Bundesbank's Weber Says Banks Will Be Less Profitable With New Regulation Sep 23, 2009
Sept. 23 (Bloomberg) -- Bundesbank President Axel Weber said that tighter regulation will reduce the profitability of banks, meaning bonuses for the financial industry will also shrink. The measures we take on capital and liquidity will ensure a large part of the bonus debate is behind us, he said today on BBC World. (Bloomberg -- Germany)
Germany facing 'muted' recovery Sep 23, 2009
But Bundesbank chief Axel Weber told the BBC that the eventual phasing out of stimulus measures would see unemployment rise and consumption fall. "It does not endanger the recovery but it makes it more protracted," he said. (BBC News -- Europe)
German Bonds Have Longest Losing Streak in Two Years on Signs of Recovery Sep 23, 2009
5 percent notes it plans to offer, the Bundesbank said yesterday. German government bonds lost investors 0. (Bloomberg -- Germany)
Export revival may benefit Germany's recovery Sep 22, 2009
BERLIN, Sept. 21 (Xinhua) -- German companies are benefiting from a revival in exports, along with the emerging global recovery, said Bundesbank, the German Central Bank, in its monthly report on Monday ... The rising export demand made a good "compensation" for the gap, said Bundesbank ... The current global recovery is mainly based on the positive effects from stimulus packages around the world and an "expansionary" monetary policy, said Bundesbank, and a "marked recovery" is likely to be seen... (Xinhuanet, China)
* World Business Quick Take Sep 22, 2009
The German economy will not reach the level of prosperity it enjoyed in 2008 until, probably, 2013, Bundesbank president Axel Weber said in an interview with the Frankfurter Rundschau daily. And the road up will be bumpy, he said. (Taipei Times, Taiwan -- World Business)
German economy not back on feet until 2013: Bundesbank Sep 21, 2009
"The economic recovery will take a while. The German economy will not reach the level of prosperity it enjoyed in 2008 until, probably, 2013," Bundesbank president Axel Weber said in an interview with the Frankfurter Rundschau daily. "And the road up will be bumpy," he said. (Business Report, South Africa)
IMF approves limited sales of gold Sep 19, 2009
IMF Managing Director Dominique Strauss-Kahn attends a German Bundesbank lecture in Berlin on September 4. Such gold sales would be done in a "responsible and transparent" manner to avoid disruptions of the international gold market, Managing Director Dominique Strauss-Kahn said, according to a statement from the IMF on Friday. (CNN -- International)
Producer Prices Rise for First Time in 11 Months as Energy Costs Increase Sep 18, 2009
Bundesbank President said on Sept. 8 that price pressures will remain subdued and inflation fears are unfounded. . (Bloomberg -- Germany)
Hypo Real Estate May Need More Capital: Report Sep 14, 2009
The Tagesspiegel am Sonntag weekly, citing a confidential Bundesbank study, said HRE had 16 ... The Bundesbank was not available for comment. (ABC News -- Wire)
Schedule of Press Briefings and Speeches by Senior IMF Officials Sep 9, 2009
IMF Managing Director Dominique Strauss-Kahn will deliver the 2009 Bundesbank Lecture in Berlin ... Please RSVP to the Bundesbank press office at presse-sekretariat@bundesbank. (IMF News)
Exports Rise for a Third Month, Helping to End Worst Recession since WWII Sep 8, 2009
While Bundesbank President on Sept. 4 predicted the third quarter will again signal a strong pick-up, he said its unclear whether the global recovery thats boosting export demand will continue ... The Bundesbank expects to rise to 10. (Bloomberg -- Germany)
Stocks, Bonds Seen in `Sweet Spot' as G-20 Officials Shun Stimulus Exit Sep 6, 2009
Underscoring what Bundesbank President today called a bumpy road ahead, the recorded its longest losing streak since May this week and also slid. The MSCI World Index was little changed at 1,068. (Bloomberg)
IMF chief warns against unwinding stimulus too soon Sep 5, 2009
Speaking at a Bundesbank conference in Berlin, Strauss-Kahn expressed concern about the risks of a rise in unemployment, which he said could lead to a decline in potential growth and social consequences he said were "even more worrisome". "Unwinding the stimulus too soon runs a real risk of derailing the recovery, with potentially significant implications for growth and unemployment," the IMF chief said, according to a text of his speech provided prior to delivery. (Business Report, South Africa)
Press Release: IMF Managing Director Dominique Strauss-Kahn Sees Renewed Stability But Remains Cautious About Global Economic Recovery, Notes Need For Continued Policy Actions Sep 4, 2009
