European Central Bank (ECB)
ECB's Duisenberg confirms 1 Nov retirement
At Thursday's ECB news conference Wim Duisenberg confirmed that he expects to hand over to Bank of France governor Jean-Claude Trichet on 1 November. Duisenberg said that he saw no risk that he will be regarded as a "lame duck" president during the…
Information Guide for institutions using TARGET
The European Central Bank published on 9 July a new edition of the "Information Guide for credit institutions using TARGET". This publication provides a standard set of information on TARGET functionality and answers the most frequently asked questions…
ECB holds interest rates steady
At Thursday's meeting the Governing Council of the ECB decided that the minimum bid rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 2.00%, 3.00% and 1.00%…
Dogfighting over the ECB
The European League for Economic Cooperation (ELEC) has issued aresolution betraying unease that appointments to the ECBexecutive board could degenerate into a more or less continuous politicaldogfight.
Padoa-Schioppa-Central banks & financial stability
In the speech 'Central banks and financial stability' given on 7 July Tommaso Padoa-Schioppa of the ECB said the conceptual framework for financial stability analysis, unlike that of monetary stability, is still being developed. Further work in this area…
A double bubble of the Fed's own making
This article suggests that the Fed's decision to reduce interest rates by only a quarter point misled markets and casts doubt on the Federal Reserve's reputation as a "paragon of virtue" and undermined the popular myth that it is Mr Duisenberg and the…
Padoa-Schioppa on co-operation in Asia and Europe
In the speech 'Regional co-operation: experiences in East Asia and Europe' Padoa-Schioppa of the European Central Bank said that given the degree of regional integration already achieved, I believe that Asian regionalism will prove to be a sustainable…
Tumpel-Gugerell at European Banker of the Year 02
In a speech in honour of the European Banker of the Year 2002 Gertrude Tumpel-Gugerell of the ECB said a good banker has to be able to evaluate risks to successfully distinguish between potentially good and bad investments. Economic progress is dependent…
Duisenberg presents the ECB's Annual Report 2002
Presenting the ECB's Annual Report 2002 to the European Parliament Wim Duisenberg of the ECB said emphasised the need for Member States to respect the Stability and Growth Pact and said the ECB believes that the tools chosen by the ECB to communicate and…
Tumpel-Gugerell on financial markets volatility
In a speech on 'The volatility of financial markets' Gertrude Tumpel-Gugerell of the ECB said the increasing importance of technology and quantitative methods in the financial markets present new challenges. There are probably no solutions which involve…
Duisenberg silences ECB rate cut talk
Wim Duisenberg put the onus on national governments to stimulate growth on Thursday 3 July, according to Reuters, telling the European parliament that governments can no longer hide behind the ECB to cover up their failure to enact urgently required…
French PM calls on ECB to lower rates further
French Prime Minister Jean-Pierre Raffarin has urged the ECB to cut interest rates further, according to Associated Pres, saying recent interest-rate cuts by the ECB are an encouraging sign and he hoped they can be continued.
New risk control framework for eligible assets
In the context of the regular assessment of the risk control framework applicable to eligible assets used in Eurosystem credit operations, the Governing Council of the ECB has approved changes to the risk control framework, 2 July.
ECB meeting and press conference schedule for 2004
The Governing Council of the ECB has agreed that in the year 2004 its meetings will continue to be held, as a rule, on a Thursday in the first and third week of each month. As in 2003, the meeting schedule of the Governing Council also accommodates…
ECB's Issing upbeat on eurozone recovery
The ECB has "cautious optimism" that the eurozone economy would improve soon with the recovery in equity markets, BizWorld reports chief economist Otmar Issing as saying.
Germany's Schroder calls on ECB to reduce rates
German chancellor Gerhard Schroder has questioned the ECB as to "whether they have done enough to stimulate growth", according to a report in the Financial Times. He told Pedro Solbes, EU monetary affairs commissioner, on Tuesday that Germany would…
Accession country central banks observe ECB meet
The ECB's General Council meeting of 26 June was attended for the first time by central bank presidents of the ten EU accession countries. The ECB decided last September to invite presidents and experts of the accession countries' central banks to attend…
ECB won't follow Fed on rates - Duisenberg
Speaking on German TV, Wim Duisenberg said euro zone interest rates were currently appropriate, Reuters reports, and that the ECB would not follow the lead of the US Federal Reserve by cutting interest rates soon.
Constitution could mean veto loss over ECB changes
The new draft European constitution could mean European member states would no longer have a veto over adjustments to the workings of the ECB, according to the Financial Times. The UK Treasury and the Foreign Office both said they would campaign for…
ECBs Solans says uncertainties cloud rates outlook
In an interview with the Financial Times, Eugenio Domingo Solans of the ECB said the current level of interest rates in the eurozone was favourable for a recovery. But the situation would be reassessed at the next meeting as the outlook was still clouded…
EU endorses Trichet as next ECB president
EU leaders have unanimously backed the appointment process of Bank of France Governor Jean-Claude Trichet as the next president of the ECB, according to EurActiv. Luxembourg Prime Minister Jean-Claude Juncker told reporters. "Jean-Claude Trichet will be…
Hooray for Trichet!
So the Paris courts have once and for all cleared Banque de France governor Jean-Claude Trichet and his predecessor Jacques de Larosiere from the unfounded allegations that had been made about their role in the Credit Lyonnais affair more than 10 years…
EU to keep Duisenberg at ECB until October
Wim Duisenberg will remain in his post until October, the Greek Prime Minister Costas Simitis has said according to Bloomberg News. Trichet got the backing on Thursday 19 June of leaders of Germany, Italy, Luxembourg and Portugal, as well as Greece's…
Prosecutor won't appeal Trichet decision
The public prosecutor's office in Paris has said it will not appeal the decision to acquit Jean-Claude Trichet on charges of false accounting., according to a report by BizWorld.