News

ECB’s Lagarde: 3Q Asset Purchases to Be Data-Dependent and Reflect the Outlook

ECB’s Lagarde: 3Q Asset Purchases to Be Data-Dependent and Reflect the Outlook

ECB’s de Cos: Russian Invasion Could Raise or Lower Mid-Term Inflationary Pressures

By David Barwick – FRANKFURT (Econostream) – The European Central Bank is taking into account the opposing medium-term inflation impact of Russia’s attack on Ukraine, with an increase in the risk of second-round effects on the one hand and the potential for diminished price pressures due to weaker economic developments on the other, ECB Governing Council member Pablo Hernández de Cos said Tuesday.

ECB Hawk-Dove Ranking: Scicluna No Longer Ranked Among the Doves

ECB Insight: Renewal of TLTROs Still to Be Discussed, But Looking Less Likely

By David Barwick – FRANKFURT (Econostream) – The days of the targeted longer-term refinancing operations (TLTROs) of the European Central Bank seem likely to be numbered, Econostream understands.

They Said it - Recent Monetary Policy Comments Made by ECB Governing Council Members

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.

ECB’s Villeroy: Even Under Severe Scenario, See French 2022 GDP Growth at 2.8%

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member François Villeroy de Galhau on Monday said that even under a severe scenario, the economic shock related to Russian military aggression against Ukraine would not prevent the French economy from expanding this year by almost 3%.

ECB’s Villeroy: This Shock Doesn’t Warrant ‘Whatever It Takes’

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member François Villeroy de Galhau on Saturday said that the economic shock related to Russian military aggression against Ukraine did not justify a ‘whatever it takes’ response from monetary policy.

ECB’s Vasle: Inflation Becoming More Widespread and Persisting at High Levels

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Boštjan Vasle on Friday said that inflation was becoming more widespread.

ECB’s Centeno: Period of Zero Growth and High Inflation Seems Inescapable

By David Barwick – FRANKFURT (Econostream) – It seems inevitable that the euro area will have to go through a period of zero growth and high inflation, European Central Bank Governing Council member Mario Centeno said Friday.

ECB Insight: APP Could End Any Month in 3Q, Potentially Even in 2Q

By David Barwick – FRANKFURT (Econostream) – The European Central Bank’s asset purchase programme could potentially wind up ending in the second quarter, Econostream understands.

ECB Insight: Decision Not an Acceleration, 'Putin Emergency Purchase Programme' an Option if Needed

By David Barwick – FRANKFURT (Econostream) – The European Central Bank Governing Council’s decision on Thursday should be understood less as an acceleration than as a logical response to an array of macroeconomic factors inconsistent with the present policy stance, in the view of one insider who spoke to Econostream.

ECB Insight: Council’s Decision Not to Wait Until April ‘Not Very Difficult’ Given Inflation Data

By David Barwick – FRANKFURT (Econostream) – Against the backdrop of high inflation, the European Central Bank Governing Council arrived relatively easily at an agreement this week not to wait until April to make monetary policy decisions, Econostream understands.

ECB’s Müller: We Do Not Intend to Hesitate Too Much in Shaping Monetary Policy

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Madis Müller on Friday said that the ECB would not let its monetary policy decision-making be put on hold for too long.

ECB’s Villeroy: No Automaticity About Time Between End of Net Asset Purchases and Rate Hike

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member François Villeroy de Galhau on Friday indicated that financial markets might not have appropriately assessed the timing of an ECB rate hike, given the absence now of automaticity between the end of net purchases and rates lift-off.

ECB Insight: Lagarde Denies ‘In Any Way Accelerating’ the Normalisation Process

By David Barwick – FRANKFURT (Econostream) – After only last month finally starting to take upside inflation risks as seriously as many of her European Central Bank Governing Council colleagues had taken them for some time, President Christine Lagarde made it clear on Thursday that, ‘watershed’ event or not, for now Russia’s assault on Ukraine was not going to deter the ECB from pursuing normalisation.

ECB’s Stournaras: Russian Assault Deflationary in Mid-Term, Warrants Cautious Policy Stance

By David Barwick – FRANKFURT (Econostream) – Russian military aggression against Ukraine has deflationary implications for the medium term and warrants caution on the part of policymakers, according to European Central Bank Governing Council member Yannis Stournaras on Tuesday.

ECB’s Lagarde Likely to Maintain Course But Stress Optionality, Gradualism and Flexibility

ECB President Christine Lagarde is likely to maintain course towards monetary policy normalisation but to stress optionality, gradualism and flexibility

They Said it - Recent Monetary Policy Comments Made by ECB Governing Council Members

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.

TRANSCRIPT: Interview with ECB Governing Council member Kazāks on 02 March 2022

By David Barwick – FRANKFURT (Econostream) – Following is the full transcript of the interview conducted by Econostream on March 02 with Mārtiņš Kazāks, Governor of Latvijas Banka and member of the Governing Council of the European Central Bank:

EXCLUSIVE: ECB’s Kazāks: War to Make Us More Careful, But Doesn’t Automatically Put Us on Hold

- Outlook more uncertain, war adds quite a few negatives to outlook
- Ending asset buys in Q3 still possible, but let’s assess situation first
- Must ultimately normalise monetary policy and cannot forget about this