International Monetary Fund Managing Director Dominique Strauss-Kahn, delivering the 2009 Bundesbank Lecture today in Berlin, said stimulus measures adopted to combat the global crisis should be withdrawn only when the economic recovery has taken hold and unemployment is set to decline. While acknowledging that the global economy appears to be emerging from the worst financial and economic crisis in the post-war period, Mr. Strauss-Kahn emphasized that the recovery will be sluggish and that a... (IMF News)
Beyond the Crisis: Sustainable Growth and a Stable International Monetary System, Speech by Dominique Strauss-Kahn, Managing Director of the International Monetary Fund Sep 4, 2009
Speech by Dominique Strauss-Kahn, Managing Director of the International Monetary Fund At the Sixth Annual Bundesbank Lecture Berlin, September 4, 2009. As Prepared for Delivery. (IMF News)
Bundesbank Sees `Little Evidence' of Credit Crunch Happening in Germany Aug 29, 2009
Bundesbank Sees Little Evidence of Credit Crunch (Update1) - Bloomberg ... Bundesbank Sees Little Evidence of Credit Crunch (Update1) ... Aug. 28 (Bloomberg) -- Germanys Bundesbank sees little evidence of a credit crunch materializing in Europes largest economy over the next 18 months. (Bloomberg -- Germany)
Transcript of a Press Briefing by Caroline Atkinson, Director, External Relations, IMF Aug 28, 2009
First, on the Managing Director and his travel, he will be in Berlin on September 4 where he will deliver a speech on sustainable growth and a stable international monetary system at a Bundesbank event ... Then the particular issues to do with Istanbul, we have a number of press availabilities and particular papers that will be released like the Managing Director's speech at the Bundesbank, and the Managing Director will also be speaking later in September on low-income countries, on September... (IMF News)
US Fed sees global economy 'leveling out' Aug 22, 2009
Bundesbank President Axel Weber said at the gathering that it's ''too early to say it won't be a bumpy road ahead. . (Sydney Morning Herald -- Business)
Bundesbank's Weber Says Drop in German Economy `Halted,' Outlook Brighter Aug 22, 2009
Im not sure whether at this stage the liquidity policy that we can do as central banks has all the potential of solving all our other problems, Weber, who is also the president of the Bundesbank, said in Jackson Hole, Wyoming, at a symposium sponsored by the Federal Reserve Bank of Kansas City. Weber noted that banks are still building up huge amounts of deposits at the ECB rather than lending the money. (Bloomberg -- Germany)
Oil Prices Top $72 On Big Supply Cut; Demand Still Soft Aug 21, 2009
Europe's top economy could grow faster in Q3 than Q2 thanks to global stimulus, the Bundesbank said. GDP grew 0. (Investors Business Daily)
Trichet Proves Prophet-Making No Panacea for Euro Economy Seeking Recovery Aug 21, 2009
The strategy was intended to prepare France for membership in the single currency, says , who worked with Trichet on policy as a German finance official and later ran the Bundesbank from 1993 to 1999. Passion for Policy. (Bloomberg)
BaFin, Drawing Crisis Lessons, Ties Bankers' Bonus Pay to Long-Term Profit Aug 15, 2009
Individual bonus payments in future will have to be tied to the performance of departments and the bank as a whole, said BaFin, which shares supervisory authority with the Bundesbank. The new rules implement recommendations of a working group chaired by Bank of Italy Governor , Bafin said. (Bloomberg -- Germany)
Germany Set to Tighten Bonus Payment Rules for Bankers, Handelsblatt Says Aug 14, 2009
A directive drawn up by the BaFin financial services regulator and the Bundesbank, which share supervisory authority, will also tie individual bonus payments to the performance of the bank as a whole, the newspaper said. Banks will have to set up bodies -- staffed by risk control and human resources managers -- to supervise bonus regulations, the newspaper said. (Bloomberg -- Germany)
Industrial Production Unexpectedly Declined in June After Surging in May Aug 8, 2009
Even so, the Bundesbank said on July 20 the German economy probably contracted only slightly in the second quarter after shrinking a record 3. 8 percent in the first three months of the year. (Bloomberg -- Germany)
Retail Sales Unexpectedly Decline for Second Month as Unemployment Climbs Aug 3, 2009
The stimulus package, which includes tax breaks and a 2,500-euro payment for consumers who scrap their old car and buy a new one, will support household income during the summer, the Bundesbank said July 20. The favorable price climate and the car-scrapping incentive should encourage private consumption, it said. (Bloomberg -- Germany)
Consumer Confidence Increases For Third Month on Signs Economy Recovering Jul 27, 2009
