Central Bank

ECB Hawk-Dove Ranking: Farewell to Weidmann, Welcome to Nagel

ECB’s de Cos Stresses Possibility to Reactivate PEPP; ‘Health Crisis Clearly Not over’

By David Barwick – FRANKFURT (Econostream) – The crisis phase of the pandemic is by no means at an end and the European Central Bank retains the right to reactivate net purchases under the pandemic emergency purchase programme (PEPP), ECB Governing Council member Pablo Hernández de Cos said Monday.

TRANSCRIPT: Interview with AFT’s Cyril Rousseau on 09 December 2021

By David Barwick – FRANKFURT (Econostream) – Following is the full transcript of the interview conducted by Econostream on 09 December with Agence France Trésor Chief Executive Cyril Rousseau:

EXCLUSIVE: Agence France Trésor Head: Not Concerned Election Volatility Could Hamper Issuance

- AFT’s ‘robust system’ has worked before under volatility and will function again if necessary
- Downward revision of financing programme only if very clear economic improvement early in the year
- ‘Quite excited to take a closer look at’ adding green dot, but decision depends on study outcome

German Government Officially Proposes Nagel to Succeed ECB’s Weidmann at Bundesbank

By David Barwick – FRANKFURT (Econostream) – German Finance Minister Christian Lindner on Monday confirmed that the new government would like Joachim Nagel to succeed outgoing Bundesbank President and European Central Bank Governing Council member Jens Weidmann.

They Said it - Recent Monetary Policy Comments Made by ECB Governing Council Members

By David Barwick – FRANKFURT (Econostream) – The following is a reasonably complete compendium of the most recent comments made by European Central Bank Governing Council members with respect to monetary policy. The frequency of updates will correspond approximately to the frequency with which relevant comments are made.

ECB’s Holzmann: Entire Governing Council Prepared to Act if Inflation Climbs Further

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Robert Holzmann on Saturday said that the entire Governing Council was prepared to act if inflation climbed further.

German Bundesbank Says German Economy May Contract in 4Q, Inflation over 4% Next Months

By David Barwick – FRANKFURT (Econostream) – The German economy could contract in the current quarter, while consumer price inflation would exceed 4% in the next months, the German Bundesbank said on Monday in its latest monthly report.

ECB’s Villeroy: Making Significant Progress Toward Target; Can’t Have Undue Fragmentation

By David Barwick – FRANKFURT (Econostream) – The European Central Bank is making good progress toward its price stability target and must not be held up by unwarranted fragmentation, Governing Council member François Villeroy de Galhau said Monday.

ECB’s Rehn: No Longer-Term Upsurge in Inflation Without Second-Round Effects

By David Barwick – FRANKFURT (Econostream) – Currently high inflation will not be a longer-term phenomenon in the absence of second-round effects on wages and prices, European Central Bank Governing Council member Olli Rehn said on Friday.

ECB’s Müller: ‘What Is Important Is the Change of Tone in the Messages of the Governing Council’

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Madis Müller on Friday said that the ‘change of tone’ in the messages sent yesterday by the ECB’s decisions were an important reflection of the potential need to tighten policy faster than anticipated.

ECB’s Weidmann: Shouldn’t Ignore Inflation Risks; Need to Be Vigilant

By David Barwick – FRANKFURT (Econostream) – Monetary policymakers need to be attentive to the predominantly upside inflation risks in the euro area, European Central Bank Governing Council member Jens Weidmann said on Friday.

ECB’s Vasle: Key Message of Staff Forecasts is That Pandemic’s Economic Impact Diminishing

By David Barwick – FRANKFURT (Econostream) – The latest staff forecasts of the European Central Bank reflect the decreasing impact of the pandemic on the euro area economy, ECB Governing Council member Boštjan Vasle said Friday.

ECB’s Wunsch: ‘My Take Is that We’re Essentially at Target’ in 2023, 2024

By David Barwick – FRANKFURT (Econostream) – The European Central Bank’s price stability objective can be considered more or less achieved in 2023 and 2024, Governing Council member Pierre Wunsch said Friday.

ECB’s Villeroy: To Adjust Monetary Policy According to the Actual Data that We Observe

By David Barwick – FRANKFURT (Econostream) – The European Central Bank will modify its monetary policy stance in accordance with observed developments, Governing Council member François Villeroy de Galhau said Friday.

ECB Insight: Lagarde Delivers Optionality and Flexibility; ECB More Open-Minded

By David Barwick – FRANKFURT (Econostream) – European Central Bank President Christine Lagarde on Thursday managed to deliver a set of decisions that preserved a high degree of optionality and flexibility and showed growing open-mindedness at the ECB about what would follow currently elevated uncertainty.

ECB Insight: When Push Comes to Shove, Does the ECB Have What it Takes? Maybe.

- Insider: ‘We are not going to allow inflation in Europe to move beyond our objective, full stop’
- Insider: ‘Considerations about fiscal conditions should play no role at all’

ECB Insight: Communications Blitz by Policymakers Could Belie Timid Meeting Outcome

By David Barwick – FRANKFURT (Econostream) – Seven weeks ago, we noted in this space that the Governing Council meeting of the European Central Bank that was then two days off had been preceded by an unusually thin trickle of communication, at least from the Executive Board. Now, the opposite is more the case, with seemingly every member of the Council having weighed in, in many cases more than once, about coming decisions or the possibility of deferring these.

They Said it - Recent Monetary Policy Comments Made by ECB Governing Council Members

By David Barwick – FRANKFURT (Econostream) – The following is a reasonably complete compendium of the most recent comments made by European Central Bank Governing Council members with respect to monetary policy. The frequency of updates will correspond approximately to the frequency with which relevant comments are made.

ECB Announces That VP de Guindos Tested Positive for Covid-19

By David Barwick – FRANKFURT (Econostream) – The European Central Bank on Sunday said that Vice President Luis de Guindos had tested positive for Covid 19.