As with many things in the eurozone crisis, we have now come full circle in the discussion of one part of ECB policy – the prospect of Quantitative Easing (QE).The debate over ECB QE was had when the crisis was at its peak. The motivating factor…
Posted by Open Europe blog team
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central bank, ECB, ECB balance sheet, ECB Governing Council, ecb rate cut, monetary policy, quantitative easing |
September 5, 2013
The ECB holds its monthly meeting today in what may be seen as the most positive eurozone economic environment for some time.Having previously been earmarked as a meeting which could see a further rate cut (a prediction which has evaporated due to more…
Posted by Open Europe blog team
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bundesbank, communication, Draghi, ECB, ECB balance sheet, ECB Governing Council, ecb rate cut, forward guidance, interest rates |
The ECB holds its monthly meeting tomorrow. Below we look at the main topics of discussion, with the ECB weighing some important decisions.Could the ECB cut its main interest rate again?Possibly. It is certainly considering it. As with last month, grow…
Posted by Open Europe blog team
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banking sector, bundesbank, central bank, crisis, ECB, ECB balance sheet, ECB Governing Council, ecb rate cut, eurozone, eurozone north vs south, interbank market, LTRO |
May 1, 2013
The ECB looks set to cut its main interest rate by 0.25% to 0.5% on Thursday (while keeping the deposit rate at 0% due to concerns about distortionary effects of negative rates).Why is the ECB considering cutting rates?The obvious answer is that the cr…
Posted by Open Europe blog team
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banking sector, bundesbank, central bank, crisis, ECB, ECB balance sheet, ECB Governing Council, ecb rate cut, eurozone, eurozone north vs south, interbank market, LTRO |
The ECB looks set to cut its main interest rate by 0.25% to 0.5% on Thursday (while keeping the deposit rate at 0% due to concerns about distortionary effects of negative rates).Why is the ECB considering cutting rates?The obvious answer is that the cr…
Posted by Open Europe blog team
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banking sector, bundesbank, central bank, crisis, ECB, ECB balance sheet, ECB Governing Council, ecb rate cut, eurozone, eurozone north vs south, interbank market, LTRO |
April 25, 2013
The last few days have seen a shifting of consensus in the ECB rate cuts debate.Recent economic data in the eurozone has been particularly bad, with private sector activity slowing more than expected. However, potentially more importantly, this effect …
Posted by Open Europe blog team
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asmussen, ECB, ECB balance sheet, ECB Governing Council, ecb rate cut, eurozone, franco-german axis, interbank market, interest rates, Merkel, monetary policy, one-size-fits-all monetary policy |
As was made evident by the internal memo about the EU financial transaction tax (FTT) – that we exclusively published yesterday – there are plenty of concerns amongst the supposed champions of the idea. Today, another heavyweight institution raised the…
Posted by Open Europe blog team
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bundesbank, ECB, ECB balance sheet, eurozone, financial markets, financial regulation, financial transaction tax, FTT, germany, interbank market, monetary policy, weidmann |
February 27, 2013
One of the many sub-stories of the Italian election is how it calls into question the ECB’s bond-buying programme – the Outright Monetary Transactions (OMT). Not so much because of the ECB’s ability to expand its balance sheet and stand behind Italy an…
Posted by Open Europe blog team
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anti-austerity, austerity, Draghi, ECB, ECB balance sheet, esm, German Constitutional Court, Grillo, Italian elections, italy, Karlsruhe, OMT, Spain |
February 21, 2013
The ECB has just released details on its holdings of government bonds bought under the Securities Markets Programme (SMP) for the first time, see table below (click to enlarge):To be honest, the figures are much as expected – although the holdings of…
Posted by Open Europe blog team
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bond purchases, ECB, ECB balance sheet, Greece, italy, smp, sovereign debt, Spain |
January 25, 2013
This morning saw the start of the on-going process of repayments of the loans given by the ECB to European banks under the Long Term Refinancing Operation (LTRO) (see here for details). The ECB announced that 278 banks have already pledged to repay
Posted by Open Europe blog team
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bank capital, banking sector, banking union, ECB, ECB balance sheet, ECB Governing Council, euro, eurozone, finance, financial markets, forex, LTRO |
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