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ECB Insight: Anti-Fragmentation Tool Design a Tough Slog as Council Members Prefer Conservative Approach

By David Barwick – FRANKFURT (Econostream) – It is very clear that the European Central Bank has its work cut out for it in attempting to come up with an anti-fragmentation tool, Econostream can only conclude after having recently heard opinions on the subject from three more ECB insiders who all seemed keen that such an instrument be designed and deployed conservatively.

7 July 2022 | Central Bank News

Central Bank of Ireland: Growth Enduring Despite Uncertainty and Growing Downside Risks

By David Barwick – FRANKFURT (Econostream) – Irish economic growth should hold up relatively well over the medium term, but uncertainty is high and the outlook is subject to risen downside risks, according to the Central Bank of Ireland on Thursday.

7 July 2022 | Central Bank News

ECB’s Villeroy: To Keep Hiking Past September Until Neutral Rate Reached, Unless Data Require More

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member François Villeroy de Galhau on Thursday said that the ECB would continue hiking interest rates post-September to reach the neutral level, at which point tightening would cease unless inflation dictated otherwise.

7 July 2022 | Central Bank News

ECB’s de Cos: Moderate Wage Growth, Squeezing of Trade Margins to Prevent Price-Wage Spiral

By David Barwick – FRANKFURT (Econostream) – The projection of medium-term price stability rests on the assumption that moderate wage developments and reduced trade margins will prevent a price-wage spiral from emerging, European Central Bank Governing Council member Pablo Hernández de Cos said Thursday.

7 July 2022 | Central Bank News

Exclusive: ECB Policymakers Unwavering in Support for Tighter Monetary Policy

5 July 2022 | Central Bank News

ECB’s Nagel: Would Caution Against Using Monetary Policy Instruments to Limit Risk Premia

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Joachim Nagel on Monday made clear that he regards with great scepticism the possible addition to the ECB’s arsenal of an instrument to prevent fragmentation, and identified various conditions for the set-up and deployment of such an instrument.

4 July 2022 | Central Bank News

ECB’s Panetta: Once Rates No Longer Negative, Adjustments to Depend on Developments

By David Barwick – FRANKFURT (Econostream) – Once the European Central Bank has taken official borrowing costs out of negative territory, any further adjustments will hinge on economic and inflation developments, ECB Executive Board member Fabio Panetta said Friday.

1 July 2022 | Central Bank News

TRANSCRIPT: Interview with Spanish Treasury’s Pablo de Ramón-Laca Clausen on 28 June 2022

By David Barwick – FRANKFURT (Econostream) – Following is the full transcript of the interview conducted by Econostream on June 28 with Pablo de Ramón-Laca Clausen, General Director of the Tesoro and Financial Policy, Spain’s sovereign debt issuer:

1 July 2022 | Central Bank News

EXCLUSIVE: Spain DMO Head: ‘Well enough advanced in our programme that we don’t need a fourth syndication’

1 July 2022 | Debt Issuance News

EXCLUSIVE: Spain DMO Head: ‘No one disputes that the Eurosystem needs to hike interest rates’

1 July 2022 | Debt Issuance News

ECB Insight: Lagarde Puts Yet More Distance Between the ECB and Gradualism

By David Barwick – FRANKFURT (Econostream) – Consistent with her speech the day before, European Central Bank President Christine Lagarde on Wednesday took the opportunity of the policy panel discussion at the ECB Forum on Central Banking 2022 to make clear again that the mantra of gradualism to which she had been so attached until recently is in the process of falling out of favour.

29 June 2022 | Central Bank News

Exclusive: ECB’s Kazāks: Would Not Exclude that We Need to Take Stronger Action in July

- Kazāks: ‘Fair case to discuss whether 25 basis points in July are still appropriate’

28 June 2022 | Central Bank News

TRANSCRIPT: Interview with ECB Governing Council member Kazāks on 27 June 2022

By David Barwick – FRANKFURT (Econostream) – Following is the full transcript of the interview conducted by Econostream on June 27 with Mārtiņš Kazāks, Governor of Latvijas Banka and member of the Governing Council of the European Central Bank:

28 June 2022 | Central Bank News

ECB’s Lagarde: ‘There Are Clearly Conditions in Which Gradualism Would Not Be Appropriate’

By David Barwick – FRANKFURT (Econostream) – European Central Bank President Christine Lagarde on Tuesday made clear that the ECB could under circumstances abandon the principle of gradualism that it has been preaching for many months.

28 June 2022 | Central Bank News

ECB’s de Guindos: Increase in Expectations ‘Quite Pervasive’; 25 Basis Points in July ‘Done’

By David Barwick – FRANKFURT (Econostream) – European Central Bank Vice President Luis de Guindos on Friday painted a gloomy economic picture, but although he sounded concerned about inflation expectations, he refused to entertain the possibility that the ECB would hike by more than 25 basis points next month.

24 June 2022 | Central Bank News

ECB’s de Cos: Tighter Financing Conditions Could Impair Firms’ and Households’ Ability to Pay

By David Barwick – FRANKFURT (Econostream) – Tighter financing conditions in the wake of the European Central Bank’s policy normalization could make it harder for firms and households to make needed payments, ECB Governing Council member Pablo Hernández de Cos said Friday.

24 June 2022 | Central Bank News

ECB’s Nagel: Risen Inflation Expectations ‘Worrisome’; ‘Must Not Respond with Too Little, Too Late’

By David Barwick – FRANKFURT (Econostream) – Increased inflation expectations are cause for concern and monetary authorities must not react insufficiently or hesitantly, European Central Bank Governing Council member Joachim Nagel said on Thursday.

23 June 2022 | Central Bank News

ECB: Price Pressures Intensifying; Looking Ahead, Wage Developments Key

By David Barwick – FRANKFURT (Econostream) – Price pressures have become yet broader and yet more intense, the European Central Bank said on Thursday.

23 June 2022 | Central Bank News

ECB: Stagflation Relatively Unlikely Now as Compared to 1970s; Experts See Risk as Low

By David Barwick – FRANKFURT (Econostream) – The present economic situation is different from that of the 1970s in respects that make stagflation currently less likely, and experts accordingly see little risk of stagflation in the euro area, the European Central Bank said on Wednesday.

22 June 2022 | Central Bank News

ECB’s Villeroy: France Can Expect Positive Growth and Lower Inflation

By David Barwick – PARIS (Econostream) – European Central Bank Governing Council member François Villeroy de Galhau on Wednesday said that the French economy could expect positive growth in this and the coming years, along with more subdued medium-term inflation.

22 June 2022 | Central Bank News