european central bank 2009 calendar

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 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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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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ECB's Bini Smaghi Warns of Unintended Results from Excessively Low Rates

Frankfurt - European Central Bank member Lorenzo Bini Smaghi warned that excessively low rates could have unintended consequences and that he does not believe it is always a good idea to err on the side of excessive easing.Be careful to avoid overshooting and cutting rates to too low levels, Bini Smaghi said in a speech delivered Friday at the University of Ancona, in Italy. The central banker added that rates at zero percent could lead to substantial problems

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ECB Monthly Bulletin Notes Below-Target Inflation, Deteriorating Global Demand

Frankfurt - Euro zone inflation is expected to remain well below 2% this year and the next, while both global and domestic demand will continue to deteriorate in 2009 before gradually recovering, the European Central Bank said in its monthly bulletin, echoing ECB President Jean-Claude Trichet's introductory remarks.At its March 5 policy meeting, the ECB Governing Council voted to cut its main refinancing rate 50 basis points to a record low 1.5%. The central bank also released its

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Sterling & Euro Higher Against USD on Friday

European currencies are rallying against the U.S. dollar following some sharper-than-expected declines in annual inflation rates in the UK and further discussion from European policy-makers about what kinds of monetary policies the ECB could consider.On Friday, a Bank of Italy spokesperson Saccomani said that if the European Central Bank decided to buy bonds as a form of alternative monetary policy, it could only do so in the secondary market. However, deciding which paper to buy would

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ECB Prepared to Cut to Zero if Economy Deteriorates Further, Says Bini Smaghi

Frankfurt - The European Central Bank is prepared to bring its key policy rate lower possibly to zero if the economic situation deteriorates further, ECB Executive Board member Lorenzo Bini Smaghi said on Tuesday.If the (economic) situation worsens, the ECB is ready to reduce rates further, even to zero, the central banker said in an interview with German newspaper Börsen-Zeitung. That is above all the case if the economy was really threatened by sustained deflation, Bini Smaghi added.

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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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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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