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E.C.B. Sees Early Progress From Its Bond-Buying Program
Keywords:
ECB president Mario Draghi tells a newsconference on April 14, 2015, that the bond buying program is "proceeding smoothly." He said that he does not see scarcity in the bond market. The ECB plans to continue its purchases of government bonds and other debt at a rate of 60 billion euros a month through September 2016. He said the program of very low interest rates for a very long time "is fertile terrain for financial instability imbalances," but he did not see evidence of systemically large financial imbalances at this time. The ECB approach would be to tackle the risks by using its power as a bank regulator, not by changing monetary policy, said Draghi. He was optimistic about the initial results, saying "more accomodative monetary policy is being translated into better credit conditions, which is something we have not seen before." The euro is down to $1.06 and low oil prices have helped improve economic conditions, as well as ongoing structural reforms pushed by the EU and ECB. Draghi's forecast for economic growth in the eurozone is now up from 1% to 1.5% for 2015.
ECB's Draghi, Germany and Merkel as the ECB announces its $1 trillion bond buying program in Jan 2015- months of careful diplomacy, persuasion and compromise
01/23/2015
Draghi visited Merkel in Berlin, Jan 14, 2015. Months of careful planning in designing the program to meet the concerns of Germany, and an effort to calm German opinion and explain the program led to an extraordinary achievement for Draghi. German leaders Schauble, Merkel and Weidmann, only said the program should not take the pressure off governments to make structural reforms, but no leaders expressed opposition to the program. Geman newspapers also refrained from inciting German opinion about the program, And the program was presented as solely to pursue the target inflation rate of 2%, a core part of the ECB mandate.
Grouped Articles
Compromise and Persuasion Won Grudging Support for E.C.B. Bond Buying
New York Times 01/23/2015
Quiet Start to Central Bank Bond-Buying Program for the Eurozone
New York Times 03/09/2015
Wall Street Journal 03/10/2015
E.C.B. Sees Early Progress From Its Bond-Buying Program
New York Times 04/15/2015
Wall Street Journal 10/23/2015
ECB’s Stimulus Moves Fall Short of Market Expectations, Hammering Stocks
Wall Street Journal 12/03/2015
The ECB's Mario Draghi on market and economic conditions in the eurozone in mid- 2014, Oct-Nov. 2014
07/14/2014
Draghi says any risks of a bubble should be tackled with tighter financial regulation and not by raising rates for fragile economies in Europe in 2014-2015. He sees frothy conditions in the market but no signs of a bubble in the eurozone.
Grouped Articles
Draghi Sees No Risk of Eurozone Bubbles
New York Times 07/14/2014
Merkel Hints at Economic Policy Shift in Germany
New York Times 10/09/2014
ECB’s Draghi Sees No Bubble in Eurozone Government Bond Market
Wall Street Journal 10/13/2014
European Investors Show Faith in ECB
Wall Street Journal 11/17/2014
ECB Open to Further Easing, Says Draghi
Wall Street Journal 11/18/2014
The Upside of Europe’s Ebbing Inflation
Wall Street Journal 12/03/2014
The Euribor 12 month rate at 0.187% in April 2015, and the impact on housing and homeowner mortgages in Spain, Portugal, Italy and other eurozone countries
04/14/2015
In Spain most mortgage interest rates are tied to the 12 month Euribor, set at about 0.3% above the 12 month Euribor rate, which was 0.187% in April 2015. In Portugal most morgage interest rates are set using the average of the 3 and 6 month Euribor rate, which are close to zero. The result is significant reduction in mortgage payments by a third to half of the original mortgage payment. This is providing significant relief to homeowners with mortgages in Spain, Portugal and Italy. Spain and Portugal suffer from a severe housing crisis and high unemployment. This result of the ECB monetary policy, aids the economic recovery in Europe.
