Word: ecb
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Dates: during 2000-2009
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...back on a program to buy government bonds and commercial paper with newly created money. The European Central Bank is mulling an end to its 12-month loans to banks next year. "Not all our liquidity measures will be needed to the same extent as in the past," says ECB president Jean-Claude Trichet...
...root of the trouble. For all the recent signs of improvement, the financial situation is still far from normal. Some huge financial institutions, from AIG to Royal Bank of Scotland, remain on government life support. Jürgen Stark, a board member of the European Central Bank (ECB), recently estimated that financial institutions operating in Europe alone are facing total losses of around $650 billion between 2007 and 2010 - and have so far written down less than half of that amount in their books. "There is no room for complacency," he said, warning that extraordinary government and central-bank bailout...
...investment banks would drop by one-third. "It's out of the question to systematically increase layers of capital in the banks if there's no supplementary risk," says Ariane Obolensky, managing director of the French Banking Federation. But the tide is against such critics. As Stark of the ECB put it in a speech this month, "the simple statement that 'if banks are too big to fail, they are probably too big to exist' is a reasonable rule." The postcrisis financial system, he predicted, "will probably place greater emphasis on traditional banking activities, which tend to produce lower margins...
...Czech Republic, Hungary, and Poland are all scheduled to go ahead with a rather long process of monetary convergence in order to join the euro, overseen by the ECB. But, as it turns out, the current crisis renders impossible many of the conditions implicit in the plan, particularly when it comes to fiscal balance (which everyone is throwing by the wayside) and indebtedness (which has been a problem for a long time in the region). The problem is significant because, if things continue deteriorating, it may pull the region farther and farther away from Europe, in a way that could...
...value proposition” offered by the West after the communist grip on the region collapsed. It has arguably brought strengthened institutions, representative democracy, and better respect for human rights. Even though these countries may not be technically ready for the euro just yet, the ECB should push for its adoption in order to further integrate nations like Hungary and Poland. Only Europe can deliver them from a potentially catastrophic confidence crisis that would set them back years, if not decades...