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Financial Crisis Creating "Gaping Hole" in Economy, Says ECB's González-Páramo

Frankfurt - While inflation expectations are anchored, the current financial crisis is creating a gaping hole in the real economy, European Central Bank member José Manuel González-Páramo said.This is true not only for the euro area but for large economies at large, González-Páramo said at a conference in Madrid, Spain on Friday.The central banker also noted that some countries within the euro zone were in a weakened financial position due to the crisis. However, he stressed that preserving

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ECB Stark Says Excessively Low Rates May be Counterproductive

Frankfurt - European Central Bank Governing Council member Jürgen Stark warned that rate cuts will not solve the financial crisis and that rates at too low a level could even be counterproductive.The lower rates are, the less incentive banks have to clean up their balance sheets and carefully monitor their credit risks, Stark said in an interview with Luxembourg newspaper Tageblatt, published on Saturday.On Thursday, the ECB's Governing Council voted to reduce the central bank's key policy rate

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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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ECB's Wellink Says Market Conditions Remain "Fragile"

Market conditions remain fragile, and a recovery in the banking system appears to be a long way off, with more countries entering recession, Dutch central banker Nout Wellink said on Friday.Speaking at an event in Amsterdam, Wellink, who also sits on the European Central bank's Governing Council, called for a global solution as a means of resolving the turmoil, saying the current crisis resolution framework has had little effect in fighting the turmoil thus far.The economic recovery

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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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ECB's Ordonez Says Structural Reforms Needed in Spain

Frankfurt - European Central Bank Governing Council member Miguel Angel Fernandez Ordonez said the global crisis is of a large magnitude and that reforms in Spain are needed to bring growth back to pre-crisis levels.Speaking at an event in Madrid on Tuesday, Ordonez also said delays in structural reforms are discouraging investment in Spain and that the country's credit problems will be best solved through loan guarantees and payment waivers. Ordozez added that Spain also needs ordered bank

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ECB's Gonzalez-Paramo Says Inflation Expectations are Anchored

European Central Bank policy has managed to anchor inflation expectations, said executive board member Jose Manuel Gonzalez-Paramo.Speaking in Madrid on Monday, he said the central bank's liquidity policy has become a non-conventional tool, but that the bank's main goal remains price stability. On reaction to the global financial crisis, Gonzalez-Paramo said the ECB's balance sheet has doubled, while governments have acted quickly to support European banks. However, he said governments have to be ready to exit

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ECB's Ordonez Expects Sizable Spanish Recession, Weak Credit Growth

Frankfurt - Citing Bank of Spain forecasts, European Central Bank Governing Council member Miguel Angel Fernandez Ordonez said the data point to a sizable recession, which will lead to very weak, and even negative credit growth.In any of the possible scenarios in which we emerge from this crisis, credit conditions will necessarily have to be more limited and more restrictive than before the crisis, Ordonez said while speaking to a parliamentary commission in Madrid on Wednesday.Regarding the financial

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Yen Lower After Downbeat Comments from Government & Central Bank

The Japanese yen is lower against the U.S. dollar after downbeat commentary from the Japanese Finance Minister and central bank governor.Bank of Japan Governor Masaaki Shirakawa told lawmakers in Tokyo that the central bank is looking for ways to counter a sharper-than-expected economic contraction. Meanwhile, Japanese Finance Minister Kaoro Yosano said the declines in the U.S. stock market are affecting sentiment in Japan and cannot be ignored.At 7:31 a.m. EST, The U.S. dollar was up 0.46 to

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ECB's Ordonez Says Euro Providing "Immense Benefits" to Euro Zone Members

Frankfurt - The euro is providing immense benefits to the members of the monetary union, shielding them from the effects of the current financial crisis, European Central Bank Governing Council member Miguel Angel Fernandez Ordonez said on Friday.Speaking at a conference in Madrid, Spain, the central banker warned that nationally-focused crisis solutions are doomed to fail and called for a higher level of European integration as a way to help boost economies out of their current slump.Responses based

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