Germany
Germany's Welteke warns on EU draft constitution
The chief of the Deutsche Bundesbank warned on Friday 21 November that unless changes are made to the EU's draft constitution it could jeopardise monetary stability in the eurozone, reports AFP. "In my view, redrafting the convention's proposal is…
ECB sees improvement in European banking sector
Bundesbank director and head of the ECB's banking supervisory committee Edgar Meister said, according to an AFP report, "Generally speaking, we do not consider that EU banking sector stability is at risk. Indeed, we perceive several signs that conditions…
Bundesbank warns eurozone rates may rise soon
The Bundesbank said in its November monthly report, released on Monday 17 November, that the ECB "could" be forced to raise interest rates as "It will be more difficult for monetary policy to guarantee price stability with low interest rates" with some…
Bundesbank's Remsperger on economic policy making
In a speech on 'Current challenges facing economic policy-makers' given on 3 November, Hermann Remsperger of the Deutsche Bundesbank said given the adjustments at the enterprise level, the urgently required reforms in the labour market and fiscal and…
Germany, France confirm euro zone rebound
Data released on Thursday 13 November showed that both Germany and France grew in the third quarter of this year, according to Reuters, with Germany pulling out of its second recession in two years, expanding 0.2 percent and France seeing growth of 0.4…
Report says Bundesbank to cut 5,000 jobs
The Bundesbank is set to cut its workforce by up to a third a report in German financial daily Boersen-Zeitung said. A Bundesbank spokesman insisted that no decision had been made yet, however, the AFP news agency reported.
Bundesbank's Welteke: is US growth sustainable?
Bundesbank President Ernst Welteke said on Sunday 26 October, on the sidelines of the Mexico G20 meeting, that the world economy is in recovery but he questioned whether growth in one of its main drivers, the United States, was sustainable, Reuters…
Deutsche Bundesbank Monthly Report, September 2003
The Deutsche Bundesbank published the English version of its September 2003 monthly report on 21 October. The German economy remained on a path of stagnation in the second quarter of 2003, the report says. Despite a number of positive signals, major…
Bundesbank expects no solid 2003 upturn
The Bundesbank said in its October monthly report published on Monday 20 October that it forecasts a slight rise in economic performance in the third quarter this year, reports Expatica, but it does not see a sustained upturn in the German economy.
Swinging euro worries Bundesbank chief Welteke
Bundesbank chief Ernst Welteke has said the euro is at around its long-term average, according to RTE News, but that abrupt swings in the exchange rate with the dollar could harm the global economy.
Buba eyes 400-600 tonne gold sale in new pact
A report says that the Bundesbank is considering selling between 400 and 600 tonnes of gold from late 2004 to 2009, according to Reuters. Bundesbank President Ernst Welteke declined to comment on details of any deal ahead of discussions in the spring…
Welteke at the 2003 IMF/World Bank Annual Meeting
In a speech at the 2003 IMF/World Bank Annual Meetings in Dubai given on 23 September, Ernst Welteke of the Deutsche Bundesbank said we have to make sure that the economic upswing stabilizes and broadens in a sound financial environment. The IMF and the…
Remsperger on inflation differentials in the EMU
In a speech on 'Inflation differentials in EMU: causes and implications' given on 13 September, Hermann Remsperger of the Deutsche Bundesbank said the ECB's Governing Council, in its recent clarification of its monetary policy strategy, spelled out its…
Address by Jurgen Stark to the CEPR/ESI conference
In his opening address to the CEPR/ESI conference on 'The Euro Area as an Economic Entity' given on 12 September Jurgen Stark of the Bundesbank said he considered such meetings especially valuable because academics should increasingly confront themselves…
Bundesbank chief Welteke dashes rate cut hopes
Bundesbank president and ECB council member Ernst Welteke said in an interview that monetary policy is not standing in the way of growth with historically low levels of interest rates, reports AFP. However, he warned that the current low cost of…
German regulator in pledge over new Basel code
Germany's main financial regulator has pledged to implement changes for the new international capital adequacy requirements by 2006, the Financial Times reported. The initiative comes as attempts to reach agreement over the Basel II code suffered a…
Stark on The Euro Area as an Economic Entity
Speech titled 'The Euro Area as an Economic Entity' by Vice President Jurgen Stark of the Bundesbank to the CEPR/ESI conference, Eltville, 12 September. In the speech Stark said "my experience tells me that central bankers and academics alike are willing…
Deutsche Bundesbank Monthly Report, August 2003
The Deutsche Bundesbank published the English version of its August 2003 monthly report on 10 September. One difficulty in the development of the international economy, the Report says, is that, once again, the USA will probably be the sole engine of…
Germany in recession as Eurozone stagnates
The German economy fell into a technical recession after data showed a second successive quarter of negative growth in the three months to the end of June, Reuters reports.
Deutsche Bundesbank Monthly Report, July 2003
The Deutsche Bundesbank published the English version of its July 2003 monthly report on 7 August. The slumping economy has caused a renewed perceptible decline in employment, the report says. The rate of price increase picked up again a bit in June. The…
'Worst is over for Germany' says Schroeder
German Chancellor Gerhard Schroeder said that key economic figures increasingly point to an economic upswing, according to AFP "These encouraging signs give rise to confidence that, particularly next year, German economic growth will strongly increase…
Germany's deficit shouldn't widen - Remsperger
The Bundesbank's chief economist Herman Remsperger has urged fiscal restraint and welfare reform, according to Bloomberg, saying "Borrowing to cover today's spending will worsen finances for future generations".
Bundesbank: No hurry for candidates to adopt ERMII
The Bundesbank said in a report that no relaxation should be made of the Maastricht criteria for the new member states, noting that Hungary's budget deficit for 2002 was over 9% of GDP. The report, according to Interfax-Europe, said that most accession…
Deutsche Bundesbank Monthly Report, June 2003
The Deutsche Bundesbank published the English version of its June 2003 monthly report on 17 July. Price developments in the past few months have been affected by falling oil prices, the report said. The recently observable rise in the prices quoted on…