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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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Fed's Bernanke Sees "Tentative Signs" Economic Contraction Is Slowing

The U.S. is undergoing the worst financial crisis since the Great Depression, but there are some tentative signs that the sharp decline in economic activity may be slowing, according to Fed Chairman Ben Bernanke on Tuesday.In a speech leaked by U.S.A. Today to be delivered on Tuesday afternoon, the Chairman said the Federal Reserve has taken action to stabilize the financial system, including substantially lowering interest rates, and introducing groundbreaking facilities to provide credit to financial entities.

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Perspective 2009 : La récession économique devrait battre des records

Londres et Copenhague, le 17 décembre 2008Le cours du brut à $25, l’indice S&P 500 en baisse de 50% à 500 points, une croissance zéro du PIB de la Chine, L’EUR/USD chutant à 0.95, l’Italie quittant le MCE… Si les 10 prédictions chocs de Saxo Bank pour l’année à venir se réalisent, les conditions économiques vont se dégrader de manière spec

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ECB's Tumpel Gugerell Says Crisis Hampering Euro Zone Financial Integration

Frankfurt - The current economic crisis is affecting financial integrations within the euro zone, European Central Bank Executive Board member Gertrude Tumpel-Gugerell said.The usual indicators of financial integration -- such as the cross-country standard deviations of money market rates, or government bond spreads -- deteriorated gradually over the past year, with a dramatic acceleration in the last months of 2008, Tumpel-Gugerell said in a speech published on Tuesday.It is precisely because of the financial turmoil that we need

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Fed's Hoenig Says Government Aid is Prolonging Cost and Length of Crisis

Government aid to financial institutions may raise the total cost of the crisis by not allowing insolvent firms to fail, according to Kansas City Fed President Thomas Hoenig.Testifying before the Joint Congressional Committee on Tuesday, Hoenig urged lawmakers to hold back from pouring additional cash into large firms, as it could add to the risks of prolonging the crisis and increasing its cost.Despite record spending, confidence has not been restored to the U.S. financial system a prerequisite

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