Grouped Articles
Tumbling Interest Rates in Europe Leaves Some Banks Owing Money on Loans to Borrowers
Wall Street Journal 04/14/2015
E.C.B. Sees Early Progress From Its Bond-Buying Program
New York Times 04/15/2015
ECB’s Mario Draghi Signals Boost to Stimulus Program
Wall Street Journal 10/23/2015
Wall Street Journal 10/23/2015
Loan Growth Suffers at Spanish Banks
Wall Street Journal 11/13/2015
Economic Unease Puts Top Central Bankers Under Renewed Pressure
Wall Street Journal 01/22/2016
ECB policies 2014-2017
05/26/2014
Grouped Articles
E.C.B. Plots Strategy for Staving Off Deflation
New York Times 05/26/2014
European Central Bank Chief Looks for Silver Bullet
New York Times 06/03/2014
ECB Unveils Rate Cuts, Lending Package
Wall Street Journal 06/05/2014
Wall Street Journal 06/10/2014
ECB’s Coeuré Sends Strong Signal on Asset Purchases
Wall Street Journal 12/18/2014
Peter Praet of E.C.B. Says More Eurozone Stimulus May Be Needed
New York Times 12/31/2014
Eurozone bonds and the ECB's QE program in 2015
12/31/2014
Grouped Articles
Eurozone Bonds Surge on QE Hopes
Wall Street Journal 01/04/2015
Peter Praet of E.C.B. Says More Eurozone Stimulus May Be Needed
New York Times 12/31/2014
European Central Bank’s Bond-Buying Plans Face Doubt
Wall Street Journal 01/12/2015
Wall Street Journal 01/21/2015
European Markets Jolted by ECB Proposal
Wall Street Journal 01/21/2015
ECB Executive Board’s QE Proposal Calls for Roughly €50 Billion in Bond Buys Per Month
Wall Street Journal 01/21/2015
Launch of ECB's $1 trillion bond buying program in March 2015
03/10/2015
Grouped Articles
Wall Street Journal 03/10/2015
E.C.B. Sees Early Progress From Its Bond-Buying Program
New York Times 04/15/2015
ECB’s Stimulus Moves Fall Short of Market Expectations, Hammering Stocks
Wall Street Journal 12/03/2015
ECB Move Prompts Volatile Trading in Eurozone Bonds, Euro
WSJ 12/08/2016
Tweaks but No Tapering From ECB
WSJ 12/08/2016
ECB to End Bond-Buying Program in December as Crisis-Era Policies Wind Down
WSJ 06/14/2018
Relief for mortgage holders in Spain, Portugal, France and other eurozone countries as the Euribor rate approaches zero in 2015
04/14/2015
The Euribor rate is close to zero in April 2015. Mortgage rates in Spain, Portugal and other eurozone countries are set at a level of Euribor plus 0.3%. This means significant savings for homeowners with a mortgage in Italy, Spain and Portugal, countries where mortgage holders badly needed relief, especially following the housing crisis in Spain with high unemployment. In some cases this has cut the mortgage payments by a third of the amount owed. Euribor below zero could lead to a situation where homeowners are owed money by banks which could then reduce the mortgage principal owed. In Italy, Spain and Portugal mortgage rates use Euribor plus about 0.3% for setting mortgage rates. This is one way in which the ECB's monetary policy is helping the economic recovery in Europe.
Grouped Articles
Tumbling Interest Rates in Europe Leaves Some Banks Owing Money on Loans to Borrowers
Wall Street Journal 04/14/2015
E.C.B. Sees Early Progress From Its Bond-Buying Program
New York Times 04/15/2015
The Euro and the ECB's QE program in Jan 2015
01/21/2015
Grouped Articles
European Markets Jolted by ECB Proposal
Wall Street Journal 01/21/2015
ECB Executive Board’s QE Proposal Calls for Roughly €50 Billion in Bond Buys Per Month
Wall Street Journal 01/21/2015
How ECB Bond Purchases Will Work
Wall Street Journal 01/23/2015
European Central Bank Bets Big on Curing the Economy
New York Times 01/22/2015
Eurozone Nations Face Stronger Pressures to Lift Economies
New York Times 01/22/2015
E.C.B. Sees Early Progress From Its Bond-Buying Program
New York Times 04/15/2015
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
A detailed account of the unfolding crisis at Bankia bank in Spain during 2011-2014
04/01/2009
An account of the key players and the ufolding of critical events in the IPO offering for Bankia, and the unraveling of the bank in the months that followed, as the Spanish regulators and government failed to get a handle on problems and instead put their hope on an improving economy. On May 3, Mario Draghi warned about the problems at Bankia in Barcelona. On May 4, the heads of Spain's largest banks BBVA, Banco Santander and Caixa, told the government it had to takeover Bankia, setting in process the events leading upto the acceptance of $125 billion in EU aid to recapitalize Spain's banking system. Bankia was put together from seven failing cajas savings banks. The problems related to the housing bubble are seen throughout the cajas savings banks.
