German CPI rises 2% year-on-year in February 1.6-3% by the end of the year
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"The European Central Bank (ECB) is under pressure to take new steps," he said.
[Berlin XNUMXst Reuters] -February Consumer Price Index (CPI) breaking news released by the German Federal Statistical Office on the XNUMXst ... → Continue reading
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European Central Bank
European Union politics
European Central Bank(English: European Central Bank, abbreviation:ECB/Central European Bank) IsEuro area19 countriesFinancial PolicyBear theCentral Bank.. The European Central Bank organizationFederal Bank of GermanyAnd the German state bank.World financial crisisSince then, the traction force of the Fed has fallen.
The European Central Bank has a board of directors (UK: Executive Board, France: Directoire, Germany: Direktorium) and members of the board.European Central Bank SystemIt is run by a policy board (Governing Council, France: Conseil des Gouverneurs, Germany: EZB-Rat), which consists of central bank governors of each country. 1999,Dutch bankPresident, NetherlandsMinister of FinanceWas heldWim DoisenbergBecame the first president. Original in November 2003French BankPresident'sJean-Claude TrichetBecame the second president. Before November 2Bank of ItalyPresident'sMario DraghiIs the third president. Term is2019Until November 11st. The board of directors is made up of six people who formulate the policy of the central bank. Officers are appointed following a unanimous decision in each euro area country.
The buying operation that the European Central Bank system makes to private banks in the euro area isWorld financial crisisThe leader was changed. Traditionally, the Fed has provided almost half of the total operation amount. Since 2008, the percentage has fallen sharply in 2011Bank of SpainとBank of ItalyOf the two supplied almost half.
Greek financial crisisOver Germany, German Chancellor Merkel believes that haircuts (reschedules) on Greek debt are illegal.Lisbon TreatyBecause the no bail-out (non-rescue) clause included in the article states that the EU does not assume the responsibility of the central government of member states. However, the European Stability Mechanism (ESM)Shadow banking systemDoes not have a no bail-out clause. This clause was amended at the end of 2010 EU Summit to establish ESM.
Through this process, the European lobbying monitoring group (Corporate Europe Observatory), the European Central BankMega bankSince he is consulting with the delegation of, he expressed the view that there is a risk of conflict of interest. The European Central Bank's 22 advisory bodies consist of a total of 517 people, 508 of whom represent the financial industry. The majority of banks are overseen by the European Central Bank. The majority of advisory members come fromEuro clear.Deutsche Bank,BNP ParibasとSociety GeneralFollows.
The main task of the European Central Bank is the implementation of monetary policy in the euro area to pursue the above objectives... The following means may be mentioned for carrying out these purposes.
- Open market operations
- Depositary-Private Bank Fund Depositary
- Financing institutions-financing to private companies
In addition to this, the following tasks are listed.
- Forex marketIntervention and of euro area countriesReserve currencyPossession and operation. The total foreign exchange reserves amounted to 400 billion euros, more than 30% of which is from the Deutsche Bank and about 20% from the bank of France. Central banks of each country have reserves and foreign currency reserves, which are deposited with the European Central Bank under the Maastricht Treaty.
- Promotion of smooth operation of payment system
The next task is to be an incidental task of the European Central Bank.
- bill -The European Central Bank has exclusive authority to issue banknotes in the euro area.
- Statistics-The European Central Bank, in cooperation with central banks of each country, collects statistical information from the authorities of each country or directly from economic agents in order to carry out their work.
- Financial stability and supervision-The euro system contributes to the careful supervision of financial institutions and the smooth implementation of policies by the authorities involved in stabilizing the financial system.
- International and intra-European cooperation-The European Central Bank will maintain cooperative relationships with related institutions, both within the European Union and internationally, regarding the work entrusted to the Eurosystem.
August 2013, 7,European CommissionProposed a single resolution system (SRM) for banking unions. The proposal complements the Single Supervisory System (SSM), where European Central Banks directly supervise banks in EU member states.
The deposit facility interest rate is -0.4%.
Debate over the gradual decrease in currency value
European Central BankBank of EnglandHave symmetry likeInflation targetThere are many economists who should adopt.. The Bank of England has set an inflation target of 2% ± 1%, while the European Central Bank says it is "less than 2% and close to 2%". There is criticism that the European Union Bank's low goals are low. But the European Central Bank is in a position to curb inflation. Some believe that such a commitment is deciding interest rates that do not meet the wider needs of the European economic climate.
