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ECB to Discuss Rescue Plan With Bundesbank
Keywords:
In an effort to calm unsettled global financial markets ECB president Mario Draghi said in a speech on July 26, 2012: "Within our mandate, the ECB is willing to do whatever it takes to preserve the euro and, believe me, it will be enough." Yields on Spain's government bonds reached 7.5% as investors shunned Spanish bonds fearing the need for a government bailout.
Italy's Mario Draghi, as the new president of the ECB
04/20/2011
Grouped Articles
ECB Moves Markets, Not Economy
Wall Street Journal 05/03/2013
Bonds of Italy, Spain Narrow Gap With U.S., German Yields
Wall Street Journal 04/09/2014
Italian Gains Support in Central Bank Race
Wall Street Journal 04/20/2011
Paris Backs Italy's Draghi as Europe's Central Banker
Wall Street Journal 04/27/2011
German Paper Finds Draghi Not So Bad After All
New York Times 04/29/2011
Trichet to Leave a Difficult Legacy at Central Bank
New York Times 05/31/2011
How Mario Draghi, ECB president, sees the problems in the eurozone and policy direction in 2012-2015
01/11/2010
A wide ranging interview with Mario Draghi by Wall Street Journal reporters Blackstone, Karnitschnig and Thomson, which gives insights on how Draghi sees solutions to the crisis in the eurozone and future policy. Draghi favors good fiscal consolidation which combines freeing up labor markets and structural changes for Italy, Spain and other southern countries, with spending reductions, and capital investment in the future as opposed to tax increases for current spending and lack of capital investment for future growth. He points out that with excessive debt to GDP ratios there is no alternative to this right kind of fiscal consolidation. The fiscal consolidation gives the structural changes time to be put in place..
Grouped Articles
ECB Moves Markets, Not Economy
Wall Street Journal 05/03/2013
The Man Whoâll Do Triage on Europeâs Banks
New York Times 10/20/2013
ECB Struggles With Low-Altitude Flying
Wall Street Journal 11/10/2013
Euro Strengthens as Fears Fade
Wall Street Journal 01/12/2013
Bonds of Italy, Spain Narrow Gap With U.S., German Yields
Wall Street Journal 04/09/2014
E.C.B. Plots Strategy for Staving Off Deflation
New York Times 05/26/2014
The ECB and Italy
11/09/2011
Grouped Articles
Don't Bank on ECB Rescuing Italy
Wall Street Journal 11/09/2011
Italy Fears Rattle World's Investors
Wall Street Journal 11/10/2011
Central Bankerâs Exit Gives France Opening
New York Times 11/10/2011
Crisis Ensnares Central Bank in Desperate Bid to Save Euro
Wall Street Journal 11/18/2011
European Bank Chief Pushes Back
Wall Street Journal 11/19/2011
New York Times 11/19/2011
Risks associated with Spanish and Italian banks increased holdings of government debt in 2012
07/13/2011
Spanish and Italian banks bought a large portion of the goverment bonds of their countries under the Long Term Financing Operation launched by ECB chairman Mario Draghi in Dec. 2011. This calmed the financial markets by lowering the bond yields for Spain and Italy, but raises new risks as analysts focus on the risks of the deficit and declining economy in Spain.
Grouped Articles
Spanish Banks More Vulnerable Than Italy's
Wall Street Journal 07/13/2011
Return of Long-Term Bond Buyers Seen as Crucial to Europe
New York Times 06/29/2012
Europe Bonds May Offer More Value
Wall Street Journal 08/23/2013
As Bond Markets Twist, Investors Shout
Wall Street Journal 06/10/2014
Wall Street Journal 06/10/2014
Spanish and Italian Banks, Once More Buying Bonds, Seen as Vulnerable
New York Times 04/08/2012
The ECB's Long Term Financing Operation Dec. 2011- March 2012
11/10/2011
The ECB's newly created Long Term Financing Operation enables European banks to meet their financing needs by borrowing from the European Central Bank at low rates of 1% for three years. Mid size banks in Spain buy government bonds of Spain and use the bonds as collateral at the ECB to access this lowcost funding. This has helped bring down rates at a recent auction of Spain's bonds from 5.1% to 1.7%. Italian banks also participated in the same way. 523 European banks borrowed 489 billion euros on Dec. 21, 2011, under this newly created financing operation of the ECB. This provides European banks financing as they are shutoff from normal financing by selling unsecured bonds to private and institutional lenders. This helps banks in the eurozone meet financial needs in 2012 without reducing lending to businesses and consumers.
Grouped Articles
German Court to Weigh Bond Buying by E.C.B.
New York Times 06/10/2013
E.C.B. Plots Strategy for Staving Off Deflation
New York Times 05/26/2014
Euro-Zone Banks Tap Big ECB Loans
Wall Street Journal 12/21/2011
Staring Into the ECB's Mini Bazooka
Wall Street Journal 12/21/2011
A Central Bank Doing What Central Banks Do
New York Times 12/21/2011
European Banks Rush to Grasp Lifeline
Wall Street Journal 12/22/2011
European Central Bank policies in 2010-2012.
