European Central Bank (ECB)
Excess liquidity clinches case for ECB rate rises
According to this recent article, several factors, including a lack of dissenting voices on the ECB Governing Council, have persuaded financial markets in recent days that the ECB is heading faster than previously expected toward an interest rate of 3…
Monetary policy: a journey from theory to practice
The European Central Bank is holding a colloquium in honour of Otmar Issing in Frankfurt am Main, 16 - 17 March 2006. Contributors include Mervyn King, Donald Kohn, Lars Svensson and Allan Meltzer.
Trichet praises BoJ's communication
The Bank of Japan's communication with financial markets was "very, very good," European Central Bank President Jean-Claude Trichet said Monday 13 March. He also said independence was of "extreme importance" for the National Bank of Poland.
ECB Monthly Bulletin, March 2006
The European Central Bank published its March 2006 Monthly Bulletin on Thursday. In the report the ECB said the decline of the euro and relatively low interest rates contributed to the strong performance of euro zone stock markets last year.
Liebscher says EU integration must not be hampered
National Bank of Austria governor Klaus Liebscher said in an interview that EU integration must not be hampered by protectionist measures to fight cross-border mergers in some countries.
Comment: Has the ECB become more credible?
A recent New York Fed staff paper finds that market perceptions of the ECB's "inflation aversion" have improved significantly over the last six years, reflecting the idea that monetary policy has been guided by a dedication to price stability.
ECB warns on further Asian reserves build-up
The ECB said in a paper published Wednesday 8 March that a further build-up of foreign exchange reserves in Asia could lead to problems such as inflation pressures and asset price bubbles.
Evolving perceptions of the European Central Bank
The New York Fed Staff Report "Establishing credibility: evolving perceptions of the European Central Bank" says the perceptions of a central bank's inflation aversion may reflect institutional structure or, more dynamically, the history of its policy…
ECB publication of an enhanced 'Blue Book'
The European Central Bank on Monday 6 March published a statistical addendum to the publication "Payment and securities settlement systems in the European Union and in the acceding countries" (known as the "Blue Book") incorporating 2004 data.
Inflation risk explains rate hike - Trichet
Speaking to journalists on Monday 6 March, European Central Bank president Jean-Claude Trichet said the ECB raised rates last week because of an increase in inflation risks in recent months.
ECB statements and interest rate predictability
The DNB Working Paper "Is a word to the wise indeed enough? ECB statements and the predictability of interest rate decisions" shows that comments by euro area central bankers contain information on future ECB interest rate decisions, but that the…
Comment: Communication and predictability
Two recent studies investigate the effects of more open communication strategies at both the Fed and the ECB on the predictability of subsequent interest rate decisions. The conclusions reached differ considerably.
Papademos to be named ECB chief economist - report
European Central Bank (ECB) vice president Lucas Papademos will replace Otmar Issing as chief economist in May, the Sueddeutsche Zeitung reported, citing unnamed sources close to the bank.
ECB poses no objection to Stark's appointment
At Thursday's meeting, 2 March, the Governing Council of the ECB adopted an opinion on a recommendation from the Council of the European Union on the appointment of a new member of the Executive Board of the ECB.
ECB raises rates, says more rises are possible
The European Central Bank raised its benchmark interest rate on Thursday 2 March for the second time in three months and suggested more hikes are possible as economic growth and inflation accelerate.
Comment: ECB continues to tighten
As expected the European Central Bank (ECB) yesterday raised eurozone interest rates by another 25 basis points, taking them to 2.5%. With the markets pricing in two further 25 basis point hikes this year, attention now turns to whether ECB president,…
ECB paper on the euro cash changeover
The ECB Working Paper "Rational inattention, inflation developments and perceptions after the euro cash changeover" uses the euro cash changeover to test theories of finite information-processing capacities on the side of consumers.
ECB's Gonzalez-Paramo on EU cross-border banking
In the speech 'Cross-border banking in the EU: developments and emerging policy issues' given on 24 February Jose Manuel Gonzalez-Paramo of the ECB said financial integration is a highly dynamic process, in which market developments and policy action are…
ECB's Trichet on EU and euro area enlargement
In the speech 'Looking at EU and euro area enlargement from a central banker's angle: the views of the ECB' given on 27 February Jean-Claude Trichet of the ECB said the 10 new EU member states need to show 'high vigilance' on inflation and cut their…
Bundesbank fights to shine in ECB's shadow
Germany's Bundesbank is battling to redefine its role in the new eurozone monetary order headed by the European Central Bank, according to this article published Friday.
Comment: The ECB's 'structural flaw'
In a lecture at the London School of Economics this week, Charles Goodhart suggested that the criticism directed towards the ECB by politicians, is the result of a "structural flaw" in the way the central bank's inflation objective was defined.
ECB launches 'Legal Working Paper' series
The European Central Bank on Friday launched the publication of a Legal Working Paper series. The contributors to the Legal Working Paper series are lawyers from within the ECB, as well as lawyers who have otherwise contributed to the ECB's legal…
ECB's Trichet to visit Bulgaria on Monday
President of the European Central Bank Jean-Claude Trichet will visit Sofia on 27 February at the invitation of the Bulgarian Deputy Prime Minister and Foreign Minister Ivaylo Kalfin.
ECB's Tumpel-Gugerell on the Lisbon Agenda
In the speech 'The Lisbon Agenda - what can banks contribute?' given on 23 February Gertrude Tumpel-Gugerell of the ECB said the creation of a single eurozone payments area will not just reduce banks' revenues but will also cut their costs.