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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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ECB's Bini Smaghi Calls Talk of Euro Zone Breakup "Nonsense"

Frankfurt - European Central Bank Executive Board member Lorenzo Bini Smaghi said he expects the economy to recover by 2010 and dismissed talk of a euro zone break up, calling it nonsense.On Thursday, the ECB released its revised staff projections, which point to the euro zone economy contracting by between 3.2% and 2.2% before recovering modestly to a growth rate of between -0.7% to +0.7% in 2010. The central bank also decided to reduce its main refinancing rate

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ECB's Provopoulos Says Central Bank Could Cut Below 1.00%

The European Central Bank could cut interest rates below the 1.00% handle if necessary according to Georigios Provopoulos of the Bank of Greece on Tuesday.I do not see 1 percent as a threshold for the ECB benchmark rate, said the central banker, speaking in a telephone interview with Bloomberg News on Tuesday.Provopoulos said that the latest economic data suggest the economy is very weak, and the IMF and OECD are expecting deeper recession in Europe than projections

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Greek Economy Could Shrink This Year, Says Central Bank

The Greek economy will face some difficulties over the coming years with possible negative growth rates and inflation potentially coming down sharply, according to a report from the Bank of Greece published on Wednesday.It is estimated that economic activity will stagnate this year, according to the central bank's governor, Georgios Provopoulos, when delivering the report. He furthermore said that fiscal stimulus was having a smaller effect on euro zone economies than that of the United States, and

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ECB to Use Manoeuvring Room on Rates, Says Weber

Frankfurt - The European Central Bank has manoeuvring room regarding interest rates, which we will use, ECB Governing Council member Axel Weber said in Berlin on Friday, suggesting that the current level of 1.50% is not the lowest the ECB is willing to bring its key policy rate to.Weber also said the central bank could offer longer term refinancing loans.Raising the maturities in our repo operations could help to guarantee financing security, the central banker said.Written by CEP

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CCM Will Meet Its Commitments, Says ECB's Ordonez

Frankfurt - European Central Bank Governing Council member Miguel Angel Fernandez Ordonez says that, while Caja Castilla y La Mancha (CCM) is expected to post significant losses for 2008, it will meet its commitments.CCM is a bank with a positive balance sheet, Ordonez said to lawmakers in Madrid on Thursday. There is no black hole.The central banker, also the Governor of the Bank of Spain, said that the central bank intervened in CCM to support confidence and prevent

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Euro Mixed in Aftermath of Fed Actions, ECB Speakers

The euro is mixed against majors following the Fed's surprise decision on Wednesday to begin purchasing Treasuries, and some commentary from European Central Bank speakers and German lawmakers on Thursday.On Wednesday, the Federal Reserve took unprecedented action to pump $300 billion into the purchase of long term U.S. Treasuries. The announcement sent the greenback plummeting against majors. An article in the Financial Times suggests that European Central Bank President Jean-Claude Trichet has signalled a preference for further

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ECB's Stark Says Global Economy in Deepest Slump Since WWII (Update)

Frankfurt - European Central Bank member Jürgen Stark said the world economy is in its deepest slump since the Second World War and said that it is difficult to predict when it will end.The year 2009 will be a very difficult year, Stark said at the fifth German-Luxembourgish Economic Conference in Luxembourg on Monday. Policy makers need to prevent a further deterioration in economic and financial conditions.However, central banks alone cannot solve the crisis, Stark said, adding that

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BoE leaves Bank Rate unchanged at 0.5%; GBP plunges

FXstreet.com (Barcelona) ? The Bank of England has decided to leave its official bank rate unchanged at 0.5%at its May monetary policy meeting and to continue with the programme of asset purchases financed by the issuance of central bank reserves and increase its size by GBP50 billion to a total of GBP125 billion.The Pound has dropped sharply after the Bank released its decision, from levels around 1.5160, the Pound has lost about 100 pips i a matter of minutes, dropping

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Global Economy in Steep Downturn, Says ECB's Weber

Frankfurt - European Central Bank Governing Council member Axel Weber said the global economy is in a deep slump and noted downside growth risks, including ongoing financial market turbulence.Because of the declining demand for exports, the German economy will be particularly strongly affected, Weber said at the Bundesbank following the central bank's annual report. Earlier on Tuesday, the Federal Statistics Office reported that German exports fell 4.4% month-over-month and 20.7% year-over-year in February to €66.6 billion. The central

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