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2 April 2009 - Monetary policy decisions

At today’s meeting the Governing Council of the ECB took the following monetary policy decisions:

The President of the ECB will comment on the considerations underlying these decisions at a press conference starting at 2.30 p.m. CET today.

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(JPY) Minutes of the Monetary Policy Meeting on February 18 and 19, 2009

(GBP) Bank of England Minutes 4th and 5th March 2009

(CHF) Monetary policy assessment of 12 March 2009

OCR reduced to 3 percent

12 March 2009

The Reserve Bank today reduced the Official Cash Rate (OCR) by 50 basis points to 3 percent.

Reserve Bank Governor Alan Bollard said: “The world economy deteriorated very rapidly late last year, amid ongoing losses and extreme volatility in international financial markets. While monetary and fiscal policy responses in many countries have been substantial we still expect the adverse economic forces generated by the crisis to remain dominant throughout 2009. The timing and extent of global recovery remain highly uncertain.

“In New Zealand, the impact of difficult trading conditions is showing through clearly in reduced export revenues, weak business sentiment, and sharply curtailed investment and employment. Further house price falls and increased precautionary saving by households are driving a weakness in spending. Inflation pressure is abating rapidly as a result. Read the rest of this entry »

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(JPY) Minutes of the Monetary Policy Meeting on January 21 and 22, 2009

Keynote address by Jean-Claude Trichet, President of the ECB
at the Committee of European Securities Regulators (CESR)
Paris, 23 February 2009

Good morning ladies and gentlemen,

I would like to thank Eddy Wymeersch for inviting me to deliver a keynote address at this conference on the future of European financial regulation and supervision, with a special focus on securities markets.

Let me begin by describing current conditions in the financial sector, and the “lines of defence” that central banks and governments have established in an effort to combat systemic risks and to restore market confidence. In this context, I would like to highlight the crucial role that market participants need to play. Next, I will examine ways of reinforcing the resilience of the financial system. This is an issue that I hope you will be exploring in depth today. Finally, I will comment on the current debate about the EU’s supervisory framework. A change in this framework has in my view the potential to bring about a substantial improvement in our handling of the banking sector in Europe. Read the rest of this entry »

Glenn Stevens
Governor

Mr Chairman, thank you for the opportunity to meet again with the House Economics Committee.

Shortly after the Committee last met, the global financial system took a serious turn for the worse. On 15 September 2008, the American firm Lehman Brothers filed for bankruptcy. It was the biggest actual failure of a major American financial institution for many years. While it had been widely known that Lehmans was under immense pressure, when it came the event was still a shock. It triggered a massive re-appraisal of risk, and ushered in a period of the most intense financial turmoil seen in decades.

The worst of the turmoil was actually fairly short-lived – a matter of weeks. But in that time a number of events occurred that have had a significant bearing on the outlook for the global economy. These included the incipient failure and/or public support of a number of major financial institutions in the United States, the United Kingdom and continental Europe, effective closure of many important capital markets and a worldwide decline in equity values of a quarter, leaving them around 50 per cent lower than their peak. Read the rest of this entry »

Minutes of the Federal Open Market Committee

January 27-28, 2009

FOMC Minutes | Summary of Economic Projections

A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, January 27, 2009, at 1:30 p.m. and continued on Wednesday, January 28, 2009, at 9:00 a.m.

PRESENT:
Mr. Bernanke, Chairman
Mr. Dudley, Vice Chairman
Ms. Duke
Mr. Evans
Mr. Kohn
Mr. Lacker
Mr. Lockhart
Mr. Warsh
Ms. Yellen

Mr. Bullard, Ms. Cumming, Mr. Hoenig, Ms. Pianalto, and Mr. Rosengren, Alternate Members of the Federal Open Market Committee

Messrs. Fisher, Plosser, and Stern, Presidents of the Federal Reserve Banks of Dallas, Philadelphia, and Minneapolis, respectively

Mr. Madigan, Secretary and Economist
Ms. Danker, Deputy Secretary
Mr. Luecke, Assistant Secretary
Mr. Skidmore, Assistant Secretary
Ms. Smith, Assistant Secretary
Mr. Alvarez, General Counsel
Mr. Ashton,1 Assistant General Counsel
Mr. Sheets, Economist
Mr. Stockton, Economist Read the rest of this entry »