This criticism of the inflation target is not limited to the European Central Bank, but is also true of many central banks. Considering that it is adopted by the Bank of England, it can be evaluated that this issue is an extension of the conflict between Britain and the United States during the Allied military period.
There is criticism that the European Central Bank's low interest rate setting is not appropriate in the region of Europe where the land price bubble is occurring.アイルランドBecame a factor of the land price bubble. Low interest rates for the euro area as a wholeDeflationIt is set for avoidance.
Common to both the European Central Bank's low interest rate policy (actually negative interest rates are the mainstream) and the target of inflation to gradually reduce the real value of the currency and promote its use as a means of exchange for investment and consumption. doing.
Directly on economic growth without inflationFree currencyHas only been discussed in academia.
Debate over independence
The European Central Bank is defined as a central bank that operates independently without political intervention. Its purpose and authority were established by politically compromising British and American feuds. In any case, the European Central Bank itself makes decisions about how to exercise its powers to achieve its goals, ensuring operational independence. Many of the central banks of each country in the European Union are outside the euro area and are independent.National Bank of Denmark, The Bank of England has similar regulations.
Consensus among economists is that the existence of an independent central bank is the best way to avoid macroeconomic manipulation for political purposes. On the other hand, in some countries the central bank may be neither independent nor independent. The background to this is economic convenience and credibility to prevent inflation, but even in such a situation, accountability exists from the perspective of democracy (for example,Bank of Canada,Reserve Bank of New Zealandand so on).
Some view the independence of the European Central Bank as undemocratic, and some criticize the decision-making process and goals. The content is inflexible because the European Central Bank rarely informs the majority of citizens in the Union, has an independent status, andhuman rightsInfringementnatural environmentFrom this point of view, the mechanism of feedback is divided about the influence of the monetary economy. In fact, feedback from advisory bodies is prioritized.
The European Central Bank has not published or solicited comments on its proposed projects. Even after the announcement of their actions and decisions, they do not directly ask the public for their opinions on the web page. It is said that details of internal meetings are also not disclosed to hide the internal division of the board.
European Central BankEuropean ParliamentとEuropean Union CouncilAccountable to. The Council of the European Union has the power to appoint officers of the European Central Bank, Vice-Presidents and other boards. The nominated candidates must first be approved by the European Parliament and then, after approval by the Council of the European Union, the areas of responsibility for each officer. The European Central Bank Governor is required by law to submit an annual report at the General Assembly of the European Parliament. In addition, the president and representatives of the board are expected to report four times a year to the European Parliament's Economic and Monetary Commission. Such reports can be made in exceptional cases at the request of the European Parliament or the European Central Bank.
European Union citizensHas influence over European Central Bank's policy decisions through national elections. But if the changes in economic outlook are demonstrated by democratic means, there is a limit that the elected politicians cannot directly convey to the European Central Bank.
State Bank Past
Allied military periodIn Germany,FranceとUSSROpposed the establishment of a central bank across the four wards. So the United States proposed in the Third Dodge Plan to establish a Länder Central Bank Commission, but even that failedThe United KingdomDiscussed with. However, the German financial systemReichsbankThere was a sharp conflict between the United States trying to disconnect and the United Kingdom trying to connect. For the time being, the British showed a concessionary stance, but provided appropriate conditions. In the British occupied areasRuhr regionSubsidies were being spent to rebuild the coal and steel industry, which was a large financial burden. When subsidizing local finance, the Hamburg Sales Headquarters became the definitive refinancing agency. In short, he said he would approve the establishment of a central bank in charge of the whole of the Anglo-American region, so he would have to accommodate the financial burden in the United States.
General Cray, who was aiming for a decentralized system (Lucius D. ClayIn January 1948, all state central banks agreed to create a "State Union Bank" in Frankfurt. In February of the same year, the British decided to abolish the Hamburg Sales Headquarters and decentralize the bank, and established state central banks in each state of the jurisdiction. In March, the "State Union Bank"Was named. In time, the central banks of the three states of the French region also went back retrospectively on March 3 and became affiliated with Deutsche Lender Bank.
