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ECB |
Written by European Central Bank |
Jan 23 08 03:52 GMT
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Let me start by recalling the main components of any framework for safeguarding financial stability. At the national level, a financial stability framework is based on three main components: crisis prevention, crisis management and crisis resolution. The first component, crisis prevention, is ensured by the exercise of supervisory and central banking functions. Supervisory functions regard the surveillance of the safety and soundness of individual financial institutions. Central banking functions include the financial stability assessment aiming at identifying sources of risks and vulnerabilities and their potential effect on the financial system, as well as the oversight of payment and securities settlement systems. |
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ECB |
Written by European Central Bank |
Jan 17 08 16:48 GMT
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Between 1996 and 2006 the annual growth rate in the euro area averaged 2.1% per year, which was below the growth rates observed in a number of other industrialised economies, including the United States, where the average growth rate of real GDP was 3.1%. What are the fundamental causes of this unsatisfactory trend growth in the euro area, especially this 1 percentage point difference with the US ? The answers can be found by looking at the factors that determine long-term economic growth, namely: |
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ECB |
Written by European Central Bank |
Jan 16 08 15:35 GMT
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It is widely accepted today that independent central banks are best placed to maintain price stability in the economy. The Maastricht Treaty, therefore, has bestowed the ECB with full independence in the pursuit of its mandate. In a democracy, independence must be accompanied by both transparency and accountability to the general public. In other words, it is the duty of independent central banks to be transparent and to communicate not only with specialised audiences, such as financial market participants, but also with the public at large. Transparency is multi-faceted, but basically involves making information available to each interested party that is "relevant" for their understanding of monetary policy decisions. |
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ECB |
Written by European Central Bank |
Jan 10 08 08:17 GMT
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On the basis of our regular economic and monetary analyses, we decided at today's meeting to leave the key ECB interest rates unchanged. According to the latest information, strong short-term upward pressure on inflation has continued, with HICP inflation remaining at 3.1% in December. As regards the medium term, and in a context of very vigorous money and credit growth, our assessment of upside risks to price stability has been fully confirmed. |
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ECB |
Written by European Central Bank |
Jan 05 08 17:00 GMT
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Let me briefly sketch out the main topics I want to address. First, I will present to you our views on the current economic situation in the euro area. Then, I will explain the ECB's liquidity operations following the tensions in the money markets since August last year as well as our views on the stability of the euro area financial system. To conclude, I will say a word upon the effects of globalisation on price developments and on developments in the real estate sector. |
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ECB |
Written by European Central Bank |
Dec 06 07 03:55 GMT
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On the basis of our regular economic and monetary analyses, we decided at today's meeting to leave the key ECB interest rates unchanged. The latest information has confirmed the existence of strong short-term upward pressure on inflation, with the HICP inflation rate reaching 3.0% in November. It has also fully confirmed our assessment that there are upside risks to price stability over the medium term. |
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ECB |
Written by European Central Bank |
Nov 08 07 03:56 GMT
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On the basis of our regular economic and monetary analyses, we decided at today's meeting to leave the key ECB interest rates unchanged. The information that has become available since our previous meeting fully confirms that the outlook for price stability over the medium term is subject to upside risks. Against this background, and with money and credit growth vigorous in the euro area, our monetary policy stands ready to counter upside risks to price stability, as required by our mandate. |
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ECB |
Written by European Central Bank |
Oct 04 07 03:57 GMT
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On the basis of our regular economic and monetary analyses, we decided at today's meeting to leave the key ECB interest rates unchanged. The information that has become available since our previous meeting has confirmed that the outlook for price stability over the medium term is subject to upside risks. Against this background, and with money and credit growth vigorous in the euro area, our monetary policy stands ready to counter upside risks to price stability, as required by our primary objective. |
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