By David Barwick – PARIS (Econostream) – European Central Bank Governing Council member François Villeroy de Galhau on Thursday said that high core inflation required that monetary policy be normalised.
2 June 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.
31 May 2022
- ECB insider: ‘This is a war that is already lost’
- ECB insider: ‘No point in fighting something that is going to happen anyway’
- ECB insider: ‘We are not going to do FX interventions’
- ECB insider: ECB won’t explicitly take any specific action because of the exchange rate
- ECB insider: ‘Parity for euro-dollar is just one figure like the others’
By David Barwick – FRANKFURT (Econostream) – European Central Bank Chief Economist Philip Lane in an interview published Monday confirmed the key messages of President Christine Lagarde’s blog a week ago today, presumably putting to rest the scepticism of at least one Governing Council member as to whether the ECB would really deliver the end of net asset purchases in the coming weeks and – probably - a deposit rate of zero percent by the end of the summer.
30 May 2022
- ECB insider: We stand ready to react flexibly to fragmentation; ‘forget about specific tools’
- ECB insider: I assume there will be similar provisions for APP as for PEPP reinvestments
- ECB insider: Hiking rates not so risky that we need to prepare for damage control ex ante
- ECB insider: It’s the sovereigns, not the ECB, that need to take care of their spreads
- ECB insider: Must see other jurisdictions’ QT experience, so ECB hawks not yet pushing the issue
- ECB insider: QT is ‘one of the optionalities that we have if there is a need to start it earlier’
- ECB insider: ‘Things are moving so fast that I wouldn’t be surprised at being surprised’ on QT
By David Barwick – FRANKFURT (Econostream) – The European Central Bank should end net asset purchases and then gradually get official borrowing costs out of negative territory, ECB Executive Board member Fabio Panetta said Wednesday.
25 May 2022
By David Barwick – FRANKFURT (Econostream) – European Central Bank Vice President Luis de Guindos on Wednesday said that the main threat to euro area financial stability stemmed from the macroeconomic ramifications of Russian military aggression
25 May 2022
By David Barwick – FRANKFURT (Econostream) – The European Central Bank should hike its deposit facility rate by 25 basis points in July and then by another 25 bps in the autumn, Governing Council member Olli Rehn said on Wednesday.
25 May 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.
23 May 2022
By David Barwick – FRANKFURT (Econostream) – European Central Bank President Christine Lagarde on Monday confirmed that the Governing Council would hike rates in July and strongly suggested that a second rate hike would take place in September.
23 May 2022
By David Barwick – FRANKFURT (Econostream) – German consumer price growth should average around 7% this year, but supply constraints could worsen considerably yet as China grapples with the pandemic, the German Bundesbank said on Monday in its latest monthly report.
23 May 2022
Exclusive: Symmetrical Distribution of Key ECB Rates Optimal, But No Urgency Seen
- ECB insider: Spread calibration need not be objective of early phase of policy normalisation
- ECB insider: Huge liquidity surplus that we now have ‘is going to be there for a while’
By David Barwick – FRANKFURT (Econostream) – European Central Bank interest rates can move out of negative territory, but the process must be gradual and it is not obvious how far it can go, ECB Governing Council member Ignazio Visco said on Friday.
20 May 2022
By David Barwick – FRANKFURT (Econostream) – Net asset purchases by the European Central Bank may end in June and a first rate hike could follow in July, ECB Governing Council member Joachim Nagel said on Friday.
20 May 2022
By David Barwick – FRANKFURT (Econostream) – European Central Bank Vice President Luis de Guindos on Thursday said that the normalisation of monetary policy had to proceed ‘gradually and cautiously’.
19 May 2022
By David Barwick – FRANKFURT (Econostream) – The European Central Bank should fairly rapidly get its interest rates out of negative territory, Governing Council member Olli Rehn said on Wednesday.
18 May 2022
By David Barwick – FRANKFURT (Econostream) – It was only ever a matter of time before someone from the European Central Bank’s Governing Council publicly floated the potential need for the ECB to consider an outsized interest rate step. That Klaas Knot took it upon himself to do so is no shocker.
17 May 2022
By David Barwick – FRANKFURT (Econostream) – In the context of the ongoing communications blitz being waged by members of the European Central Bank’s Governing Council, the convergence of views is hard to overlook and important not to underestimate.
17 May 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.
16 May 2022