Econostream’s latest ranking of the members of the European Central Bank Governing Council in terms of hawkishness/dovishness reflects only one small change, with another potential change considered but rejected.
17 August 2021
- ECB to set Q4 PEPP pace, but major announcements on future of QE less likely
- Council can start discussions, but these to continue in the autumn
- Major decisions in September would be seen as rushing things unnecessarily
- August holidays leave little time to lay groundwork; uncertainty still elevated
- Neither cliff effects nor new forecasts seen forcing major decisions in September
Following is the full transcript of the interview conducted by Econostream on July 27 with Sir Robert Stheeman, Chief Executive Officer of the UK Debt Management Office.
9 August 2021
- ‘Have begun to detect some market interest in a curve extension’
- But any curve extension ‘very much incremental only’
- ‘Might well be’ worth issuing new ultra-long-end linker this year, but must listen to market
By David Barwick – FRANKFURT (Econostream) – Euro area inflation will recover durably in the next few years, leading the European Central Bank to hike interest rates, ECB Governing Council member and German Bundesbank President Jens Weidmann said Sunday.
8 August 2021
By David Barwick – FRANKFURT (Econostream) – Whether the European Central Bank’s pandemic emergency purchase programme (PEPP) ever really needs to end could theoretically be an open question, based on ECB Vice President Luis de Guindos’ latest comments on the subject.
30 July 2021
By David Barwick – FRANKFURT (Econostream) – The end of the European Central Bank’s pandemic emergency purchase programme (PEPP) could come down to the question above all of when the pandemic is resolved, Vice President Luis de Guindos said Thursday.
30 July 2021
By David Barwick – FRANKFURT (Econostream) – European Central Bank Executive Board member Fabio Panetta may have crossed a line on Thursday by appearing to advocate wilful overshooting of the ECB’s inflation target.
29 July 2021
By David Barwick – FRANKFURT (Econostream) – A record of euro area inflation below the European Central Bank’s target implies a need to overshoot that target now, ECB Executive Board member Fabio Panetta said Thursday.
29 July 2021
Following is the full transcript of the interview conducted by Econostream on July 28 with Mārtiņš Kazāks, Governor of Latvijas Banka and member of the Governing Council of the European Central Bank.
29 July 2021
- ‘What we have learned from the past is that we should not make the mistake of premature tightening’
- On inflation, ‘I would be somewhat more optimistic towards the end of the forecast horizon’
- New forward guidance has ‘provided more clarity, but without tying our hands’
Following is the full transcript of the interview conducted by Econostream on July 27 with Gediminas Šimkus, Chairman of the Board of the Bank of Lithuania and member of the Governing Council of the European Central Bank.
28 July 2021
- What’s important is ‘Eurosystem is ready and can act forcefully to address fragmentation when it’s needed’
- Will certainly discuss asset purchases in the Council later this year when we debate about the PEPP
- Moderately and transitory ‘not about the number at a given moment; it’s about the intention’
By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Robert Holzmann on Tuesday said that the ECB’s new forward guidance would be better if it did not tie monetary policymakers’ hands so far into the future.
27 July 2021
By David Barwick – FRANKFURT (Econostream) – European Central Bank Executive Board member Fabio Panetta on Tuesday implicitly acknowledged that the pandemic crisis phase is coming to an end.
27 July 2021
By David Barwick – FRANKFURT (Econostream) – The value of being able to conduct asset purchases with the flexibility of the European Central Bank’s pandemic emergency purchase programme (PEPP) suggests giving consideration to equipping future purchase programmes with a degree of flexibility as well, ECB Governing Council member Pablo Hernández de Cos said Tuesday.
27 July 2021
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.
23 July 2021
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.
23 July 2021
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.
23 July 2021
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.
23 July 2021