central bank operating procedures and interbank liquidity management

ECB's Gonzalez-Paramo Says Inflation Expectations are Anchored

European Central Bank policy has managed to anchor inflation expectations, said executive board member Jose Manuel Gonzalez-Paramo.Speaking in Madrid on Monday, he said the central bank's liquidity policy has become a non-conventional tool, but that the bank's main goal remains price stability. On reaction to the global financial crisis, Gonzalez-Paramo said the ECB's balance sheet has doubled, while governments have acted quickly to support European banks. However, he said governments have to be ready to exit

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ECB's Weber Says Alternative Policies Only Necessary Under Threat of Deflation

Alternative monetary policies will only be deployed if deflation pressures were to mount in euro zone countries, Bundesbank President Axel Weber said on Thursday.In a press conference with reporters in Frankfurt, the central banker said the European Central Bank plans to continue with its extraordinary liquidity-providing operations for now and will consider further action if things get worse. For now, the ECB continues to have room to cut rates further if needed, he added.His comments mirror those

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Central Banks Need to Look at Liquidity Exit Strategies, Says ECB's Weber

Frankfurt - Central banks need to start thinking about liquidity-draining exit strategies, European Central Bank Governing Council Axel Weber said.The eurosystem has become the central player in the money market - a situation that one can't imagine lasting forever, Weber said in a speech presented in Hannover on Wednesday. One has to enter into a debate over how central bank interventions can be reduced to a normal level.While liquidity operations performed by central banks have been able to

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Rate Cuts Working Well, but All Options on the Table, Says ECB's Noyer

Frankfurt - Rate cuts and liquidity measures taken by the European Central Bank have worked well during the current economic crisis, ECB Governing Council member Christian Noyer said.However, he noted the central bank is looking at all options to help bolster the economy.Speaking at a press conference in Paris on Tuesday, the central banker also said the ECB is looking at all options to help bolster the economy. Non-conventional measures, such as the purchase of commercial paper, are

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Borrowers Have Benefited from Rate Cuts, Says ECB's Tumpel-Gugerell

(CEP News) Frankfurt - European Central Bank Executive Board member Gertrude Tumpel-Gugerell said that both the interbank market and borrowers have benefited from the ECB having cut its main refinancing rate four times since October.Speaking in an interview with Austrian newspaper WirtschaftsBlatt, Tumpel-Gugerell also dismissed talk of the monetary union collapsing, calling it

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Loans to the UK Corporate Sector Rise Unexpectedly, All Other Lending Falls

While credit demand and supply in the UK may have declined in the first three months of 2009, financial institutions in the UK noted an unexpected increase in loans made to the corporate sector.According to the Bank of England's credit conditions survey, the availability and demand of credit to households and small businesses declined in Q1, but banks saw a modest net increase in lending to the corporate sector compared to the fourth quarter of 2009. However,

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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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ECB May Turn to "Unconventional Policy" If Rates Reach Limit, Wellink Says

Frankfurt - The European Central Bank may take unconventional measures if its key policy rate hits its lower boundary, ECB Governing Council member Nout Wellink said on Thursday.The ECB could use unconventional monetary policy, on top of the unusual expansion already implemented, if the interest rate instrument can't be used further because of [almost] reaching the zero-rate limit, Wellink said in the Nederlandsche Bank's annual report.The policy maker also said that months of negative price growth could not

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Fed's Kohn Says More Can Be Done to Restore Credit if Necessary

The Fed may have to do more to restore the flow of credit, Fed Vice-Chairman Donald Kohn said on Friday.U.S. policymakers and central banker must remain very flexible and open to policy actions that had no precedent, Kohn said, pledging that policy-makers would continue to adapt our policies as necessary to accomplish, a recovery of the financial system and consequently the broader economy.Nevertheless, many financial market sectors remain under considerable stress and much has to be done

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Central Banks Should Use Unconventional Methods, Says ECB's Draghi

Frankfurt - With interest rates at their minimum levels, central banks need to look at other, more unconventional measures to boost economic growth and restore confidence in the financial sector, European Central Bank Governing Council member Mario Draghi said.In the principal economies, official interest rates are already at minimum levels, the central banker said in testimony to the Italian parliament on Tuesday. The margin for action in terms of monetary easing is limited. Draghi also noted some examples

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