Eurozone

Trichet praises ECB's courage on rates

European Central Bank president Jean-Claude Trichet said the ECB's "courageous" decision to maintain a low level of interest rates in recent years has meant a more marked slowdown in eurozone growth has been prevented and helped economic recovery.

Establishing credibility at the ECB

The IIIS Discussion Paper "Establishing credibility: Evolving perceptions of the European Central Bank" looks at the first years of the ECB to consider whether, and how, central bank credibility evolves.

ECB's Gonzalez-Paramo on monetary policy

In the speech 'Uncertainty and gradualism in monetary policy' given on 17 March Jose Manuel Gonzalez-Paramo of the ECB said hard data currently available indicates that the euro zone is growing at a rate higher to that forecast by the Bank in December.

Trichet says no foregone decision on rates

Jean-Claude Trichet, president of the European Central Bank, said on Monday 20 March that its governing council had not already decided to continue with a series of monthly rate increases.

ECB's Liebscher sees strong stable growth

Growth in the euro zone remains stable and strong even after the European Central Bank's interest rate hike, ECB Governing Council member Klaus Liebscher said in an interview published on Wednesday 15 March.

Trichet says euro zone growth around 2%

European Central Bank president Jean-Claude Trichet said in an interview to be published Thursday 16 March that survey data suggests the euro zone economy will grow at its potential rate of around 2 pct.

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…

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.

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.

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.

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.

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.

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…

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