the european central bank plan to stabilize the economy

ECB's Orphanides Says Crisis' Repercussion on Economy "Intensifying"

Frankfurt - The impact on the economy from the ongoing financial crisis seems to be intensifying, with uncertainty a pronounced levels, European Central Bank Governing Council Athanasios Orphanides said.Despite the relative normalization of the climate in the financial environment, the repercussions on the global economy appear to be intensifying and continuing, Orphanides said in a statement published by the Central Bank of Cyprus. The degree of economic uncertainty is particularly pronounced and a further significant worsening of domestic

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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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Greek Economy Could Shrink This Year, Says Central Bank

The Greek economy will face some difficulties over the coming years with possible negative growth rates and inflation potentially coming down sharply, according to a report from the Bank of Greece published on Wednesday.It is estimated that economic activity will stagnate this year, according to the central bank's governor, Georgios Provopoulos, when delivering the report. He furthermore said that fiscal stimulus was having a smaller effect on euro zone economies than that of the United States, and

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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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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 Warns Economy Will Worsen if Deficits Continue to Grow

Frankfurt - Both Europe and the U.S. recognize that public deficits and spending increases aren't indefinite, European Central Bank President Jean-Claude Trichet said on Wednesday.It's acknowledged on both sides of the Atlantic that you can't indefinitely increase spending and deficits, the central banker said in an interview with French newspaper Le Monde.Instead of boosting households' and businesses' confidence, we would losetheir trust, and the economy would be worse off instead of better off, he was quoted as

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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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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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