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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 May Turn to "Unconventional Policy" If Rates Reach Limit, Wellink Says

Frankfurt - The European Central Bank may take unconventional measures if its key policy rate hits its lower boundary, ECB Governing Council member Nout Wellink said on Thursday.The ECB could use unconventional monetary policy, on top of the unusual expansion already implemented, if the interest rate instrument can't be used further because of [almost] reaching the zero-rate limit, Wellink said in the Nederlandsche Bank's annual report.The policy maker also said that months of negative price growth could not

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Fed's Kohn Says More Can Be Done to Restore Credit if Necessary

The Fed may have to do more to restore the flow of credit, Fed Vice-Chairman Donald Kohn said on Friday.U.S. policymakers and central banker must remain very flexible and open to policy actions that had no precedent, Kohn said, pledging that policy-makers would continue to adapt our policies as necessary to accomplish, a recovery of the financial system and consequently the broader economy.Nevertheless, many financial market sectors remain under considerable stress and much has to be done

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ECB's Papademos Says ECB May Extend Bank Loans

Frankfurt - The European Central Bank may look to extend the maturities of loans made to banks, ECB Vice-President Lucas Papademos said.Speaking at an event in Brussels on Thursday, Papademos added that the ECB's purchases of private-sector bonds in the secondary market may also be warranted to enhance liquidity in order to improve the cost of funding.While the ECB's Governing Council has stated on numerous occasions that discussions on non-standard measures are ongoing, no decisions have been taken,

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ECB Does Not Feel Restricted By Monetary Policy, Says Bini Smaghi

The European Central bank does not feel constrained in its monetary policy options, according to European Central Bank Governing Council member Lorenzo Bin Smaghi on Friday.We don't feel constrained, said the central banker, adding that the ECB is flexible when making its monetary policy. We've been able to take decisions in five minutes and we've done things rapidly, he said.Bini Smaghi went on to predict a bottoming in euro zone economic growth sometime towards the end of

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Forex: USD/CAD collapses after BoC policy report

FXstreet.com (Barcelona) - CAD is rising against the USD after BoC report which didn't contain immediate measures about quantative easing or credit conditions. USD/CAD has fallen around 140 pips from 1.2380, break 1.2330 support and reach to 1.2238, intra-day low. Currently the pair is trading around 1.2275/85 after falling 0.90% so far today from 1.2392 opening price.Valeria Bednarik, FXstreet.com collaborator, comments related to the BoC report: The Bank of Canada present their monetary policy report, announcing additional easing measures,

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Further Moderate Cuts Can't Be Ruled Out, Says ECB's González-Páramo

Frankfurt - Frankfurt - European Central Bank member José Manuel González-Páramo says that monetary policy is still having an impact on the economy and that further easing cannot be ruled outThe official interest rates are not at zero and monetary policy maintains its capacity to influence the economy, the central banker said on an online forum on Spanish newspaper El Mundo's website on Thursday. However, the central banker added that there are drawbacks to excessively low

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ECB's Stark Says Alternative Policy Will Only Be Used When Rates Reach Floor

The European Central Bank (ECB) will use alternative monetary policy once rates reach the so called floor, according to ECB Governing Council Member Jurgen Stark speaking in Siegen, Germany on Wednesday.We will decide about the remaining moderate room for maneuver on interest rates on May 7, said the central banker. At the same time we will make a decision about additional non-standard measures, which we will implement when the lower interest-rate limit is reached.Although the ECB continues

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BOE's Blanchflower Supports Calls for Further Fiscal Stimulus Measures

Frankfurt - Bank of England Monetary Policy Committee member David Blanchflower supports calls for further stimulus measures and said that rising unemployment will be the next big problem for the economy.Those leaders pushing for a substantial fiscal stimulus are right, Blanchflower wrote in the UK newspaper Daily Telegraph. The central banker also commented on the growing number of jobless in the UK, saying that we have yet to feel the full pain of rising unemployment.This will be the

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ECB Discussing Further Policy Initiatives As Deflation Risks Mount

As deflation risks continue to rise in the euro zone, the European Central Bank (ECB) will continue to discuss monetary policy measures including cutting money market rates further, longer term loans from the ECB and the possibility of asset purchases, according to Cypriot Central Banker Athanasios Orhpanides.If inflation threatens to remain significantly below 2 percent for a considerable period of time, then additional policy easing could be warranted to counter that eventuality, said the central banker in

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