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ECB Hawk-Dove Ranking: Average of Governing Council Enters Hawkish Territory

ECB’s Stournaras: May Start Reducing Interest Rates in 2023 if We Have a Recession

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Yannis Stournaras on Wednesday suggested that rate cuts might not be in the too-distant future, were Europe to enter recession.

ECB’s Wunsch: Deposit Rate of 1.5% a ‘No-Brainer’ as Long as No Severe Recession

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Pierre Wunsch on Tuesday said that the ECB should get the deposit rate to 1.5% if no severe recession occurred.

ECB’s Nagel: Must Quickly End the Still Very Expansionary Monetary Policy Stance

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Joachim Nagel on Tuesday urged a quick end to what he called a ‘still very expansionary’ ECB monetary policy stance.

ECB’s de Cos: Inflation Risks Remain on the Upside and Have Intensified

By David Barwick – FRANKFURT (Econostream) – Inflation risks are still predominantly to the upside and have worsened, European Central Bank Governing Council member Pablo Hernández de Cos said Tuesday.

ECB’s Makhlouf: Core Eurozone Inflation Shows Spillover of Energy, Commodity Price Rises

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Gabriel Makhlouf on Monday said that core measures of inflation demonstrated that higher price rises for raw materials had affected a much wider range of goods and services.

ECB’s Visco: Not Time Now Really to Ask for Higher Interest Rates Than We Had Foreseen

By David Barwick – FRANKFURT (Econostream) – The European Central Bank will determine the appropriate magnitude of any future rate hikes when the time comes, ECB Governing Council member Ignazio Visco said on Monday.

ECB’s Holzmann: To Decide in the Fall ‘Whether to Do Another 0.50%, or Less, or Even More’

By David Barwick – FRANKFURT (Econostream) – The European Central Bank will decide in the fall whether its next rate hike will be smaller than, equal to or even larger than last week’s 50bp increase, Governing Council member Robert Holzmann said on Sunday.

ECB’s Lagarde: ‘We Will Keep Raising Rates for as Long as Necessary’

By David Barwick – FRANKFURT (Econostream) – European Central Bank President Christine Lagarde on Saturday said the ECB would continue hiking interest rates until the medium-term inflation outlook was consistent with price stability.

ECB’s Villeroy: TPI Confirms Governing Council’s Unity and Unlimited Commitment to the Euro

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member François Villeroy de Galhau on Friday conceded that the ECB had given every indication of not being able to come up with a substantive anti-fragmentation programme by yesterday, but asserted that the achievement reflected policymakers’ unity and commitment.

ECB’s de Cos: Nothing Has Changed About Our Intention to Take Rates to Neutral Level

By David Barwick – FRANKFURT (Econostream) – Yesterday’s larger-than-expected rate hike by the European Central Bank does not alter the ECB’s determination to take official borrowing costs to neutral, Governing Council member Pablo Hernández de Cos said Friday.

ECB’s Kažimír: Thursday’s Hike Start of ‘Series of Similar Steps’; Would Be Happy Never to Use TPI

By David Barwick – FRANKFURT (Econostream) – Thursday’s hike of the European Central Bank’s key interest rates was the start of a series of similar moves, Governing Council member Peter Kažimír said Friday.

Bundesbank Sees 2Q German GDP Roughly Stagnant; Inflation Could Rise Again in September

By David Barwick – FRANKFURT (Econostream) – Germany's economy probably stagnated in the second quarter, the German Bundesbank said on Friday in its latest monthly report.

ECB’s Müller: Economic Suffering of ECB Decisions Preferable to Persistently Excessive Inflation

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Madis Müller on Friday said that the ECB realised that policy normalisation would probably imply some economic suffering, but that this was preferable to runaway inflation.

ECB’s Vasle: The Very Fact of a New Tool Supports Monetary Policy Normalisation

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Boštjan Vasle on Friday said that the preservation of uniform monetary policy transmission was necessary to achieve price stability and that the mere existence of the ECB’s new anti-fragmentation tool would support policy normalisation.

ECB’s Rehn: ‘At Least for the Time Being, We Cannot Speak of a Price-Wage Spiral’

By David Barwick – FRANKFURT (Econostream) – Euro area wage developments are not showing significant signs of second round effects so far, European Central Bank Governing Council member Olli Rehn said on Friday.

ECB’s Nagel: Confident TPI Would Stand up to Any Legal Challenge

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Joachim Nagel on Friday said that the ECB’s new anti-fragmentation tool, the Transmission Protection Instrument (TPI), would stand up to any legal challenge.

ECB Insight: Upending Her Own Rates Guidance, Lagarde Wants to Be Seen as Frontloading, Not Overdelivering

By David Barwick – FRANKFURT (Econostream) – The European Central Bank on Thursday may have over-delivered with respect to its new anti-fragmentation instrument, even discounting somewhat low expectations, while on the interest rate front we see it as an open question whether it is in the process of over-delivering or has merely frontloaded what the Governing Council intended anyway.

ECB Insight: Who’s for 50 Basis Points? No Shortage of Likely Advocates Even Beyond the Usual Suspects

By David Barwick – FRANKFURT (Econostream) – Considering the European Central Bank Governing Council member by member with respect to the feasibility of a 50-basis-point hike this week, our conclusion is that there are three main scenarios under which the ECB sticks to 25.

ECB’s Makhlouf: Economic Risks of Climate Change Evident, Need Global Response

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Gabriel Makhlouf on Tuesday spoke out in favour of a global response to the threat posed to economies by climate change.