By David Barwick – FRANKFURT (Econostream) – Russia’s military aggression will lead the European Central Bank to approach monetary policy normalisation with greater caution but does not necessarily imply a full stop, according to ECB Governing Council member Mārtiņš Kazāks on Wednesday.
2 March 2022
By David Barwick – FRANKFURT (Econostream) – The European Central Bank has seen to it that the updated staff economic projections to be released next week will take into account Russian military aggression, Executive Board member Philip Lane said Wednesday.
2 March 2022
By David Barwick – FRANKFURT (Econostream) – A week having passed since our last review of where each European Central Bank Governing Council member stands on the question of whether or not to start hiking interest rates this year, we want to take another look at the issue.
1 March 2022
By David Barwick – FRANKFURT (Econostream) – Three months after his last public comments on monetary policy, European Central Bank Executive Board member Fabio Panetta on Monday clung as tenaciously as ever to accommodative monetary policy.
28 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.
28 February 2022
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