Deutsche Lender Bank was busy. It was the only issuing bank and was a clearing house that settled and redistributed the state central bank and deposited arbitrage reserves. Deutsche Lender BankFederal ReserveIt was a mechanism different from. At the request of the United Kingdom, the board of directors (Direktorium), which is in daily operation, was set up. The board consisted of a board governor, chairman of the board, and state central bank governors of the 11 states. The board and governor of the District of England Central Bank were chosen from Reichsbank. On the contrary, it was evaded in the American district.West GermanyDeutsche Lenderbank has shown the establishment of a complete centralization system in its operation when the official discount rate was set at 6% prior to the June currency reform.
1957 years,Bank of EnglandDuring the pound crisis and loss of exchangeability, authority was transferred to the German Federal Bank. The purpose was to stabilize the currency value of Marc. Otherwise, it was expected that state-run finances would lead to inflation.
The main purpose of the European Central Bank and the European Central Bank system is also price stability in the euro area, for exampleinflationOne example is to keep the rate low, and the current target level is about 2%.
There is also the purpose of supporting the European Union's economic policy, as long as it does not interfere with the purpose of price stability.European Union TreatyArticle 3 onwards describes the European Union policy at a high level.employmentCreation and inflationeconomic growthIs being maintained.
January 2003, 1, one manMotor gliderThere was a case in which the glider made a turn to the skyscrapers in the center of Frankfurt and plunged into the European Central Bank. The man landed safely two hours later and was subsequently arrested. The man is a 2-year-old mentally ill personChallenger explosionAmerican died in宇宙 飛行 士Judith ResnickSaid he wanted to.
The European Central Bank had to set up its headquarters in the Eurotower, also in Frankfurt, until the new headquarters building in Frankfurt was built... In 1999, the European Central Bank opened an international architectural competition to solicit new head office building designs. result,ViennaDesign office based in JapanCoop HimmelblauWon. The main building of the new head office and the related buildings built around it have a height of about 180 meters, with a view of the remains of the wholesale market in eastern Frankfurt. Construction started in October 2008Completed in 2014 and started operations at the new head office in the same year.
- European Union economy
- European Union Organization
- European Central Bank System
- European exchange rate mechanism
- European Union Economic and Monetary Union
- ^ Carter Dougherty Spotlight: Optimist joins ECB in gloomy times, New York TimesMay 2005, 5 (English)
- ^ Cour-Thimann, Philippine, "CESifo Forum Special Issue April 2013: Target Balances and the Crisis in the Euro Area", p.13, Figure6: Take-up by NCBs in liquidity-providing monetary policy operations in euro
- ^ Reuters ECB, fear of over-intimacy with financial industry through advisory body = surveillance group 2017/10/3
- ^ Reuters ECB reliance on bankers' feedback raises capture risk: activist group October 3, 2017
- ^ GUIDELINE OF THE EUROPEAN CENTRAL BANK -Current European Central Bank Monetary Policy Guidelines December 2005, 12 (English, PDF format)
- ^ Delegation of the European Union to Japan Commission proposes single bank resolution system 2013/07/10 IP/13/674 Brussels
- ^ Treasury doubts on the euro British Broadcasting Corporation 2006/7/5
- ^ Michael King Politicians and the Bank of Canada: Inflation Targeting as an Alternative to Independence London School of Economics (English, PDF format)
- ^ J. Matthew Clark The Bank of Canada, Accountability and Legitimacy: Some Proposals for Reform pp.330-341 University of Toronto Press 1996 (English, PDF format)
- ^ a b c Ayako Ishizaka "Formation of the German Federal Bank System (1945-1957)" History of Land Institution No. 158, January 1998, pages 1-1
- ^ European Central Bank System and Protocol to the European Union Treaty on the European Central Bank (English, PDF format)
- ^ Frankfurt crash threat ends safely CNN January 2003, 1 (English)
- ^ Carter Dougherty In ECB future, a new home to reflect all of Europe International Herald Tribune 2004 November 11 (English)
- ^ Launch of a public tender for a general contractor to construct the new ECB premises European Central Bank Press Release July 2007, 7 (English and 10 other languages)
- ^ "Germany heads toward asset bubble or disparity theory caused by "zero interest rate""Diamond Inc. (March 2015, 3) 2015/6/23Browse.
- European Central Bank
- EU monetary policy -Japanese Ministry of Foreign Affairs
- From the first issue of the European Central Bank Monthly Report (Source) -Bank of Japan International Bureau International Research Division