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Bundesbank Stresses Divide on Bond Buying
Keywords:
In remarks published in English on the Bundesbank website, Jens Weidmann, Bundesbank president and member of the ECB governing council said: "The ECB should be aware of its independence. This also requires it to respect, and not to overstep its own mandate." This is seen as a pushback by the Bundesbank to ECB president Draghi's comments on July 23, 2012, about doing all that is necessary to keep the eurozone together. Weidmann referring to the situation in France recollecting his days as a student in France in 1987, said there were "two different worldviews colliding." And that this situation prevailed in all political debates right up to the present day. He says about deflationary tendencies -"If these countries go through adjustment processes which result in decreases in wages and prices, then this constitutes one-off shifts in the wage and price structure and not deflation."
German Bundesbank president Jens Weidmann and views on the ECB's role in the eurozone crisis
04/19/2010
Jens Weidmann is the new president of the German central bank. Weidman sees two views colliding on how to respond to the eurozone crisis. He expresses the view of the Bundesbank about opposition to sovereign bond purchases by the European Central Bank to ease high bond yields for Spain and Italy. This is considered as overstepping the ECB's manadate for price stability. Weidmann is the German member of the ECB's Governing Council.
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German Court to Weigh Bond Buying by E.C.B.
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Weber Sees Greece Needing More Aid
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Not Quite Checkmate for the Bundesbank
Wall Street Journal 12/22/2014
Germany's Bundesbank Gets a New Inflation-Fighter
Wall Street Journal 05/03/2011
Wall Street Journal 12/09/2011
Leaders Grow Further Apart on Solutions
Wall Street Journal 12/15/2011
ECB president Mario Draghi's remarks to calm financial markets on July 23, 2012 as the yield on Spain's government bonds reaches 7.5%
07/26/2012
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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
Wall Street Journal 06/10/2014
Italy's Mario Draghi, as the new president of the ECB
04/20/2011
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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
ECB president Jean-Claude Trichet
02/05/2008
Grouped Articles
ECB Chief Seeks Tighter Fiscal Union
Wall Street Journal 06/22/2010
Europe’s Central Banker Engineers His Economics
New York Times 02/05/2008
Europe's Central Banker Seeks Deeper Fiscal Union
Wall Street Journal 06/03/2011
Trichet's Solution for an Imperfect Union
Wall Street Journal 06/03/2011
Trichet Urges Creation Of Euro Oversight Panel
New York Times 06/02/2011
European Central Bank Raises Rates as Expected
New York Times 07/07/2011
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
Francois Hollande, Socialist party candidate for president in France, on the EU's handling of the debt crisis in Greece
06/30/2011
Francois Hollande says the EU mishandled the Greece crisis. Greece should have been handled as an extraordinary situation with earlier debt restructuring from public and private creditors to bring Greece's debt down to 60% of GDP. The current coordinated plan of the EU, ECB and the IMF only brings debt down to 120% of GDP in 2020. Hollande said he understands the need to reduce the budget deficit with cuts but without growth it can't work.
Grouped Articles
EU Dismisses IMF's Criticism On Greek Bailout
Wall Street Journal 06/07/2013
Policy âTroikaâ for Europe Financial Woes at Odds
New York Times 06/07/2013
French Candidate Hollande Assails European Policy on Greece
New York Times 02/13/2012
Athens Shaken by Riots After Vote for Greek Austerity Plan
New York Times 02/13/2012
Austerity Debate a Matter of Degree
Wall Street Journal 02/17/2012
Wall Street Journal 02/22/2012
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 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
The European Banking Agenda in 2012-2014- deposit insurance and powers of banking supervision transferred to a European supervisory authority
03/03/2010
On the agenda during discussions in June between the EC, ECB and the German government, is deposit insurance for eurozone banks, and a supervisory financial authority for eurozone banks (Single Resolution Mechanism) within the EC with powers transferred from sovereign states to the the supervisory banking authority. These issues take priority because of fears of bank runs on banks in Greece, Spain and other countries. France is pushing for a new Eurozone Architecture that will form the basis of the euro currency.
Grouped Articles
ECB Hits the Road for Star Supervisors
Wall Street Journal 06/26/2013
European Union Offers Berlin Compromise on Bank Proposal
New York Times 07/12/2013
Wall Street Journal 03/03/2010
The Man Whoâll Do Triage on Europeâs Banks
New York Times 10/20/2013
ECB Nominates French Regulator for Euro-Zone Post
Wall Street Journal 11/23/2013
ECB Nominates New Banking Regulator
New York Times 11/20/2013
The views of Axel Weber, former head of the Bundesbank, on the ECB's role and the need to address the underlying problems in Greece
04/19/2010
Axel Weber says the European Central Bank should stick to its mandate of setting monetary policy and not get too involved in the crisis in Greece. He says Greece's problems are structural and may take a long time to resolve, as much as 30 years. The European leaders have to decide on solving the underlying problems so that they cut the losses and restart, by offering debt guarantees and using partial creditor haircuts. Simply giving additional loans -which can never be repaid considering the debt of 350 billion euros ($496 billion)- or addding short term liquidity for a 3-5 year solution as European leaders have done so far, won't work.