German rose more than expected this month, suggesting Europes largest economy is shaking off its worst since World War II. The Bundesbank said on July 20 that the economy shrank only slightly in the second quarter after its record 3. 8 percent contraction in the first three months of the year. (Bloomberg -- Germany)
Germany's looming credit crunch: A reluctant patient Jul 24, 2009
Not even the notoriously pessimistic Bundesbank expected Germany to experience a credit squeeze when it produced its latest forecasts in June. Overall what you see right now is not a credit crunch, says Carola Schuler of Moody s, a rating agency. (The Economist)
Keynes Arouses Fed as ECB Looks for Monetary Exit Jul 17, 2009
On the other is the ECB, sired as it was by a Bundesbank inculcated with memories of German hyperinflation in the 1920s, and much more in tune with s warnings that inflation is always and everywhere a monetary phenomenon. Preparations for exit are important, ECB President said in Munich earlier this week. (Bloomberg -- Columnists)
China steps up attack on greenback's primacy Jul 10, 2009
Foreign exchange markets were unmoved by Dai's comments, with investors focused on upbeat signals for the US economy and signs Germany's Bundesbank may buy corporate bonds. Destabilisation risk. (Sydney Morning Herald -- Business)
German May industry output rise strongest in 16 years Jul 9, 2009
1%, Bundesbank data showed. The stronger-than-expected data helped push the euro to a session high against the dollar, turning slightly positive on the day. (The Star Online, Malaysia -- Business)
ECB to hold rates at record low Jul 2, 2009
Deutsche Bank economist Mark Wall noted comments on the problem by two ECB policymakers, Executive Board member Jose Manuel Gonzalez-Paramo and Bundesbank President Axel Weber. "Gonzalez-Paramo raised it and Axel Weber was clearly threatening last week when he said if banks don't pass on this cheaper funding then they will have to be bypassed," said Wall. (Sydney Morning Herald -- Business)
`Bundesbank Colossus' Loses Ability to Dictate ECB Rate as Weber Weakened Jul 1, 2009
Bundesbank Colossus Loses Ability to Dictate ECB Rate (Update1) - Bloomberg ... Bundesbank Colossus Loses Ability to Dictate ECB Rate (Update1) ... June 30 (Bloomberg) -- Germanys Bundesbank, which once dictated interest rates for a continent, is losing influence to smaller nations as the European Central Bank tries to reverse the worst recession since World War II.. (Bloomberg)
Retail Sales Unexpectedly Rose for Third Month in May as Inflation Cooled Jul 1, 2009
Still, the Bundesbank forecasts the economy may shrink 6 ... 4 million, the Bundesbank has forecast ... With regards to the downward dynamics, I think weve left the worst behind and currently are in a stabilization phase, Bundesbank President said on June 16. (Bloomberg -- Germany)
Yen Falls Versus Euro as China Manufacturing Rises, Damping Safety Demand Jul 1, 2009
ECB member , who heads the Bundesbank, said last week the central bank has used up its scope to cut rates. The euro-zone economy is recovering at a faster pace, said , trading group manager at Tokai Tokyo Securities Co. in Tokyo. (Bloomberg -- Japan)
German Recession Pushed Unemployment to Highest Level Since 2007 in June Jun 30, 2009
German unemployment began to increase in November after for more than three years and the Bundesbank estimates that the number of people out of work will rise to 4 ... With regards to the downward dynamics, I think weve left the worst behind and currently are in a stabilization phase, Bundesbank President said on June 16. (Bloomberg -- Europe)
Inflation Remained Unchanged at Zero in June After Energy Prices Declined Jun 27, 2009
Crude oil prices have halved over the past year, pushing down inflation just as companies cut jobs and spending to stem the deepest recession since World War II. While the Bundesbank expects to average just 0 ... The German economy will shrink 6 percent this year, the Bundesbank said on June 5. (Bloomberg -- Germany)
German Business Confidence Climbs for Third Month in Sign Slump Is Easing Jun 22, 2009
The economy is in a stabilization phase, Bundesbank President said last week. However, were far away from a significant pickup. (Bloomberg -- Europe)
Special report: The euro area Jun 16, 2009
The Delors Report concluded that EMU could work if control of the single currency was kept from meddling politicians and left to independent technocrats at a European central bank, to be modelled on Germany s Bundesbank. The report gave warning, however, that to prevent large trade imbalances, reforms would be needed to make prices and wages more flexible and workers and capital more mobile. (The Economist)
