Eurozone
ECB's Trichet on European financial integration
In the speech 'The process of European financial integration' given on 11 May Jean-Claude Trichet of the ECB said European financial integration still lags behind, particularly in retail banking and financial infrastructure services, despite the progress…
Comment: Flawed convergence criteria?
Willem Buiter and Anne Sibert, two London-based academics, have slammed the Maastricht criteria for entry into the eurozone. They point to a number of inconsistencies in way the conditions are applied and suggest that the current formulation "makes no…
ECB pledges price stability, oil risks worsen
The article "ECB bankers pledge price stability, oil risks worsen" published Thursday 11 May says that the oil shock threatens to push up core inflation in the eurozone, a danger the European Central Bank ignores at its peril.
Hungary's Jarai calls budget 'undisciplined'
Hungary's central bank governor launched a strongly worded attack on the budgetary management of Hungary's socialist prime minister, Ferenc Gyurcsany on Thursday 11 May.
ECB Monthly Bulletin, May 2006
The European Central Bank published its May 2006 Monthly Bulletin on Thursday 11 May. In the report the ECB reiterated its outlook that monetary and credit growth remains very dynamic in the euro area and strong vigilance is needed to ensure price…
Austria's Liebscher says oil biggest eurozone risk
Austrian national bank governor Klaus Liebscher told reporters on Thursday 11 May that high oil prices pose the biggest threat to the eurozone economy.
ECB's Bini Smaghi on the growth of pension funds
In the speech 'The growth of pension funds and financial markets: Implications for central banks' given on 4 May (published 8 May) Lorenzo Bini Smaghi of the ECB said financial muscle of the world's pension funds may make it harder for central bank…
German pay policy points to a eurozone design flaw
According to this article by Paul de Grauwe, published Friday 5 May, in spite of the fact that the eurozone is a union of countries which set their monetary policy jointly, wage policies have been characterised by a blatant co-ordination failure.
Trichet 'not satisfied' with inflation over 2%
Speaking at the Frankfurt Chamber of Industry and Commerce on Friday 5 May, Jean-Claude Trichet said the European Central Bank is 'not satisfied' with inflation above 2 pct in the euro zone.
Comment: Unravelling the RBA hike
The Reserve Bank of Australia has joined the world's leading central banks in tightening mode. Last week's rate rise was largely unexpected and opinion is split over how far the central bank will go in hiking rates this year.
Issing to leave ECB but monetarism lives on
Otmar Issing's legacy is set to continue, despite his retirement from the European Central Bank at the end of the month, according to this article published Friday 5 May.
Europe must relax inflation test for euro entrants
According to this article by Willem Buiter, published Thursday 4 May, forcing eurozone membership candidate countries to meet both an exchange rate criterion and an inflation criterion makes no economic sense.
Comment: Trichet sounds his warning
After having made it clear that an interest rate increase was highly unlikely, the ECB's monetary policy meeting this week was all about how to signal future rate hikes pencilled in for later this year. Jean-Claude Trichet's message yesterday, 3 May, was…
ECB signals June rate rise
At the ECB's post-meeting press conference, after holding eurozone interest rates unchanged, on Thursday 4 May Jean-Claude Trichet said the Governing Council will exercise strong vigilance in order to ensure that risks to price stability over the medium…
ECB's Gonzalez-Paramo on financial statistics
In the speech 'Financial statistics for a global economy' given on 4 May Jose Manuel Gonzalez-Paramo of the ECB said the global statistical governance for official financial statistics will be guided by the fundamental principles of official statistics…
ECB warns on Sepa timetable
The European Central Bank has issued a raft of amendments to a draft Directive on harmonising payment services in the EU, and warned that any delays in adoption of the rules could wreck the proposed timetable for the introduction of a Single Euro…
Issing's views return to fashion
Just as he prepares to leave the European Central Bank, Otmar Issing's views are coming into fashion, according to the article 'Issing's views return to fashion as he prepares to leave ECB' published on Wednesday 3 May.
ECB paper on interest rates and exchange rates
The ECB Working Paper "How does information affect the comovement between interest rates and exchange rates?" compares the link between exchange rates and interest rates under full information and two alternative asymmetric information approaches.
ECB's Garganas says more rate hikes possible
European Central Bank Governing Council member Nicholas Garganas said on Thursday 27 April that more interest rate rises are probably on the way, with the timing dependant on economic growth and inflation developments.
European Central Bank - Annual Report 2005
European Central Bank vice-president Lucas Papademos told the European Parliament on Tuesday 25 April that further ECB interest rate hikes will be needed.
ECB to weigh rate options - Gonzalez-Paramo
ECB executive board member Jose Manuel Gonzalez-Paramo said on Tuesday 25 April that the euro zone central bank will debate raising interest rates at its meeting next week, but nothing was fixed.
ECB talk of normalising rates confirms slow pace
This article published on Monday 24 April suggests that a recent shift in ECB rhetoric to talk of normalising interest rates appears to confirm that the central bank has in mind a slow and steady course of rate hikes.
Economist warns over euro currency
Respected European economist Paul de Grauwe has warned of the euro's collapse unless there is progress towards political union.
ECB's Mersch sees inflation risks from oil
European Central Bank council member Yves Mersch said in an interview he is concerned about a surge in liquidity and oil prices pushing up inflation.