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ECB's policy

ECB's job is not to redistribute wealth, Weidmann says

ECB's job is not to redistribute wealth, Weidmann says

Published 29 Apr, 2021 05:43pm
  • The ECB is reviewing its strategy and President Christine Lagarde has put equality on the agenda along with other issues, such as climate change, which have not traditionally been part of the central bank's focus.
  • Weidmann, who is also president of Germany's Bundesbank, reaffirmed his scepticism, saying monetary policy was too blunt a tool to address wealth distribution and this should be left to elected politicians.
ECB's Panetta: we must maintain stimulus until inflation hits 2pc

ECB's Panetta: we must maintain stimulus until inflation hits 2pc

Published 26 Apr, 2021 06:16pm
  • Panetta said the ECB could and should keep credit cheap for a long time, even if borrowing costs around the world rise as a result of a booming US economy.
  • "For the ECB, this implies that we will have to maintain very favourable financing conditions well beyond the end of the pandemic period," he added.
ECB's Lagarde says euro zone economy still on crutches

ECB's Lagarde says euro zone economy still on crutches

Published 14 Apr, 2021 08:54pm
  • "Think of a patient which is out of a deep crisis but still on two crutches," Lagarde said.
  • "You don't want to remove either crutch, the fiscal or the monetary, until the patient can actually walk fine, and to do that means support well into the recovery."
ECB sees scope for cutting bonds buys after second-quarter surge

ECB sees scope for cutting bonds buys after second-quarter surge

Published 08 Apr, 2021 06:38pm
  • Worried that rising yields would derail an eventual recovery, policymakers in March decided to "significantly" increase bond purchases and undo some of the rise in borrowing costs, which was deemed a reflection of a global repricing rather than improved economic prospects.
  • "It was underlined that the flexibility embodied in the PEPP was symmetric, implying that the purchase pace could be increased and decreased according to market conditions," the ECB said.
ECB barely raised purchases last week even before redemptions

ECB barely raised purchases last week even before redemptions

Published 09 Mar, 2021 08:41pm
  • The ECB bought 18.2 billion euros worth of bonds on a gross basis - that is, before taking out redemptions - under its Pandemic Emergency Purchase Programme last week, the data showed.
  • ECB policymakers appeared divided on the question of greater market intervention ahead of their policy meeting on Thursday.
Rising euro zone rates a drag on growth, inflation, says ECB's De Cos

Rising euro zone rates a drag on growth, inflation, says ECB's De Cos

Published 03 Mar, 2021 06:29pm
  • "These developments underline the importance of avoiding premature increases in nominal interest rates," de Cos added.
  • The ECB will next meet on March 11 and while an outright increase in the 1.85 trillion-euro Pandemic Emergency Bond Purchase quota is not likely, the ECB could say it will increase the flow of purchases to cap yields.
Eurozone inflation steady as energy prices recover

Eurozone inflation steady as energy prices recover

Updated 02 Mar, 2021 03:45pm
  • Europe's spending stimulus has been less ambitious, but markets have signalled expectations that inflation will rise in the coming months, with borrowing prices for EU governments increasing.
ECB getting uncomfortable with rise in yields

ECB getting uncomfortable with rise in yields

Published 22 Feb, 2021 09:30pm
  • Risk-free overnight indexed swap rates and sovereign yields are particularly important, because they are good early indicators of what happens at downstream stages of monetary policy transmission.
  • "Accordingly, the ECB is closely monitoring the evolution of longer-term nominal bond yields," she said.
ECB worried about euro but relaxed on yields: account

ECB worried about euro but relaxed on yields: account

Published 18 Feb, 2021 08:47pm
  • Concerns were voiced ... over developments in the exchange rate that might have negative implications for euro area financial conditions and, ultimately, consequences for the inflation outlook.
  • It was maintained that not every increase in nominal yields should be interpreted as an unwarranted tightening of financing conditions and trigger a corresponding policy response.
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