the role of the central bank towards the current financial crisis

Forex: USD/JPY: Dollar will climb to 110.00 by year end; National Bank Financial

FXstreet.com (Barcelona) ? Dollar recovery from 87.00 low on January 21 has reached levels right below 100.00 on early April. national Bank Financial foresees the Dollar breaking above 100 during the current quarter to end 2009 year at levels around 110.00.The National Bank Financial technical analysis team forecasts the Dollar uptrend to extend above 100.00,to reach 102.00 at the end on the second quarter of the current year and continue appreciating throughout the rest of the year.USD/JPY will reach levels

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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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Fed's Bullard Says Inflation is "Real Possibility"

Deflation is a real possibility in the current environment, according to St. Louis Fed President James Bullard, while speaking at an event hosted by the French Central Bank in Paris on Friday.The central banker said that if people begin to anticipate negative inflation due to a longer-than-expected global recession, the phenomenon could spark a downward spiral in prices, resulting in a deflationary environment.In January, the Federal Reserve projected GDP in the United States will decline between 0.5%

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Fed's Hoenig Calls for Regulation Based on Rules, Not Principles

New regulations adopted in the wake of the current economic crisis should be based on rules rather than principles, Federal Reserve Bank of Kansas City President Thomas Hoenig argued on Thursday.In order to protect the financial system from a similar economic crisis in the future, Hoenig said, regulation must be based on a clear set of simple, understandable and enforceable rules rather that a set of broad principles open to interpretation.Speaking in Lima, Peru, Hoenig also said

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ECB Has Not Exhausted its Tools to Boost Economy, Says Liikanen

(CEP News) Frankfurt - The European Central Bank has not yet used all of its tools to help the economy recover from its current slowdown, ECB Governing Council member Erkki Liikanen said.

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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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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 Trichet Sees No Further Need for Stimulus Boost

Frankfurt - Europe isn't in need of further increases in spending to counteract the current global financial crisis, European Central Bank President Jean-Claude Trichet said.Speaking in an interview with the Wall Street Journal published on Monday, the central banker said that, instead, governments should act more quickly on measures already announced, making partial reference to the delays in the U.S. government's bank rescue.Nothing will really work until the financial sector is back on track and ready to lend

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Fed's Rosengren Calls For Systemic Regulator

A systemic regulator may have been able to identify and correct the excesses in the financial system that compounded the financials crisis, a U.S. central banker said.Federal Reserve Bank of Boston governor Eric Rosengren said a systemic regulator would face profound challenges but such an authority may have been able to identify mounting problems in the financial system, he said in the text of a speech to be delivered in Seoul.Assuming the systemic regulator has the ability

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