Transcript of IMF's Bi-Weekly Press Breifing by Caroline Atkinson, Director of External Relations Department Jun 5, 2009
I'm just trying to get a sense of -- one thing you're hearing is that Germany and the Bundesbank is pushing back a little bit on it, some countries are expressing concerns regarding the inflationary impact of these things. What are the issues at play within those. (IMF News)
German central bank: economy to stagnate in 2010 Jun 5, 2009
However, the Bundesbank - the central bank - said it expects zero growth in 2010. Germany's economy grew 1. (Fresno Bee -- Business)
Green shoots may get ECB off hook Jun 4, 2009
The debate over how far the ECB should go reached the highest level of European government this week, with German Chancellor Angela Merkel backing the Bundesbank's view that asset purchases are a step too far. Bundesbank President Axel Weber argues there is no real risk of deflation and buying assets to flood the economy with money is an unnecessary risk that could sow the seeds of future crises. (Sydney Morning Herald -- Business)
Consumer Spending, Inventories Fell in First Quarter as Recession Deepened May 23, 2009
Federal Reserve Bank of Boston President said yesterday that a rather slow recovery is likely and Bundesbank President Axel Weber said last week it is not advisable to assume that recovery is safely on track. . (Bloomberg -- UK)
ECB announces combined new measures to fight downturns May 8, 2009
Trichet announced the ECB plans to spend about 60 billion euros(80 billion U.S. dollars) buying covered bonds, taking markets by surprise after Bundesbank chief Axel Weber had campaigned against such a policy, though some smaller nations pushed it. It marks the first step of the central bank of Europe on a path of quantitative easing, following the U.S. Federal Reserve, the Bank of England and the Japanese central bank. (Xinhuanet, China)
Trichet's Bond-Purchase Plan Drags ECB Into New Era Over Weber's Objection May 8, 2009
May 8 (Bloomberg) -- has dragged the European Central Bank into a new era by pursuing direct asset purchases over the objections of Germanys Bundesbank. President Trichet yesterday announced the ECB will buy 60 billion euros ($80 billion) of covered bonds, taking markets by surprise after Bundesbank chief had campaigned against such a policy ... Trichets policy shift, pushed by smaller nations such as Cyprus, Greece, Austria and the Netherlands, is a setback for the conservative... (Bloomberg -- Europe)
* March retail sales in Germany post unexpected drop May 5, 2009
Bundesbank President Axel Weber said last month that the German economy may have contracted at least 3 percent in the first quarter after shrinking 2. 1 percent in the previous three months. (Taipei Times, Taiwan -- World Business)
Press Release: Participants in New Arrangements to Borrow and Potential New Participants Discuss Expansion and Reform of IMF Credit Line Apr 28, 2009
Australia Austria Banco Central de Chile Belgium Canada Denmark Deutsche Bundesbank Finland France Hong Kong Monetary Authority Italy Japan Korea. Kuwait Luxembourg Malaysia Netherlands Norway Saudi Arabia Singapore Spain Sveriges Riksbank Swiss National Bank Thailand United Kingdom United States. (IMF News)
Steinbrueck Plans Fees for Guaranteeing Toxic Assets, Handelsblatt Reports Apr 17, 2009
Steinbrueck, Chancellor , her Chief of Staff , Vice-Chancellor , and Economy Minister will meet April 21 with Deutsche Bundesbank President and , head of Germanys Soffin bank-bailout fund, to discuss the bad bank model, Handelsblatt reported. They also will discuss how to separate toxic assets from illiquid assets and name the banks that will be entitled to additional guarantees, Handelsblatt said. (Bloomberg -- Germany)
Need to know: Ryanair savings ...... Apr 16, 2009
Eurozone stimulus: The European Central Bank will produce alternative monetary policy measures next month to boost the eurozone economy, Axel Weber, president of the German Bundesbank, said. Jean-Claude Juncker, chairman of the Eurogroup of eurozone finance ministers, said measures taken to fight the economic crisis may need a rethink if they fail to bring results by 2010. (New York Post -- Business)
German Government to Meet to Discuss Bad-Bank Model Next Week, FAZ Reports Apr 3, 2009
Chancellor Chief of Staff , Finance Minister and Economy Minister will be meeting with Deutsche Bundesbank President and head of Germanys Soffin bank-bailout fund, , the newspaper said in an article on its Web site. To contact the reporter on this story: in Los Angeles at. (Bloomberg -- Germany)
Merkel Makes Like Obama With German Stimulus Proving Inadequate for Europe Mar 27, 2009
