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Negative Rates Are Working (a Bit)
This analysis by Mackintosh in WSJ points out that the low to negative interest policy of the ECB has hurt savers, bank profits, and makes the ECB unpopular, yet it has shown tangible signs of success in creating jobs. This is true even though unemployment in the EU is still over 10% in some countries. He says that the unemployment is back to where it was in Nov. 1998 before the euro. There are 7.5 million jobs created in EU since beginning of 2014, the point at which ECB went to ultra low interest rates. This is above the 6.3 million created in the U.S. upto 1st quarter 2016. Big difference now is that companies and households are borrowing as rates fell. Inflation at 0.2% in August 2016 for EU is a weak spot, but considering where the EU was just 2-3 years before in 2013, the change is a largely positive one.
European Central Bank interest rates adjustments 2011-2013
03/04/2011
ECB interest rate adjustments and monetary policy.
Grouped Articles
ECB Moves Markets, Not Economy
Wall Street Journal 05/03/2013
New York Times 09/25/2011
ECB Struggles With Low-Altitude Flying
Wall Street Journal 11/10/2013
Shares Rise on Wall Street and in Europe
New York Times 06/06/2012
Wall Street Journal 03/04/2011
European Central Bank Raises Rates as Expected
New York Times 07/07/2011
The ECB's bondbuying in 2016 and corporate bonds at interest rates of close to zero
04/26/2016
Unilever and Sanofi issue corporate bonds at rates close to zero in 2016.
Grouped Articles
Unilever Almost Borrowing for Free Following ECB Bond-Buying Plans
Wall Street Journal 04/26/2016
European Central Bank Leaves Rates Unchanged
WSJ 09/08/2016
Negative Rates Are Working (a Bit)
WSJ 09/07/2016
ECB Move Prompts Volatile Trading in Eurozone Bonds, Euro
WSJ 12/08/2016
Strong Eurozone Growth Shows Payoff of ECB Stimulus
WSJ 07/14/2017
ECB to End Bond-Buying Program in December as Crisis-Era Policies Wind Down
WSJ 06/14/2018
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
ECB President Mario Draghi and further easing of monetary policy in October- November 2015
10/23/2015
Grouped Articles
ECB’s Mario Draghi Signals Boost to Stimulus Program
Wall Street Journal 10/23/2015
Wall Street Journal 10/23/2015
ECB’s Stimulus Moves Fall Short of Market Expectations, Hammering Stocks
Wall Street Journal 12/03/2015
Macro Hedge Funds Caught Off Guard by ECB’s Move
Wall Street Journal 12/07/2015
Economic Unease Puts Top Central Bankers Under Renewed Pressure
Wall Street Journal 01/22/2016
Unilever Almost Borrowing for Free Following ECB Bond-Buying Plans
Wall Street Journal 04/26/2016
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
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
ECB interest rates adjustments 2015-2016
09/08/2016
Grouped Articles
European Central Bank Leaves Rates Unchanged
WSJ 09/08/2016
Negative Rates Are Working (a Bit)
WSJ 09/07/2016
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
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
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
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
ECB policy in 2016-2017
03/10/2016
Grouped Articles
European Corporate Bonds Are Clear Winners After ECB Move
Wall Street Journal 03/10/2016
Why the ECB’s Big Guns Can’t Win This War
Wall Street Journal 03/10/2016
Stocks Shrug Off ECB’s Stimulus Measures
Wall Street Journal 03/10/2016
Why Fireworks Fizzled at ECB Party
Wall Street Journal 03/10/2016
E.C.B.’s Bold Stimulus Takes Aim at Eurozone Economy
New York Times 03/10/2016
European Credit Market Rally Continues After ECB Move
Wall Street Journal 03/12/2016
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
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