Grouped Articles
EU Dismisses IMF's Criticism On Greek Bailout
Wall Street Journal 06/07/2013
German Court to Weigh Bond Buying by E.C.B.
New York Times 06/10/2013
Weber Sees Greece Needing More Aid
Wall Street Journal 04/19/2010
The 'Silent Austerity' in Banking
Wall Street Journal 01/21/2014
Not Quite Checkmate for the Bundesbank
Wall Street Journal 12/22/2014
Germany's Weber Slams Rescue Efforts
Wall Street Journal 06/27/2011
The high loan to deposit ratios of European banks and short term borrowings from money markets
06/10/2012
The loan to deposit ratios for European banks are on average over 110%. For U.S. banks it is about 78%. This means banks rely on borrowed money from money markets and other institutions, for loans made in excess of the deposits made at the banks. The borrowings are on a short term basis. The loan to deposit ratios for Spanish banks are about 160% for Bankia, and 115% for Banco Santander. The situation is similar in Italy.
Grouped Articles
Return of Long-Term Bond Buyers Seen as Crucial to Europe
New York Times 06/29/2012
In Europe, Banks Borrowing to Stay Ahead of the Tide
New York Times 06/10/2012
Europeâs Mightiest Banks Still Grapple With Crisis
New York Times 06/27/2012
Bundesbank Stresses Divide on Bond Buying
Wall Street Journal 08/02/2012
A younger generation of leaders takes over at the European Central Bank under Mario Draghi
01/12/2012
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The Man Whoâll Do Triage on Europeâs Banks
New York Times 10/20/2013
European Central Bank Head, Draghi, Has New Powers
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ECB's Chief Warns Situation Is 'Very Grave'
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Q&A: ECB President Mario Draghi
Wall Street Journal 02/23/2012
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
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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
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
ECB management and Executive Board
11/10/2011
Grouped Articles
ECB Moves Markets, Not Economy
Wall Street Journal 05/03/2013
ECB’s Coeuré Sends Strong Signal on Asset Purchases
Wall Street Journal 12/18/2014
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 Central Bank Head, Draghi, Has New Powers
New York Times 07/02/2012
Central Bank Taps a Belgian for Key Post
Wall Street Journal 01/04/2012
Expert opinion on the issuance of Eurobonds by the ECB to support Italy, Spain, Portugal, and Greece
11/22/2011
Grouped Articles
German Court to Weigh Bond Buying by E.C.B.
New York Times 06/10/2013
German Election Overturns Political Order
Wall Street Journal 09/23/2013
European Central Bank Head, Draghi, Has New Powers
New York Times 07/02/2012
Wall Street Journal 11/22/2011
Amid crisis, Italy confronts a culture of tax evasion - The Washington Post
Washington Post 11/25/2011
Europe's Currency Road to Nowhere
Wall Street Journal 11/29/2011
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
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
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 resignations of Jurgen Stark and the ECB's purchase of sovereign bonds of Portugal, Italy and Spain
09/10/2011
The resignations of German representatives on the ECB Executive Board, Axel Weber and Jurgen Stark, over ECB purchases of sovereign bonds. Concern about political risk and financial risk and exceeding the ECB's charter. The need for the governments to assume the critical role of far-reaching reforms of the mechanism for decisions and sanctions.
Grouped Articles
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
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
Wall Street Journal 09/10/2011
Stark Walked a Fine Line Between German and EU Monetary Cultures
Wall Street Journal 09/10/2011
Italy- government debt, credit ratings, and borrowing costs 2010-2013
05/14/2010
Italy's borrowing costs went up to 5.7% a week after the July 22, 2011 eurozone debt deal for Greece.
Grouped Articles
Return of Long-Term Bond Buyers Seen as Crucial to Europe
New York Times 06/29/2012
Italian Vote Turns in Bonds' Favor
Wall Street Journal 04/23/2013
Italy Urged to Resist a Relapse in Spending
Wall Street Journal 05/03/2013
Wall Street Journal 05/14/2010
Europe Bonds May Offer More Value
Wall Street Journal 08/23/2013
The Key to Italy's Rating Is Kept in Canada
Wall Street Journal 11/02/2013
Spain- debt, credit ratings, and borrowing costs 2011-2014
01/04/2011
Bond yields for Spanish government bonds in 2011-2014.
Grouped Articles
Return of Long-Term Bond Buyers Seen as Crucial to Europe
New York Times 06/29/2012
A Warning Light to Alert the I.M.F.
New York Times 09/21/2011
Europe Bonds May Offer More Value
Wall Street Journal 08/23/2013
New Spanish Budget Free of Austerity Measures
New York Times 09/27/2013
Netherlands Loses Triple-A Rating, Spain Outlook Raised
Wall Street Journal 11/30/2013
Bonds of Italy, Spain Narrow Gap With U.S., German Yields
Wall Street Journal 04/09/2014
The Bundesbank's position on purchases of sovereign bonds of Spain and Italy by the European Central Bank (ECB)
09/10/2011
Linked Articles
Bundesbank Stresses Divide on Bond Buying
Wall Street Journal 08/02/2012
Wall Street Journal 09/10/2011
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