role of central banks in the crisis

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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Tuesday's News Recap: Geithner Says U.S. Will Protect Banks, IBD TIPP Rebounds

(CEP News) • Bernanke Calls for Regulatory Reforms • U.S. Wholesale Inventories Fall 0.7% • U.S. Economic Optimism ReboundsU.S. Treasury Secretary Says Banks will be Capitalized and Protected U.S. Treasury Secretary Timothy Geithner pledged to protect the United States' top 20 banks on Tuesday, and said some banks are going to need significant capital. Speaking in a PBS interview with Charlie Rose to be aired Tuesday night, he said the government cannot just let the crisis burn itself out, and that it is

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UK Government Must Prop up Banks to Boost Market Confidence, Says BOE's King

Frankfurt - The UK government must work to boost market confidence by propping up UK banks in order to counter the extreme lack of confidence in the banking sector, Bank of England Governor Mervyn King said on Thursday.It's important that the government underpins the balance sheets of major banks, King told lawmakers in London in his testimony on the current banking crisis.However, King acknowledged that studying the banks' balance sheets could take many months and that it is

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ECB Ready to Take Greater Supervisory Role, Says Bini Smaghi

(CEP News) Frankfurt - European Central Bank member Lorenzo Bini Smaghi said the financial landscape has

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ECB's Bini Smaghi Says Mistrust in Banks Could Affect Confidence in States

(CEP News) Frankfurt - European Central Bank Executive Board member Lorenzo Bini Smaghi warned that the lack of confidence in banks could spill over and effect sentiment towards governments.

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ECB's Draghi Calls on Banks to Raise Capital

Frankfurt - European Central Bank member Mario Draghi called on banks to raise further capital through either selling bonds to the government or on the market.Draghi also urged lenders to prevent tight credit conditions from prolonging and deepening the economic slump. Every opportunity to strengthen the capital position of banks must be used in a manner that suits each institution, Draghi wrote in a letter cited by MF newspaper. A strong support of clients who have a good

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Rosengren Calls for Speedy Removal of Bad Assets From Banks' Balance Sheets

Troubled assets need to be removed from the balance sheets of banks as quickly as possible, according to Boston Fed President Eric Rosengren, speaking at the Institute of International Bankers' Annual Conference in Washington, D.C. on Monday.Comparing the current financial woes to the Japanese experience of the 1990s, the central banker said that failure to quickly restore banks' financial health had serious consequences for the Japanese economy.By way of prevention, he called for stronger capitalization requirements for

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ECB's Bini Smaghi Says Mistrust in Banks Could Affect Confidence in States (Update)

(CEP News) Frankfurt - European Central Bank Executive Board member Lorenzo Bini Smaghi warned that the lack of confidence in banks could spill over and effect sentiment towards governments.

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Forex - Central Banks are ready to cut rates

The Dollar fell on Tuesday as steps by the Federal Reserve to calm chaotic financial markets and a signal by Chairman Ben Bernanke that the central bank was ready to cut rates eroded some of its safe-haven bid. Also, ECB chief Jean-Claude Trichet last week signaled the central bank was ready to start cutting rates. Analysts said the Dollar still re

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Banks Need to Increase Their Capital Ratios, Says ECB's Bini Smaghi

Frankfurt - Banks need to increase their capital ratios to better weather the ongoing financial crisis and restore confidence, European Central Bank Executive member Lorenzo Bini Smaghi said.The crisis keeps weighing on the banking system, increasing their bad loans and diminishing the confidence in the system, Bini Smaghi said at a conference in Cortina D'Ampezzo, Italy on Saturday. The central banker also noted that the Italian government had allowed banks to raise funds by selling bonds to the

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