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UK Government Must Prop up Banks to Boost Market Confidence, Says BOE's King

Frankfurt - The UK government must work to boost market confidence by propping up UK banks in order to counter the extreme lack of confidence in the banking sector, Bank of England Governor Mervyn King said on Thursday.It's important that the government underpins the balance sheets of major banks, King told lawmakers in London in his testimony on the current banking crisis.However, King acknowledged that studying the banks' balance sheets could take many months and that it is

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ECB's Ordonez Says Euro Providing "Immense Benefits" to Euro Zone Members

Frankfurt - The euro is providing immense benefits to the members of the monetary union, shielding them from the effects of the current financial crisis, European Central Bank Governing Council member Miguel Angel Fernandez Ordonez said on Friday.Speaking at a conference in Madrid, Spain, the central banker warned that nationally-focused crisis solutions are doomed to fail and called for a higher level of European integration as a way to help boost economies out of their current slump.Responses based

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Rosengren Calls for Speedy Removal of Bad Assets From Banks' Balance Sheets

Troubled assets need to be removed from the balance sheets of banks as quickly as possible, according to Boston Fed President Eric Rosengren, speaking at the Institute of International Bankers' Annual Conference in Washington, D.C. on Monday.Comparing the current financial woes to the Japanese experience of the 1990s, the central banker said that failure to quickly restore banks' financial health had serious consequences for the Japanese economy.By way of prevention, he called for stronger capitalization requirements for

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Banks Need to Increase Their Capital Ratios, Says ECB's Bini Smaghi

Frankfurt - Banks need to increase their capital ratios to better weather the ongoing financial crisis and restore confidence, European Central Bank Executive member Lorenzo Bini Smaghi said.The crisis keeps weighing on the banking system, increasing their bad loans and diminishing the confidence in the system, Bini Smaghi said at a conference in Cortina D'Ampezzo, Italy on Saturday. The central banker also noted that the Italian government had allowed banks to raise funds by selling bonds to the

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ECB's Orphanides Says Crisis' Repercussion on Economy "Intensifying"

Frankfurt - The impact on the economy from the ongoing financial crisis seems to be intensifying, with uncertainty a pronounced levels, European Central Bank Governing Council Athanasios Orphanides said.Despite the relative normalization of the climate in the financial environment, the repercussions on the global economy appear to be intensifying and continuing, Orphanides said in a statement published by the Central Bank of Cyprus. The degree of economic uncertainty is particularly pronounced and a further significant worsening of domestic

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Fed's Hoenig Calls for Regulation Based on Rules, Not Principles

New regulations adopted in the wake of the current economic crisis should be based on rules rather than principles, Federal Reserve Bank of Kansas City President Thomas Hoenig argued on Thursday.In order to protect the financial system from a similar economic crisis in the future, Hoenig said, regulation must be based on a clear set of simple, understandable and enforceable rules rather that a set of broad principles open to interpretation.Speaking in Lima, Peru, Hoenig also said

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Fed's Bullard Says Inflation is "Real Possibility"

Deflation is a real possibility in the current environment, according to St. Louis Fed President James Bullard, while speaking at an event hosted by the French Central Bank in Paris on Friday.The central banker said that if people begin to anticipate negative inflation due to a longer-than-expected global recession, the phenomenon could spark a downward spiral in prices, resulting in a deflationary environment.In January, the Federal Reserve projected GDP in the United States will decline between 0.5%

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Fed's Fisher Optimistic Policies Will Pave the Way for Recovery

Although economic data in the United States are grim, the Federal Reserve's current monetary policies should help bring about a return to growth, Dallas Fed President Richard Fisher said on Wednesday.Speaking at an event in Tokyo, the central banker said the unemployment rate in the United States may reach 10% by the end of 2009 and that businesses are on the defensive as conditions continue to deteriorate. Nevertheless, Fisher said he remains confident that the innovative policies

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ECB Has Not Exhausted its Tools to Boost Economy, Says Liikanen

(CEP News) Frankfurt - The European Central Bank has not yet used all of its tools to help the economy recover from its current slowdown, ECB Governing Council member Erkki Liikanen said.

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Financial Crisis Creating "Gaping Hole" in Economy, Says ECB's González-Páramo

Frankfurt - While inflation expectations are anchored, the current financial crisis is creating a gaping hole in the real economy, European Central Bank member José Manuel González-Páramo said.This is true not only for the euro area but for large economies at large, González-Páramo said at a conference in Madrid, Spain on Friday.The central banker also noted that some countries within the euro zone were in a weakened financial position due to the crisis. However, he stressed that preserving

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