By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member François Villeroy de Galhau’s comment Thursday downplaying the economic impact of the Delta variant offers the latest confirmation that the variant shouldn't be a major factor at the next monetary policy meeting of the Council.
27 August 2021
By David Barwick – FRANKFURT (Econostream) – As Econostream continues to speak to people close to European Central Bank monetary policymaking, the expectation expressed here 10 days ago of a relatively uneventful September 9 Governing Council meeting has only been reinforced, with even the October 28 meeting seen as potentially too soon for big decisions.
26 August 2021
By David Barwick – FRANKFURT (Econostream) – Although the European Central Bank’s strategy review may have led to an inflation target that is clearer than its predecessor, it appears to be relying on a lack of clarity about another concept, namely underlying inflation.
20 August 2021
By David Barwick – FRANKFURT (Econostream) – Almost a month after the European Central Bank revised its forward guidance on interest rates to reflect its new strategy framework, the nature of the opposition of a small minority of monetary policymakers remains somewhat unclear, with the majority clearly united behind the idea that guidance must defer to reality over time.
19 August 2021
- ECB to set Q4 PEPP pace, but major announcements on future of QE less likely
16 August 2021
By David Barwick – FRANKFURT (Econostream) – 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
By David Barwick – Frankfurt (Econostream) – The UK Debt Management Office prefers a gradual approach to any potential extension of its issuance curve, according to Sir Robert Stheeman, Chief Executive Officer of the DMO.
9 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) – 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) – 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
By David Barwick – FRANKFURT (Econostream) – The European Central Bank is at no particular risk of falling behind the curve with its monetary policy and needs to avoid the mistake of premature tightening, but if economic developments surprised positively, then it would act faster than now expected, according to ECB Governing Council member Mārtiņš Kazāks.
29 July 2021
By David Barwick – FRANKFURT (Econostream) – 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
By David Barwick – FRANKFURT (Econostream) – The importance of flexibility for the European Central Bank’s pandemic emergency purchase programme (PEPP) does not necessarily mean another asset purchase programme must be endowed with this feature when the PEPP ends, according to ECB Governing Council member Gediminas Šimkus.
28 July 2021
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.
20 July 2021
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.
16 July 2021
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.
15 July 2021
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.
13 July 2021
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.
12 July 2021
By David Barwick – FRANKFURT (Econostream) – The account released Friday of the June 9-10 monetary policy meeting of the European Central Bank’s Governing Council showcased opinions that differed more starkly than at any other recent such gathering, setting the stage for a potentially strident reunion at the next such occasion in ten days.
12 July 2021
By David Barwick – FRANKFURT (Econostream) – European Central Bank Executive Board member Isabel Schnabel’s comments over the weekend lend credence to the expectation that the ECB will not step on the brakes too quickly even when inflation shows clear signs of revival.
12 July 2021