02/05/2008
The ECB rate changes and policy in 2010-2012.
Grouped Articles
ECB Moves Markets, Not Economy
Wall Street Journal 05/03/2013
Shares Rise on Wall Street and in Europe
New York Times 06/06/2012
Europe’s Central Banker Engineers His Economics
New York Times 02/05/2008
2 Major European Banks Keep Record-Low Rates
New York Times 11/04/2010
ECB Seeks Funds for Capital Base
Wall Street Journal 12/17/2010
Rate Rise Signaled for Euro Zone
Wall Street Journal 03/04/2011
Mario Draghi, head of the ECB, and the eurozone crisis with Italian bond yields approaching 8% in Dec. 2011
11/10/2011
Draghi addresses the issue of large scale purchases of bonds of Italy and Spain to ease pressure on bond yields, by leaving open the possibility of action if the EU countries take the necessary steps for a strict budgetary framework.
Grouped Articles
Return of Long-Term Bond Buyers Seen as Crucial to Europe
New York Times 06/29/2012
German Court to Weigh Bond Buying by E.C.B.
New York Times 06/10/2013
Europe Bonds May Offer More Value
Wall Street Journal 08/23/2013
Euro Strengthens as Fears Fade
Wall Street Journal 01/12/2013
Bonds of Italy, Spain Narrow Gap With U.S., German Yields
Wall Street Journal 04/09/2014
As Bond Markets Twist, Investors Shout
Wall Street Journal 06/10/2014
The ECB and buying of government bonds of troubled eurozone countries
08/07/2011
The purchases of Italian and Spanish bonds by the European Central Bank in addition to its holdings of 75 billion euros of Portuguese, Greek and Irish bonds creates additional balance sheet risk for the ECB. Losses in the value of collateral could wipe out the 10 billion euro capital base of the ECB. The pressing need to give resources and new powers to the European Financial Stability Facility so that this agency could do the bond buying in the place of the ECB.
Grouped Articles
German Court to Weigh Bond Buying by E.C.B.
New York Times 06/10/2013
ECB’s Coeuré Sends Strong Signal on Asset Purchases
Wall Street Journal 12/18/2014
European Markets Jolted by ECB Proposal
Wall Street Journal 01/21/2015
Quiet Start to Central Bank Bond-Buying Program for the Eurozone
New York Times 03/09/2015
Wall Street Journal 03/10/2015
Wall Street Journal 08/08/2011
The EFSF (or ESM) and the European Central Bank
08/08/2011
The EFSF was authorized to purchase government bonds of EU countries at the June 2012 summit of EU leaders. The EFSF will coordinate the purchase with the ECB with new purchases being on the EFSF books.
Grouped Articles
Wall Street Journal 08/08/2011
European Finance Ministers Agree to Speed Up Bailout of Spanish Banks
New York Times 07/09/2012
Rating Changes Ripple Through Bailout Funds
Wall Street Journal 07/24/2012
ECB to Discuss Rescue Plan With Bundesbank
Wall Street Journal 07/27/2012
Bundesbank Stresses Divide on Bond Buying
Wall Street Journal 08/02/2012
Merkel Backs Bond-Buying Program
Wall Street Journal 09/18/2012
The Bundesbank's claims on the ECB and the breakup of the eurozone
12/08/2011
The 495 billion in euros of Bundesbank claims on the ECB, with much of the collateral in sovereign debt of financially weak countries, is another reason Germany sees a breakup of the eurozone as unthinkable. Germany would assume a large share of the losses if the eurozone would breakup, much larger than the 28% which is its share of the ECB's capital.
Grouped Articles
German Court to Weigh Bond Buying by E.C.B.
New York Times 06/10/2013
Not Quite Checkmate for the Bundesbank
Wall Street Journal 12/22/2014
BusinessWeek 12/14/2011
When Sovereign Debt Is No Longer Risk-Free
BusinessWeek 12/08/2011
Italyâs Leader Is Optimistic About Greece and Euro
New York Times 02/10/2012
Debt Crisis Provisions Hurt Bundesbank Profit
New York Times 03/13/2012
European Central Bank (ECB) Succession in 2011
02/10/2011
Grouped Articles
ECB Succession: Keep Calm and Carry On
Wall Street Journal 02/10/2011
Merkel Taps Adviser to Head Bundesbank
Wall Street Journal 02/17/2011
Trichet to Leave a Difficult Legacy at Central Bank
New York Times 05/31/2011
Central Bankerâs Exit Gives France Opening
New York Times 11/10/2011
Staring Into the ECB's Mini Bazooka
Wall Street Journal 12/21/2011
A New Generation Tackles the Euro Crisis
Wall Street Journal 01/12/2012
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