By David Barwick – Frankfurt (Econostream) – The Swedish National Debt Office accepts that with the government expecting a budget surplus in each of the next two years, its reduced debt issuance will contribute to less liquidity, according to Johan Bergström, Head of Funding at the NDO.
19 November 2021
By David Barwick – FRANKFURT (Econostream) – The crucial element of next month’s monetary policy meeting of the European Central Bank Governing Council is the inflation outlook. As Eurosystem staff gear up to make their best guesstimate amid great uncertainty, various insiders shared with Econostream reasonably similar, though still quite tentative views about medium-term prospects for price pressures in the area.
18 November 2021
By David Barwick – FRANKFURT (Econostream) – Though there are certainly others on the European Central Bank Governing Council who are sceptical about some of what the ECB is doing, Council member Robert Holzmann seems highly unlikely at this juncture to be joined by anyone in his campaign to put an end to all quantitative easing.
18 November 2021
By David Barwick – FRANKFURT (Econostream) – With inflation likely to stay high and liquidity abundant, quantitative easing has ‘done its duty’ and has to stop, European Central Bank Governing Council member Robert Holzmann said Wednesday.
18 November 2021
By David Barwick – BRUSSELS (Econostream) - The global macroeconomic environment has changed greatly just over the past three months, adding to the uncertainty Europe’s monetary policymakers face, and it would require relatively little in terms of exogenous developments for euro area 2023 HICP to wind up at 2%, European Central Bank Governing Council member Pierre Wunsch said Friday.
16 November 2021
By David Barwick – FRANKFURT (Econostream) – European Central Bank Vice President Luis de Guindos on Monday appeared to be claiming that shortages affecting economic activity were in effect hampering the euro area’s exit from the crisis.
16 November 2021
By David Barwick – FRANKFURT (Econostream) – A growing market perception that the European Central Bank is likely to continue offering targeted longer-term refinancing operations (TLTROs) on somewhat less advantageous terms in a post-pandemic world stands a decent chance of becoming reality, Econostream believes.
15 November 2021
By David Barwick – FRANKFURT (Econostream) – European Central Bank President Christine Lagarde’s rejection on Monday of the idea that she had not countered market rate expectations with much strength neatly underscored the true motive for what was indeed the weakness of that pushback.
15 November 2021
By David Barwick – FRANKFURT (Econostream) – For someone normally known as a strong proponent of building consensus, European Central Bank President Christine Lagarde’s announcement last week of the end of the pandemic emergency purchase programme (PEPP) next March has some scratching their heads.
5 November 2021
By David Barwick – FRANKFURT (Econostream) – Time flies at the European Central Bank, where President Christine Lagarde on Thursday unexpectedly deemed it the moment to debate, decide and announce the future of the ECB’s pandemic emergency purchase programme (PEPP).
28 October 2021
By David Barwick – FRANKFURT (Econostream) – Of increasing interest lately is the possibility that the European Central Bank might ultimately deviate from monetary policy orthodoxy and start the lift-off from its low interest rates before asset purchases have come to a complete halt. An insider Econostream spoke to suggested such a sequencing inversion would ultimately prevail.
27 October 2021
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
By David Barwick – FRANKFURT (Econostream) – Belgium’s government funding plans in the years ahead will probably be of a magnitude like that of the current year, according to Maric Post, Director Treasury and Capital Markets at the Belgian Debt Agency (BDA).
12 October 2021
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
By David Barwick – VALLETTA (Econostream) – 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