Monetary policy is the job of the ECB, but the influence of Germanys Bundesbank regarding concerns about inflation has helped keep euro zone interest rates at 1. 5 percent when they should be closer to zero, he says. (Bloomberg)
Debate on inflation could open an Atlantic rift Mar 24, 2009
The president of the Bundesbank, Axel Weber, who is also a member of the E.C.B.'s Governing Council, told the Brussels Forum, "I can promise you: The European response to this crisis will not be inflationary.". "That's why guys like me exist," he said. (International Herald Tribune -- Business)
Governments eye more stimulus; IMF warns on recession Mar 10, 2009
"The global economy finds itself currently in a steep downturn and there are further downside risks from financial market turbulence," he said in a statement accompanying the annual results of the German Bundesbank, which he heads. He expected several months of negative inflation this year, but said that did not constitute deflation. (Yahoo News -- Top Stories)
German central bank's 2008 profit up 46 percent Mar 10, 2009
The Bundesbank, Germany's central bank, said Tuesday it booked a 46 percent increase in net profit for 2008, but warned that the country's economy faces significant risks as global demand for its exports weakens ... The Bundesbank said its most important revenue generator was from interest earnings, which totaled 16 ... Bundesbank President Axel Weber said in a statement that the bank was predicting the German economy would contract for longer, and more sharply, than previously forecast. (International Herald Tribune -- Travel)
Euro's Founders Foresaw No Chance of Currency Breaking Up, Verplaetse Says Mar 7, 2009
A similar warning came last month from former Bundesbank President , who told Sky News that a country that quits the euro would see its currency go down significantly -- 50 or 60 percent ... During that span, Europe was rocked by the economic tumult of 1992 and 1993, when Bundesbank interest rates exported Germanys post-unification recession across the continent and sent currencies tumbling against the deutsche mark. (Bloomberg -- Europe)
Bank of England, ECB cut rates to record low Mar 6, 2009
Mr. Weber, who heads the German Bundesbank, became the first to draw a line in the sand at 1 per cent last week while Mr. Trichet has said that there would be a number of disadvantages if interest rates were at zero per cent.. (). (Globe and Mail -- Business)
Retail Sales Unexpectedly Fell Last Month as Job Fears Curtailed Spending Mar 5, 2009
The depth of the recession will depend decisively on the extent to which private consumption can assume a stabilizing role, the Bundesbank said in its latest monthly report. The European Central Bank will probably lower its by 50 basis points to 1. (Bloomberg -- Germany)
* We need yesterdays heroes Mar 5, 2009
A distinguished guest was Karl Otto Pohl, who, as president of the Bundesbank, was against European monetary union but ensured that, if it was to go ahead, the ECB should be modeled on Germanys central bank. In the book, Pohl is quoted as saying that, at a lunch at the Bundesbank, former British prime minister Margaret Thatcher asked in her high voice: What do you mean by monetary union. (Taipei Times, Taiwan -- Sports)
German February Inflation Unexpectedly Accelerates on Package Tours, Fuels Feb 28, 2009
Inflation has been ebbing after oil prices plunged and the global financial crisis pushed Germanys economy into its worst recession since World War II. Bundesbank President said this month that German inflation may turn negative toward mid-2009. The European Central Bank has already signaled its ready to cut interest rates to a record low next week to bolster the economy. (Bloomberg -- Germany)
Will Germany deliver on the Faustian bargain that created monetary ... Feb 23, 2009
At least it has followed Bagehot's advice to "lend generously" even if rates have been too high, but it has been paralysed by its own institutional hang-ups and its need to prove itself a hard-money successor to the Bundesbank. Last week chief economist Jurgen Stark attempted to head off the bail-out plans, reminding Berlin last week that rescues are prohibited by EU law. (Telegraph.co.uk)
German economy dives as France admits slowdown Feb 13, 2009
2 per cent in a quarter, according to Bundesbank data. The consensus forecast from economists last week was for a fall in GDP of 1. (Times Online)
ECB bashing back in fashion as bank trails rate-cutters elsewhere Feb 13, 2009
Critics say the "stability culture" inherited from the Bundesbank, the German central bank that was the most influential forerunner to the ECB, is impeding it from rescuing the economy. Political factors also weigh. (International Herald Tribune -- Business)
