Tag Archives: ECB

ECB Decisions: Deposit Facility rate, APP, Unequal Supply Growth & Oil

Posted on December 14, 2015 by fmpdea

The first week of December will probably be remembered as “that time the ECB thought rates weren’t negative enough and decided to drop them by another 15 bps “. However, the central bank did more than just lower the rates: … Continue reading →

Posted in ECB, Finance | Tagged ANSA, APP, CBPP3, ECB, fracking, Greece, Oil, OPEC, PPP, PSPP, QE, Supply growth | Leave a comment

ECB Report 2015Q3 – Resilience in the face of localised instability

Posted on November 3, 2015 by fmpdea

As was the case previously, this post is divided in 4 parts: First, I consider the ECB’s most orthodox policy tools, the policy rates. Secondly, I review the structure of the ECB’s balance sheet. This is then followed by a … Continue reading →

Posted in Uncategorized | Tagged Asset Backed Security Purchasing Programme, CBPP, Deposit Facility, ECB, ECB assets, ECB Balance Sheet, ECB liabilities, ECB QE, Euro-zone Update, Marginal Lending Facility, MRO, PSPP, Public Sector Purchase Programme, QE in the Euro zone, QE in the Eurozone, SMP, Target2, Uncategorized and tagged ABSPP | Leave a comment

ECB Report 2015Q2 – ECB Rates, Balance Sheet, QE & Tgt2 Balances Amid Greek Crisis

Posted on June 29, 2015 by fmpdea

For reasons discussed previously, this post presents and briefly discusses a number of variables pertaining to the activity of the ECB from its inception until now. Particular focus is put on the more recent events of the last quarter and … Continue reading →

Posted in ECB, Euro-zone Update, Uncategorized | Tagged ABSPP, Asset Backed Security Purchasing Programme, CBPP, Deposit Facility, ECB, ECB assets, ECB Balance Sheet, ECB liabilities, ECB QE, Marginal Lending Facility, MRO, PSPP, Public Sector Purchase Programme, QE in the Euro zone, QE in the Eurozone, SMP, Target2 | 1 Comment

ECB reports

Posted on June 22, 2015 by fmpdea

If you are a regular reader of this website, you’ll know I have been struggling to juggle all the tasks I have given myself. As a result, this website and its maintenance has suffered. I have made many promises (mainly to myself…) … Continue reading →

Posted in Blog Maintenance | Tagged coming up, ECB, ECB Balance Sheet, website maintenance | Leave a comment

A New Phase in Euro-Zone Crisis – Zero Coupon Perpetuities for Greece?

Posted on January 26, 2015 by fmpdea

I don’t have an enormous amount of time to consider the implications of the Greek election yesterday in a tremendous amount of detail. So the following are my thoughts, disorganised and potentially incoherent.

Posted in Current Events, Euro-zone Update, Sovereign debt Crisis | Tagged Debt Sustainability Analysis, DSA, ECB, ESM, Greece, Greek election 2015, Syriza, Tsirpas, Zero coupon Perpetuities | Leave a comment

Germany’s Credit Fuelled Growth – Facts and Incomplete Recommendations

Posted on December 5, 2014 by fmpdea

Some time ago, I came across this European Voice article by Adair Turner, senior fellow at the Institute for New Economic Thinking and at the centre for financial studies in Frankfurt. He argues that German growth has been fuelled by foreign … Continue reading →

Posted in Economic Concepts, European History, European Integration, Sovereign debt Crisis, Uncategorized, Visions of the Political Future of Europe | Tagged 1923, Adair Turner, Competitive Devaluation, current account, Debt Monetisation, ECB, Euro-Zone Crisis Management, Euro-Zone exit, George Soros, Germany, Germany's credit-fuelled growth, Hyper-inflation, Leverage, Moral Hazard, Optimum Currency Area, Ruhr, Savings, Seignoriage, Unit Labour Costs, Weimar Republic, Zimbabwe | Leave a comment

Swiss Gold-Fetichism – An Expensive Decorative Effort

Posted on November 28, 2014 by fmpdea

The gold referendum is in Switzerland but with the fast rise of right wing extremism across Europe, others might feel inspired by their nostalgia of an imagined past to pursue this uniquely ill advised policy. Before they do, I take … Continue reading →

Posted in Uncategorized | Tagged Conservative, cross of gold, Current Account Balance, ECB, Exchange Rates, Financial Account balance, Foreign exchange reserves, Game of Thrones, Gold, gold reserves, Gold Standard, OMT, Referendum, status, SVP, Swiss People's Party, Switzerland | Leave a comment

A note on the Feasibility ECB Quantitative Easing

Posted on April 8, 2014 by fmpdea

Recent comments from the ECB about potential attempts to mitigate a decrease in inflation through QE have led to an increased interest in the articles posted on this website about the SMP and the CBPP. However, such interventions were pursued for different … Continue reading →

Posted in Current Events, ECB, Euro-zone Update, Inflation, Sovereign debt Crisis | Tagged CBPP, Draghi, ECB, Euro-zone, Euro-zone divergence, Inflation, LTRO, OMT, QE, Quantitative Easing, SMP, Sterilisation of ECB OMOs, Target2 | 2 Comments

How Will Europe’s Crisis End? And When?

Posted on September 13, 2013 by fmpdea

This post is based on a report I wrote some time ago about the future of the Euro-Zone crisis. It is divided in four parts: The first offers a recap of the crisis until May 2013. No details as to … Continue reading →

Posted in European Integration, Finance, Risk Scenario Analysis, Sovereign debt Crisis, Uncategorized, Visions of the Political Future of Europe | Tagged Crisis, Cyprus, ECB, EU, Euro-zone, Euro-Zone breakup, European Central Bank, European Fiscal Federalism, European Union, EZ, Fiscal Federalism, France, Future of the Euro-Zone, Germany, Greece, How Will Europe’s Crisis End?, Ireland, Italy, Portugal, Sovereign debt, Sovereign Debt Crisis, Sovereign debt Yields, Spain, Stealth Mutualisation, When will the Euro-Zone Crisis end? | Leave a comment

Why I think the ECB is not about to cut the MRO rate

Posted on May 1, 2013 by fmpdea

On Thursday May 2nd, the Governing Council of the ECB will hold is monthly meeting to determine the path of monetary policy. The market consensus seems to be that the ECB will cut the refi rate (MRO rate). I disagree. … Continue reading →

Posted in Banking, Current Events, ECB, Euro-zone Update, Finance, Media Coverage | Tagged Asmussen, Bank Lending Survey, Channel of Monetary Policy Transmission, Coeure, Constancio, Current Account at ECB, Deposit Facility, Draghi, ECB, ECB Balance Sheet, EONIA, GDP, Inflation, LTRO, M3, Marginal Lending Facility, Mersch, MRO, MRO rate cut, PMIs, Praet, refi rate cut, Target2, TARGET2 imbalances, Weidmann | 5 Comments