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EURIBOR RIGGING: the context & incentive. “lack of understanding is absolutely no excuse”

In December 2008 financial market liquidity (in Europe) disappeared altogether, vanished according to the ECB FSR June 2010 . For monetarists like me this massive disappearance precedes & probably causes the massive GNP collapse of 3 quarters later; visually the 2 collapses have close to identical shapes.

Who is the biggest clown of the Credit Crisis? Vote now!

Thanks to @centrifugen I came across a poll on a Swedish site: who is the biggest clown of the Credit Crisis?

Thought we should have our voice heard so please cast your vote here: http://www.asymptotix.eu/content/who-biggest-clown-credit-crisis

Barry Eichengreen: Europe on the Verge of a Political Breakdown

Jean-Claude Trichet, the president of the European Central Bank, has called for stricter budgetary rules. Mario Draghi, head of the Bank of Italy and Trichet’s anointed successor at the ECB, has called for binding limits not on just budgets but also on a host of other national economic policies. Guy Verhofstadt, leader of the Alliance of Liberals and Democrats for Europe in the European Parliament, is only one in a growing chorus of voices calling for the creation of Eurobonds. Germany’s finance minister, Wolfgang Schäuble, has suggested that Europe needs to move to full fiscal union.

20 Quotes From European Leaders That Prove That They Know That The Financial System In Europe Is Doomed

#1 Polish finance minister Jacek Rostowski: "European elites, including German elites, must decide if they want the euro to survive - even at a high price - or not. If not, we should prepare for a controlled dismantling of the currency zone."

ECB Reactivates Anticrisis Measures 4 August 2011, statement by Jean-Claude Trichet

Jean Claude Trichet;


Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will report on the outcome of today’s meeting of the Governing Council, which was also attended by Commissioner Rehn.

Pre vacances End of Semester CRISIS in Brussels


Kohl a marqué l'histoire en sacrifiant le mark sur l'autel de l'Europe.


Merkel va-t-elle laisser son nom com fossoyeur de l'€ ?




ECB The euro, its central bank ?and economic governance

Stamp Memorial Lecture by Jean-Claude Trichet, President of the ECB at the London School of Economics and Political Science London, 13 June 2011

ECB’s primary mandate is 2% inflation, then support the general economic policies

Jean-Claude Trichet is bypassing the European Central Bank’s little-known secondary mandate as inflation propels policy makers toward the first interest-rate increase in three years.

While the ECB president signaled on March 3 that he may have no choice other than to tighten monetary policy, the bank’s statutes hand officials leeway to pursue policies supporting economic growth. The Maastricht Treaty says the central bank can keep rates low if policy makers judge that price stability is guaranteed. The ECB itself forecasts inflation will slow below its 2 percent ceiling next year.

“The markets didn’t expect such a shift to the primary mandate so soon,” said Jens Sondergaard, senior European economist at Nomura International Plc in London. “The ECB’s balancing act is especially tricky, with inflation risks crystallizing and the flare-up in the sovereign debt crisis.”

With inflation currently at 2.4 percent, unemployment at 9.9 percent and yields on Irish, Greek and Portuguese bonds close to records, Trichet last week had a choice: Keep his inflation fight limited to rhetoric or declare it was time to raise rates.

Trichet opted to say that the ECB will probably raise its benchmark from 1 percent in April, saying “strong vigilance” is needed. Bundesbank President Axel Weber on March 8 said the move may be the first in a series of increases.

If ECB rate increase in April shall be the exception and not a beginning unions must ignore the price increase of commodities

Jean Claude Trichet, the governor of the European Central Bank - in his last week’s press conference after the governing council meeting of 3 March - was adamant, not only on the monetary policy ECB will follow over the coming months. He also had strong messages for governments and the social partners.

Trichet appeared very determined on a possible increase of ECB’s interest rates, making it look like this increase is rather more plausible than not. He rushed however, to make a clear distinction between standard and extraordinary measures, meaning by this that even if an interest rate increase materialises next month, ECB will keep intact its extraordinary measures in financing the Eurozone’s banks with ample and almost zero cost loans.

He also said that an interest rate increase in April will not initiate a series of the kind. If one takes into account his other remarks about a strong reprisal of economic activities in the Eurozone and a prediction that inflation will recede in the medium term, it is more that certain that the April increase will be the exception and not a beginning.

ECB - the hint is there - Trichet Says Rates May Rise Next Month - official statement

European Central Bank President Jean-Claude Trichet Thursday signaled that the central bank could raise interest rates next month for the first time since the darkest days of the financial crisis in 2008.

Mr. Trichet warned that risks of inflation in the euro zone "are to the upside" and that "strong vigilance" is required to ensure that the rise in commodity prices recently doesn't translate into a generalized increase in inflation.

At today’s meeting the Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 1.00%, 1.75% and 0.25% respectively.

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