By David Barwick – FRANKFURT (Econostream) – The European Central Bank early Monday announced that Sberbank Europe AG, a wholly owned subsidiary of Russia’s Sberbank, was, along with its subsidiaries in Croatia and Slovenia, ‘failing or likely to fail owing to a deterioration of their liquidity situation.’
28 February 2022
By David Barwick – FRANKFURT (Econostream) – Russian military aggression against Ukraine has deflationary implications for the medium term and is a reason to take special care not to tighten monetary policy too early, according to European Central Bank Governing Council member Yannis Stournaras.
28 February 2022
By David Barwick – FRANKFURT (Econostream) – European Central Bank President Christine Lagarde on Friday declined to speculate as to the ultimate economic impact on the euro area of Russian dictator Vladimir Putin’s aggression against Ukraine (transcript of her remarks here ), but noted that there would be opposing effects while also suggesting that price and financial stability would ultimately decide the course of monetary policy.
25 February 2022
By David Barwick – PARIS (Econostream) – Following is the full transcript of the most relevant comments made by European Central Bank President Christine Lagarde at the press conference during the Informal Ecofin on Friday:
25 February 2022
By David Barwick – FRANKFURT (Econostream) – That geopolitical turmoil without precedent in Europe in the last 75 years should lead the European Central Bank to tread with heightened caution is entirely understandable, and it would be more than odd if it didn’t. We think this truism is essentially what Governing Council member Robert Holzmann had in mind on Thursday.
25 February 2022
By David Barwick – FRANKFURT (Econostream) – It was never likely to take long for those European Central Bank Governing Council members fundamentally disinclined to tighten monetary policy to hang their hat on what until late yesterday was still just a looming invasion of Ukraine by Russian dictator Vladimir Putin.
24 February 2022
By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council Philip Lane on Wednesday sounded at pains to meet the hawks part way while implicitly rejecting the more alarmist views about price pressures as he conveyed his main message: that high inflation would ultimately give way to price stability.
24 February 2022
By David Barwick – FRANKFURT (Econostream) – There are good reasons for monetary policy to remain steady, European Central Bank Governing Council member Mario Centeno said Thursday.
24 February 2022
By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member François Villeroy de Galhau on Wednesday said that the geopolitical situation made optionality and flexibility more important than ever for monetary policy.
23 February 2022
By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Robert Holzmann supports tightening monetary policy, and essentially made this clear again on Wednesday for anyone who has been under a rock lately; the details are naturally interesting but the overall picture hardly changes as a result.
23 February 2022
By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member François Villeroy de Galhau on Tuesday said that there was no need to decide when interest rates in the euro area should start rising, but advocated stopping asset purchases around 3Q.
22 February 2022
By David Barwick – FRANKFURT (Econostream) – Having done a first review last week of European Central Bank Governing Council members’ individual inclination to initiate a hiking cycle this year, we now repeat the exercise in light of relevant comments made since then.
22 February 2022
By David Barwick – FRANKFURT (Econostream) – The following is a reasonably complete compendium of the most recent comments made by European Central Bank Governing Council members with respect to monetary policy. Updates are made on a periodic basis.
21 February 2022
By David Barwick – FRANKFURT (Econostream) – Positive macroeconomic developments and elevated inflation could lead to relatively robust outcomes of wage negotiations this year, the German Bundesbank indicated on Monday in its latest monthly report.
21 February 2022
By David Barwick – NEW YORK (Econostream) – European Central Bank Executive Board member Fabio Panetta on Friday said that central bank digital currencies (CBDCs) were needed not only for central bank money to continue to serve as a standard means of payment, but also to preserve monetary sovereignty.
18 February 2022
By David Barwick – FRANKFURT (Econostream) – The impact of including owner-occupied housing (OOH) in Eurozone harmonised inflation has never been greater than 0.3 point in the last decade, the European Central Bank said on Wednesday.
16 February 2022
By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Constantinos Herodotou on Wednesday sounded in no hurry for the ECB to initiate a tightening cycle and put the burden of any policy change on the upcoming set of staff macroeconomic forecasts.
16 February 2022
By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member François Villeroy de Galhau on Tuesday sought to avoid throwing out the baby with the bathwater, preserving some semblance of forward guidance for ECB policy while acknowledging room for improvement.
16 February 2022
By David Barwick – FRANKFURT (Econostream) – European Central Bank Executive Board member Isabel Schnabel’s latest comments suggest that the ECB has become more serious yet about heading inflation risks off at the pass and raise the stakes for the March Governing Council meeting.
16 February 2022
By David Barwick – FRANKFURT (Econostream) – A lift-off of official euro area borrowing costs is quite probable this year, European Central Bank Governing Council member Mārtiņš Kazāks said Wednesday.
16 February 2022