said that in his opinion the provisions of the Stability and Growth Pact are fundamentally appropriate. However, they have not always been enforced rigorously enough in the past.
ECB's Issing on strengthening economic governance
In a speech given on 28 September, Otmar Issing of the ECB defended the Eurozone's Stability and Growth Pact, saying it was "appropriate in its present form".
Greek deficit breach likely to avoid sanctions
Greece announced on Saturday 11 September that its 2004 budget deficit would be 5.3% of gross domestic product. With national debt standing at 184 billion euros, 112% of GDP, or 50,000 euros for every citizen. However the collapse of the stability and…
ECB chief economist says Pact losing its bite
The European Central Bank's chief economist has described the current status of the eurozone's Stability and Growth Pact as 'intolerable'. Otmar Issing told the German newspaper Die Welt that without a credible threat of sanctions, the pact was 'losing…
Eichel raps Bundesbank over stability pact
German Finance Minister Hans Eichel rapped the Bundesbank on Friday 10 September for its recent criticism of the EU's proposed changes to the stability and growth pact in a press release titled "Do not weaken the Stability and Growth Pact".
Bundesbank statement on EC proposals
Responding on Tuesday 7 September to the European Commission's proposals for reform of the Stability and Growth Pact, the Bundesbank said it believed that instead of strengthening the Pact, the proposed changes would have a "generally detrimental" effect…
Almunia not expecting ECB objection to Pact change
EU economic and monetary affairs commissioner Joaquin Almunia has said the European Central Bank is not expected to oppose possible changes to the stability and growth pact.
Buba's Stark sceptical on budget pledge
The Bundesbank believes the German public deficit, set to exceed EU limits for the third year in a row this year, will again be higher than the European Stability and Growth Pact allows next year, the financial daily Boersen-Zeitung reported.
Interview: Y.V. Reddy
The governor of India’s central bank explains his watchful approach to economic development and reveals how a financial crisis was averted after May’s general election. Interview by Nick Carver.
Monetary policy to support growth
With inflation driven out of the system, Mongolia’s monetary-policy makers can look to bolster economic growth.
Argentina raises 2004 economic growth prediction
The Argentinian central bank on Thursday 22 July revised its forecast on the country's GDP growth rate for 2004 from 6 to 8 percent. The bank also predicted that the inflation rate will stand at 6.7 percent and the unemployment rate will drop from 14.5…
Bank of France raises growth forecast
The Bank of France raised its forecast for growth in the second and third quarters as June retail sales surged, manufacturers lifted production, and executives' confidence was its highest in more than three years.
ECB on Court of Justice decision on Pact
The European Central Bank (ECB) said in a statement released Tuesday 13 July that it takes note of the judgement by the Court of Justice on the Council's actions of 25 November 2003.
European Parliament on Pact decision
Christa Randzio-Plath, outgoing chair of the Committee on Economic and Monetary Affairs of the European Parliament, expressed her views on the Stability and Growth Pact issue in this press release, 13 July.
Bundesbank urges Brussels to 'reactivate' pact
The Bundesbank urged the European Commission in Brussels Tuesday to "reactivate" the European Stability and Growth Pact in its current form, following a landmark ruling on the EU's strict budget rules by the European Court of Justice.
EU proposes easing of stability pact
At its regular meeting on Thursday 24 June, the European Commission recommended that a country's economic situation should be taken into account when applying the stability and growth pact, Deutsche Welle reported.
Fukui says BOJ cannot commit to govt growth target
Toshihiko Fukui said in minutes released on Friday 30 April that while the Bank of Japan was committed to fighting deflation it could not commit to a specific growth rate, distancing the BOJ from a government growth target.
IMF upgrades outlook for world economic growth
The International Monetary Fund said in its twice-yearly World Economic Outlook report that it was lowering its 2004 eurozone growth estimate by a tenth of a point from its forecast last September, to 1.7 percent.
Stability Pact crucial for EMU says Trichet
ECB President Jean-Claude Trichet said on Dutch television that the stability pact was crucial for the European Monetary Union and that the Netherlands had taken appropriate steps to avoid a budget deficit of above three per cent.
Four more countries face stability pact scrutiny
The European Commission has put Britain and the Netherlands under formal surveillance for letting their budget deficits breach an EU target. It also issued a warning to Italy and said it expected Greece to breach the limit.
OeNB's Liebscher: reviving the European economy
Klaus Liebscher gives his view of the euro as a success story and discusses the areas he believes must be addressed to revive the Lisbon Agenda.
'Mr Euro' quits EU for Spanish fin min job
Pedro Solbes, a staunch defender of the eurozone's stability and growth pact, is stepping down as European economic and monetary affairs commissioner on 11 April to take up the post of finance minister in Spain's incoming Socialist government.
Deficits of six future EU members broke EU rules
Six of the 10 countries to join the European Union in May had public deficits greater than those allowed by the EU's Stability and Growth Pact, EU data published on Tuesday 16 March showed.