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Fed's Duke Says Poor Neighbourhoods Need Lending to Survive

Federal Reserve Governor Elizabeth Duke defended the Community Reinvestment Act in a speech on Tuesday in Washington.I am still surprised at the misperceptions that persist about it, she said.The CRA was created in 1977, designed to encourage banks to lend in low- to middle-income areas. Some have blamed the act for causing the subprime mortgage crisis, which saw countless mortgages awarded to people who couldn't afford them.She said any revamping of the Act must be transparent.Duke also

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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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ECB's Wellink Says Market Conditions Remain "Fragile"

Market conditions remain fragile, and a recovery in the banking system appears to be a long way off, with more countries entering recession, Dutch central banker Nout Wellink said on Friday.Speaking at an event in Amsterdam, Wellink, who also sits on the European Central bank's Governing Council, called for a global solution as a means of resolving the turmoil, saying the current crisis resolution framework has had little effect in fighting the turmoil thus far.The economic recovery

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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 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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Fed's Yellen Says Asset Price Targeting Should Be Reexamined

The recurring mantra that central banks should avoid getting involved with asset bubbles should be reexamined, according to San Francisco Fed President Janet Yellen, who added there needs to be policies to deal with the issues.I think it's time to take another look, said the central banker at an event in New York City on Thursday. Not dealing with certain kinds of bubbles before they get big can have grave consequences, she added.The shift in rhetoric is

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ECB Forecasters Revise Down GDP, CPI Estimates

(CEP News) Frankfurt - Echoing European Central Bank President Jean-Claude Trichet's introductory remarks, the ECB noted in its monthly bulletin that inflationary pressures are diminishing and that it sees consumer price growth in line with the goal of price stability over the medium term.The central bank also reiterated that the euro area is in an extended period of economic decline. Growth risks are clearly on the downside, the report read. At its meeting on Feb. 5, the ECB Governing Council

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Euro Under Modest Pressure on Concerns Over EU Sovereign Debt

Weaker U.S. equity futures and lingering concerns over debt of European countries are helping to drag EUR/USD lower today.The euro is under modest pressure this morning, as gains were capped just under the 1.29 USD level in the European session. The euro is trading in the middle of its recent range, just below 1.28 USD.Economic data appear to be having little impact on the currency, which may be caught up in general U.S. dollar strength. The confirmed

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ECB's Weber Sees Economic Improvement in 2010

Frankfurt - European Central Bank Governing Council member Axel Weber expects an economic turnaround by next year and said that expansionary fiscal and monetary policies will need to be scaled back promptly once the crisis reaches an end.I don't expect a dynamic recovery but an improvement, Weber said in an interview with Deutschlandfunk radio on Friday.Weber also said that central banks will always work to keep inflation under control. Euro zone citizens can depend on the ECB to

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ECB's Bini Smaghi Says FX Intervention, In Theory, Can be Warranted at Times

Frankfurt - European Central Bank Executive Board member Lorenzo Bini Smaghi said that, in theory, intervention in FX markets is warranted and called on Europe to move towards a common economic policy.At an event in Brussels entitled Towards a European foreign economic policy, Bini Smaghi gave arguments in support of the euro flexible exchange rate, saying that such a system has allowed the ECB to focus on price stability rather than FX movements.Nevertheless, Bini Smaghi added that, despite

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