Central Bank

ECB’s Vasle: Seeing Broad-Based Economic Recovery in Euro Area

By David Barwick – FRANKFURT (Econostream) – The economy of the euro area is improving on a broad basis, European Central Bank Governing Council member Boštjan Vasle said Friday.

ECB’s Wunsch: Not Comfortable with Length of Commitment of New Forward Guidance

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Pierre Wunsch said Friday that his opposition to the ECB’s new forward guidance reflected his uneasiness about a commitment of the duration the guidance could imply.

ECB’s Weidmann: Newly Worded Forward Guidance Went Too Far

By David Barwick – FRANKFURT (Econostream) – The European Central Bank’s revision of its forward guidance based on the new strategy framework went too far, ECB Governing Council member and German Bundesbank President Jens Weidmann said Friday.

ECB’s Villeroy: Revised Forward Guidance Means We Need a Close-Up View of 2%

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member François Villeroy de Galhau said Friday that the ECB’s revised forward guidance was a ‘strong answer’ to the question of how the ECB would achieve its new inflation objective.

ECB Insight: New Strategy to Give Doves Some Breathing Room on Thursday

By David Barwick – FRANKFURT (Econostream) – Thursday’s meeting of the European Central Bank’s Governing Council will be a matter more than anything else of taking a first and important stab at the question of how the new strategy is to shape monetary policy. The answer is less likely to please the hawks, but the doves should take care not to overplay their hand.

German Bundesbank: Germany Could Regain Pre-Pandemic Output Levels in 3Q

By David Barwick – FRANKFURT (Econostream) – The German economy could regain pre-pandemic output levels in the current quarter, the German Bundesbank said on Monday in its latest monthly report.

ECB Insight: Kazimir, Vasle Unlikely to Close Ranks With the Hawks Next Week

By David Barwick – LJUBLJANA (Econostream) – If the going gets tough for the hawks at the European Central Bank Governing Council’s monetary policy meeting next week, their Slovakian and Slovenian colleagues seem unlikely to come to the rescue.

ECB’s Kazimir: Council to Talk About Good Economic Outcome, but Also Recognise Fragility

By David Barwick – LJUBLJANA (Econostream) – The European Central Bank Governing Council is going to discuss the improvement in the economic situation while also recognising the persistent fragility of the public health situation, Council member Peter Kazimir said Friday.

ECB’s Vasle: Current ECB Policy Stance Still More Beneficial Than Harmful

By David Barwick – LJUBLJANA (Econostream) – The current policy stance of the European Central Bank is still beneficial on balance even considering side effects, ECB Governing Council member Boštjan Vasle said Friday.

ECB’s Makhlouf: Our Decisions Depend on Economy, Health Measures and Fiscal Support

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Gabriel Makhlouf on Friday said that the ECB’s decisions would depend on the economy, the removal of pandemic containment measures and the withdrawal of fiscal support.

ECB Insight: Visco Still Fighting the Same Battle, Just a Bit Better Equipped

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member and Banca d’Italia Governor Ignazio Visco on Thursday shared his interpretation of the outcome of the ECB’s monetary policy strategy review, an interpretation naturally favouring monetary accommodation but otherwise thoroughly redolent of his traditional diagnoses and prescriptions.

ECB’s Villeroy: Delta Variant Not the Main Threat to the French Economy

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member François Villeroy de Galhau said Thursday that the delta variant of the coronavirus was not the main risk to the French economy, but rather that the insufficiency of labour was.

ECB Brief: Schnabel Reveals Unsuspected Optimism About Regaining Price Stability

ECB’s Schnabel: Optimistic We’ll Hit Inflation Target Sooner Than Some Expect

By David Barwick – FRANKFURT (Econostream) – European Central Bank Executive Board member Isabel Schnabel said on Wednesday that she was optimistic about prospects for a return to price stability sooner than some anticipate.

ECB’s Makhlouf: ‘Transitory … Is Even Less Than the Word Temporary’

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Gabriel Makhlouf on Wednesday played down the meaning of the word ‘transitory’ in the ECB’s new monetary policy strategy.

ECB’s Centeno: New Strategy Won’t Immediately Change Monetary Policy Stance

By David Barwick – FRANKFURT (Econostream) – The new monetary policy strategy of the European Central Bank will not instantly bring about a change in the policy stance, Governing Council member Mario Centeno said Wednesday.

ECB Insight: Lagarde Abandons Pretence of Big Happy Family

By David Barwick – FRANKFURT (Econostream) – Although both public comments by European Central Bank Governing Council members and the published accounts of their monetary policy meetings had pointed in the last months to a widening rift, ECB President Christine Lagarde has tended to gloss over any discord – until now.

ECB’s Lagarde: ‘Persistent’ Means No More Premature Tightening as in the Past

By David Barwick – FRANKFURT (Econostream) – The reference in the European Central Bank’s new strategy framework to the need for persistent measures to counter undershooting of the inflation target is meant to exclude premature monetary tightening, ECB President Christine Lagarde said Tuesday.

ECB’s Centeno: Must Adapt Forward Guidance to New Strategy or Lose Credibility

By David Barwick – FRANKFURT (Econostream) – The European Central Bank needs to bring its forward guidance into line with its new monetary policy strategy, ECB Governing Council member Mario Centeno said Tuesday.

ECB Insight: Lagarde Prepares to Make the Most of the New Policy Framework

By David Barwick – FRANKFURT (Econostream) – That the outcome of the European Central Bank’s monetary policy strategy review was a boon to the doves on the Governing Council is clear; comments by ECB President Christine Lagarde over the weekend suggest that the doves could be keen to put their advantage to use at the next opportunity.