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Jean-Claude Trichet: Debt, Stimulus & Inflation In The Eurozone…
If inflation had an arch-enemy, it would be Jean-Claude Trichet.
Since assuming his position as president of the European Central Bank (ECB) in November 2003, the Frenchman has made inflation-fighting his M.O.
Trichet and his fellow ECB board members have a steely resolve to keep the 16-nation Eurozone’s inflation rate as close to the bank’s 2% target as possible. And although inflation isn’t a problem at the moment, many believe it’s only a matter of time before it will be. So inflation-fighter Trichet has made a pre-emptive call for restraint.
In an interview with Europe 1 radio, Trichet said that with many European…
24Jun2009 | Smart Profits Report | 0 comments | ContinuedEuropean Central Bank (ECB) Drops Rate to 2.0% as Europe Falls Further into Recession
The European Central Bank (ECB) today (Thursday) cut its benchmark interest rate by half a percentage point to 2.0%, an acknowledgment that the Eurozone economy is rapidly deteriorating amid the global financial crisis.
“Looking further ahead, we continue to see global economic weakness,” ECB President Jean-Claude Trichet said in a statement. “The euro zone should over time reap the full benefits…of policy measure announced over recent weeks.”
The ECB, which prides itself on its hawkishness, has now shaved 2.25 percentage points off its key rate since October, as the financial crisis has broken down economies throughout the region.
The Eurozone – the…
16Jan2009 | Money Morning | 0 comments | ContinuedLikely EU Recession Paves the Way for Greater ECB Influence
The European Commission (EC) said yesterday (Monday) that the Eurozone economy has already slipped into a recession and strong and stable economic growth will not return until 2010. The European Central Bank (ECB), originally charged with the task of maintaining price stability, has now found itself with the added responsibility of encouraging growth and will likely cut interest rates later this week.
Gross domestic product (GDP) in the 15-nation Eurozone probably contracted by 0.1% in the third quarter after shrinking 0.2% in the second, the European Commission said. The executive branch of the European Union also lowered its 2008 forecast 1.2%…
4Nov2008 | Money Morning | Comments Off | ContinuedECB Holds Rates Steady, but Growth Concerns are Beginning to Supplant Fears About Inflation
After boosting its benchmark interest rate by a quarter point on July 3, the European Central Bank (ECB) may be forced to reverse course and cut rates sooner than it planned, as slow growth is beginning to trump concerns about inflation.
The ECB left its key rate unchanged at 4.25% yesterday (Thursday). ECB President Jean-Claude Trichet said that while growth will be “particularly weak” in the second and third quarters, inflation is also “likely to remain well above levels consistent with price stability for a protracted period of time.”
“Risks to price stability over the medium term remain on the upside,”…
8Aug2008 | Money Morning | Comments Off | Continued
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