le taux directeur de la bank central european

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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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 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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ECB's Trichet Says Alternative Policies Possible

The European Central Bank is able to adopt non-conventional monetary policy measures if needed, said European Central Bank President Jean-Claude Trichet speaking in Frankfurt on Tuesday.The comments echo those made by Bundesbank President Axel Weber and Christian Noyer of the Bank of France, both of whom affirmed that the ECB was examining the possibility of buying corporate paper as a means of stimulating euro zone economies. Nevertheless, Trichet declined to comment further on monetary policy, given the

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ECB's Noyer Says EU Will Aid Troubled Member Nations

The probability of a country within the European Union failing seems far-fetched, but if such an event were to occur, the Union would be compelled to come to its aid, European Central Bank Governing Council member Christian Noyer told lawmakers in Paris on Tuesday.The central banker, who is also the governor of the Bank of France, echoed comments by European finance ministers and central bankers on Tuesday about the possibility that some European countries will have to

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EU Preview: ECB to Resume Rate Cutting Cycle on Thursday (Repeat)

Economists and market participants are unanimously expecting the European Central Bank to resume its rate cutting cycle and reduce its main refinancing rate by 50 basis points, bringing the rate down to a historically low 1.50%.However, the EONIA implied rate suggests a more drastic move by the central bank. As of the close on Monday, markets were pricing in a 100% chance of a 75bp cut and an 8% chance of a 100bp cut by April 2,

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Euro Remains Volatile as Market Digests Weak Growth Forecasts

Currency markets were volatile this morning following comments from European Central Bank President Jean-Claude Trichet.The euro is retracing some of its losses following a weak growth outlook from the European Central Bank. Despite the modest recovery, currency strategists are expecting the euro to continue to fall.On Thursday, the ECB dropped interest rates by 50 basis points to 1.50% but, according to currency strategists, the weak economic outlook had the most impact on the currency. The euro lost

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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's Mersch Says Risks to 2010 Outlook Well-Balanced

Risks to the economic outlook of Luxembourg are balanced for 2010, Luxembourg's central bank President Yves Mersch wrote in a report on Thursday.The gradual recovery currently projected for 2010 reflect the effects of important measures to bolster the economy currently taken, as well as large scale measures to restore good functioning of the financial system, said Mersch who also sits on the European Central Bank's Governing Council.Mersch also said inflation expectations remain firmly anchored around the ECB's

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EU Preview: ECB to Resume Rate Cutting Cycle on Thursday

Economists and market participants are unanimously expecting the European Central Bank to resume its rate cutting cycle and reduce its main refinancing rate by 50 basis points, which would bring the rate down to a historically low 1.50%.However, the EONIA implied rate suggests a more drastic move by the central bank. As of the close on Monday, markets were pricing in a 100% chance of a 75bp cut and an 8% chance of a 100bp cut by

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