- Insider: ‘do not see a situation that first we need to stop asset purchases and only later on increase the interest rates’
- Insider: ‘see possibilities of a combined strategy’ where ECB hikes rates but still buys government debt
By David Barwick – FRANKFURT (Econostream) – Rare is the Governing Council meeting of the European Central Bank that is preceded by as thin a trickle of communication from the Executive Board as the gathering this week.
26 October 2021
By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member François Villeroy de Galhau, freshly nominated to a second term at the helm of Banque de France, delivered a speech on Tuesday in which he staked out a broad array of bold positions:
13 October 2021
By David Barwick – FRANKFURT (Econostream) – Following is the full transcript of the interview conducted by Econostream on October 6 with Maric Post, Director Treasury and Capital Markets at the Belgian Debt Agency:
12 October 2021
- Belgium ‘not pushing to extend’ average maturity of debt portfolio any further
- Belgian debt head Maric Post: ‘we want to stick to a liquid curve up to 50 years’
- Front-loading Belgian debt issuance in 1H is ‘something that suits us well for now’
By David Barwick – FRANKFURT (Econostream) – European Central Bank Chief Economist Philip Lane’s speech on Monday raises the possibility that the ECB is even less inclined to withdraw support than previously thought.
11 October 2021
By David Barwick – FRANKFURT (Econostream) – The European Central Bank remains profoundly unsure about where inflation in the euro area is headed, and while Executive Board member Isabel Schnabel’s speech on Thursday offered an interesting recital of many reasons why, it served to highlight that uncertainty more than to shed any new light.
7 October 2021
Following is the full transcript of the interview conducted by Econostream on October 1 with Edward Scicluna, Governor of the Central Bank of Malta and member of the Governing Council of the European Central Bank:
6 October 2021
- Avoided tapering because don’t want to commit yet to end PEPP; ‘we’ll do that in December’
- Would view desire to include Greek debt in APP with sympathy, but must examine implications
- ‘All ears and eyes to see whether economic actors are going to contribute to inflation or not’
- ‘Certain countries would mount legal opposition to a flexible APP’
By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Yannis Stournaras on Monday conceded the strength of the recovery in the euro area and in particular in his native Greece, all while vehemently urging monetary authorities to discount presently elevated inflation and maintain the current degree of accommodation.
4 October 2021
By David Barwick – FRANKFURT (Econostream) – European Central Bank President Christine Lagarde’s unremarkable contribution on Wednesday to the policy panel of the ECB Forum on Central Banking was probably reflective of the inescapable fact that there remain months to go until the ECB’s next date with destiny, so that for now it is simply waiting and hoping for a bit of clarity to emerge from the fog.
29 September 2021
- Formal commitment by ECB to respect capital key could make markets uneasy
- Possible compromise a declaration of ECB’s determination to ensure policy transmission
By David Barwick – FRANKFURT (Econostream) – European Central Bank President Christine Lagarde on Tuesday took a step back from her recently relatively hawkish language on inflation as she delivered a carefully scripted speech devoid of new policy conclusions to open the ECB Forum on Central Banking.
28 September 2021
By David Barwick – FRANKFURT (Econostream) – Of the possible takeaways from European Central Bank President Christine Lagarde’s European Parliament Q&A on Monday, a prominent candidate might be that the Eurotower doesn’t put too much stock in its latest inflation projections.
27 September 2021
By David Barwick – FRANKFURT (Econostream) – Wide-ranging as it was, the interview by CNBC with European Central Bank President Christine Lagarde published Friday yielded less news than might be expected, not because Lagarde was not asked important questions, but rather because she appeared determined to stick to safe ground and avoid further fueling public debate.
24 September 2021
By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Madis Müller on Wednesday became the latest monetary policymaker to paint a picture of the euro area economy that would be consistent with a withdrawal of support, a conclusion he was not hesitant to reach.
22 September 2021
By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Vice President Luis de Guindos on Tuesday ratcheted up the hawkishness, sounding almost but not quite alarmed about the potential for price pressures to remain elevated and declaring economic risks that had loomed large earlier in the crisis to be essentially null and void.
21 September 2021
By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Yannis Stournaras on Monday provided a glimpse into the nature of the tussle awaiting the euro area’s monetary authorities, lining up with numerous colleagues who’ve already conceded brighter inflation prospects, yet remaining as unwilling as ever to take the logical next step towards reduced accommodation.
21 September 2021
By David Barwick – FRANKFURT (Econostream) – Officials of the European Central Bank have been all but lining up in recent days to sound the alarm with respect to the potential for euro area inflation to come back to life sooner and more vigorously than expected.
20 September 2021
By David Barwick – FRANKFURT (Econostream) – A close look at the interview published Sunday with European Central Bank Governing Council member Pablo Hernández de Cos reveals him to be slowly taking on board at least some of the optimism finally infecting the less hawkish side of the Council. By no means has he undergone a full-bore conversion.
20 September 2021