Grouped Articles
Spanish Banks More Vulnerable Than Italy's
Wall Street Journal 07/13/2011
Investors in Bankia to Sue Bank of Spain Over Losses
New York Times 05/09/2013
Wall Street Journal 09/28/2011
The Pain in Spain Falls Mainly on the Cajas
BusinessWeek 02/25/2010
Economist 05/29/2010
Spain's Bankia Returns to Profit
Wall Street Journal 02/04/2014
ECB policy in June 2014 as the eurozone faces deflation risks
06/03/2014
Grouped Articles
European Central Bank Chief Looks for Silver Bullet
New York Times 06/03/2014
ECB Unveils Rate Cuts, Lending Package
Wall Street Journal 06/05/2014
Wall Street Journal 06/10/2014
Draghi Sees No Risk of Eurozone Bubbles
New York Times 07/14/2014
ECB’s Draghi Sees No Bubble in Eurozone Government Bond Market
Wall Street Journal 10/13/2014
Risk of Deflation Feeds Global Fears
Wall Street Journal 10/16/2014
European stocks and the ECB's QE program in Jan. 2015
01/21/2015
Grouped Articles
Wall Street Journal 01/21/2015
European Markets Jolted by ECB Proposal
Wall Street Journal 01/21/2015
ECB Executive Board’s QE Proposal Calls for Roughly €50 Billion in Bond Buys Per Month
Wall Street Journal 01/21/2015
European Stocks Buoyed by ECB Hopes
Wall Street Journal 01/21/2015
How ECB Bond Purchases Will Work
Wall Street Journal 01/23/2015
European Central Bank Bets Big on Curing the Economy
New York Times 01/22/2015
How the ECB plans to implement its 1 trillion euro QE bond purchasing program in 2015-2016
01/22/2015
The risk for 80% of the bond purchases will be taken by each central bank within the eurozone, the remaining 20% will be shared between the central banks and the ECB. The program is carefully crafted to make sure risks of default or prices of a bond going down are not spread from one country to other countries in the eurozone. This was the only way to come up with a fair outcome that did not burden other countries such as Germany and create moral hazard. Eurozone economies expect to see growth in 2015 and have emerged from the crisis period of 2012-2013. The eurozone now can use the extra boost in lending promoted by the ECB, similiar to what happened with the Federal Reserve in the U.S.
Grouped Articles
How ECB Bond Purchases Will Work
Wall Street Journal 01/23/2015
European Central Bank Bets Big on Curing the Economy
New York Times 01/22/2015
Eurozone Nations Face Stronger Pressures to Lift Economies
New York Times 01/22/2015
E.C.B. Sees Early Progress From Its Bond-Buying Program
New York Times 04/15/2015
ECB’s Stimulus Moves Fall Short of Market Expectations, Hammering Stocks
Wall Street Journal 12/03/2015
ECB Move Prompts Volatile Trading in Eurozone Bonds, Euro
WSJ 12/08/2016
Poll of investors by Societe Generale showing ECB targeting the Euro at $1.00-$1.10 to the U.S. dollar before the ECB action on Jan 22, 2015
01/20/2015
The poll also shows the core European yields are pricing correctly, but peripheral European yields are underpricing the ECB action. Most investors put the ECB's move at between $500 billion and $1 trillion.
Grouped Articles
Wall Street Journal 01/20/2015
ECB Executive Board’s QE Proposal Calls for Roughly €50 Billion in Bond Buys Per Month
Wall Street Journal 01/21/2015
E.C.B. Sees Early Progress From Its Bond-Buying Program
New York Times 04/15/2015
ECB Move Prompts Volatile Trading in Eurozone Bonds, Euro
WSJ 12/08/2016
The rapid decline in the value of the euro in 2015 following the ECB decision for massive bond buying
03/11/2015
The euro declines by 11% for 2015 by March 2015, falling to 7 cents short of parity with the U.S. dollar.
Grouped Articles
Euro’s Tumble Brings It Closer to Parity With U.S. Dollar
Wall Street Journal 03/11/2015
Strong Dollar Stands in Manufacturing Sector’s Way
Wall Street Journal 03/16/2015
Torrent of Cash Exits Eurozone
Wall Street Journal 03/23/2015
E.C.B. Sees Early Progress From Its Bond-Buying Program
New York Times 04/15/2015
ECB’s Stimulus Moves Fall Short of Market Expectations, Hammering Stocks
Wall Street Journal 12/03/2015
Forget the New iPhone. For Apple, It’s All About the Dollar.
New York Times 03/26/2016
The ECB decision on monetary easing in the eurozone on Jan 22, 2015
01/20/2015
Grouped Articles
Wall Street Journal 01/20/2015
European Markets Jolted by ECB Proposal
Wall Street Journal 01/21/2015
ECB Executive Board’s QE Proposal Calls for Roughly €50 Billion in Bond Buys Per Month
Wall Street Journal 01/21/2015
Wall Street Journal 01/22/2015
How ECB Bond Purchases Will Work
Wall Street Journal 01/23/2015
European Central Bank Bets Big on Curing the Economy
New York Times 01/22/2015
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