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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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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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EU Preview: Investors Question Recent Strength in Euro Ahead of ECB Meeting

Investors appear to be questioning the recent strength of the euro ahead of the European Central Bank's interest rate decision on Thursday, according to currency strategists.The euro remains under significant pressure following Friday's massive selloff. EUR/USD dropped more than 3 cents on Friday in what was the biggest one-day selloff in two months. According to some currency strategists, the capitulation in the cross provides some risk that markets are expecting the ECB to announce some quantitative easing

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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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Rates Could Come Down Further in March, Says ECB's Liikanen

(CEP News) Frankfurt - With inflation in line with the European Central Bank's target of price stability, the central bank could reduce its main refinancing rate at its next meeting in March, ECB Governing Council member Erkki Liikanen said.

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Concerns About Euro Country Defaults "Unfounded," Says ECB's Weber

Rising speculation about potential defaults by countries within the European monetary union are unfounded and purely hypothetical, European Central Bank Governing Council member Axel Weber said on Tuesday.While rising Credit Default Swap premiums on sovereign bonds have driven speculation about potential EMU country defaults, Weber said euro area member states with high yield spreads are currently facing favourable refinancing conditions thanks to unprecedented low interest rates.For European monetary union, the financial crisis is certainly posing the greatest

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ECB's Nowotny Still Sees Room for Maneuver, Not in Favour of Rates at Zero

(CEP News) Frankfurt - European Central Bank Governing Council member Ewald Nowotny said that, while the central bank has room to bring rates below its current level of 2%, he did not support rates at zero percent.

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Rules Preventing International Bail Outs Important for Euro Zone, Says ECB's Stark

(CEP News) Frankfurt - European Central Bank Executive Board member Jürgen Stark says that rules preventing euro zone members from taking on the liability of the debt from others is an

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