[經濟分析] ECB官員最近期的談話

感謝路透社的整理 ，這篇主要是留底用

ECB官員最近不斷強調Secone round effect，

通膨比成長趨緩還要令ECB恐懼

16:28 10Jan08 RTRS-FACTBOX-ECB policymakers' recent rate comments
Jan 10 (Reuters) - The European Central Bank is expected to
leave interest rates unchanged at 4.0 percent at its meeting on
Thursday.
Following is a summary of comments from members of the ECB's
Governing Council since the Dec. 6 meeting, when some members
urged a rate rise. To see full reports, double click on codes in
brackets. For President Jean-Claude Trichet's comments after the
last rate decision see [ID:nECBNEWS].

CHRISTIAN NOYER, GOVERNING COUNCIL, FRANCE, JAN 8
"Cross-border links between markets are closer than ever,
yet the current crisis is revealing the persistent nature of the
risks to financial stability." [ID:nPAB003720]

MARKO KRANJEC, GOVERNING COUNCIL, SLOVENIA, JAN 7
"The discussion was very serious, it was not empty talk,"
Kranjec said when asked about perceptions that the ECB was all
bark and no bite. "We have been very serious about acting as
needed ... but not neglecting developments in the real economy."
[ID:nL08522871]

NOUT WELLINK, GOVERNING COUNCIL, NETHERLANDS, JAN 7
"(The) most important point in Europe is that there will be
no second-round effects with respect to wages."
"I think that the monetary authorities made clear that they
will not accept such a development." [ID:nL07155637]

JEAN-CLAUDE TRICHET, PRESIDENT, JAN 7
"To sum up our analysis I would say: no complacency as
regards to inflation, and no complacency with regards to the
question of the significant correction in the markets," Trichet
said, summing up talks among G10 officials in Basel.
[ID:nL07100963]

LUCAS PAPADEMOS, VICE PRESIDENT, JAN 5
"It is essential to avoid any blurring of monetary policy
actions that pertain to the preservation of price stability, and
money market operations that have as an objective to ensure
orderly conditions in the money market." [ID:nN05348205]

JEAN-CLAUDE TRICHET, PRESIDENT, JAN 5
"The ECB's Governing Council stands ready to counter upside
risks to price stability."
"For the recent increase in inflation to remain temporary,
it is essential that the price- and wage-setting behaviour
remains unaffected by current inflation rates." [ID:nL05296686]

ATHANASIOS ORPHANIDES, GOVERNING COUNCIL, CYPRUS, JAN 3
"Just because the ECB Governing Council waited for the turn
of the year does not mean that it should not be ready to raise
interest rates further if that was necessary." [ID:nBEB001986]

AXEL WEBER, GOVERNING COUNCIL, GERMANY, DEC. 29
"The current, unusually high inflation rates in Germany and
the euro zone must not be the yardstick for the next wage
round," he wrote in a contribution to a newspaper. "A spike in
prices as a result of excess wage rises can endanger medium-term
price stability. We would act decisively against this."
[ID:nL29714638]

YVES MERSCH, GOVERNING COUNCIL, LUXEMBOURG, DEC. 28
"In the course of 2007, financial turbulence developed. The
crisis, started in the United States, has also affected the
European financial sector. Its extent and impact on the real
economy are still uncertain," he wrote in an opinion piece.
[ID:nL28595680]

JUERGEN STARK, EXECUTIVE BOARD, DEC. 28
"It's also clear that we won't hesitate to act before we get
to second-round effects," he told a German paper. [ID:nL28400317]

GUY QUADEN, GOVERNING COUNCIL, BELGIUM, DEC. 27
"The danger of a drying up of credit for the broader
economy, the infamous credit crunch that some referred to at the
start of the crisis, has not materialised. The financial
turbulence of recent months has thus far not had any serious
impact on the real economy, in any case in Europe."
[ID:nL27611794]

JUERGEN STARK, EXECUTIVE BOARD, DEC. 27
"Currently we expect that the rate of inflation will remain
above 2 percent for several months but we will then converge
back to the 2 percent level in the course of next year. However,
this is based on the assumption that we will avoid a wage-price
spiral where rising wages fuel into higher inflation rates."
[ID:nL27310841]

JEAN-CLAUDE TRICHET, PRESIDENT, DEC. 24
"What is decisive are the second round effects. There we
have the risk, and I was very clear that on behalf of the
Governing Council, we would not let those second round effects
materialise, and that we were alert to avoid those second round
effects materialising." [ID:nL24547830]

JEAN-CLAUDE TRICHET, PRESIDENT, DEC. 21
"It's our responsibility to make sure that this inflation is
just temporary and doesn't spill over into the cost of living,
and particularly that it doesn't affect wage negotiations."
[ID:nFAE002120]

VITOR CONSTANCIO, GOVERNING COUNCIL, DEC. 21
"I have shown some preoccupation regarding risks to growth
next year in the world economy ... in other words, I am a little
more pessimistic than a few months ago." [ID:nL21509225]

KLAUS LIEBSCHER, GOVERNING COUNCIL, DEC. 21
"The ECB will do everything that's necessary so that the
inflation rate (in the euro zone) falls below 2 percent again in
the medium term." [ID:nL21312293]

JEAN-CLAUDE TRICHET, PRESIDENT, DEC. 20
"We are alert and everybody must know that we will do
whatever is needed to deliver price stability in the medium term
and be credible in that delivery," he said. "The single needle
in our compass is price stability." [ID:nL19894820]

YVES MERSCH, GOVERNING COUNCIL (LUXEMBOURG), DEC. 18
"(We) do not underestimate the difficulty of explaining a
hump that is higher and more protracted than expected, and to
explain the difference between such a hump -- which would not
merit action -- and a plateau -- which might merit action," he
told news agency Market News.
"It might well last into summer before everything (on credit
markets) returns to normal ... but this is not a pre-requisite
for drawing policy conclusions." [ID:nL18146895]

JEAN-CLAUDE TRICHET, PRESIDENT, DEC. 19
"We are here to tell you we will not tolerate second round
effects," he told a European Parliament committee [ID:nL1956236]

KLAUS LIEBSCHER, GOVERNING COUNCIL (AUSTRIA), DEC. 19
"There was a remarkable loss of confidence in the
international financial markets emanating from problems with
subprime credits."
"We should assume that the problems are not over yet. The
insecurity will last for another few months and parts of the
insecurity will only be overcome once final annual balance
sheets have been published." [ID:nL18448839]

JUERGEN STARK, EXECUTIVE BOARD, DEC. 18
"At the beginning of the fourth quarter we recorded a
weakening in the confidence indices and first signs of a
possible economic slowdown," he said. "But these indicators are
still well above the long-term average." [ID:nL18406084]

NICHOLAS GARGANAS, GOVERNING COUNCIL (GREECE), DEC. 16
"Although inflation in the euro zone is expected to rise in
the next months, it is projected to ease during 2008. However,
inflation risks have increased and the ECB will do whatever is
necessary so that inflation expectations are stabilised at
levels in line with price stability." [ID:nL16613103]

KLAUS LIEBSCHER, GOVERNING COUNCIL (AUSTRIA), DEC. 14
"We have to take care that there is not too much liquidity
coming into the market," he told reporters. "In that regard,
there is a certain concern that the money market is not coming
down from 4.8 to 4.9 percent." [ID:nL1439181]

NOUT WELLINK, GOVERNING COUNCIL (NETHERLANDS), DEC. 14
"Until the end of January four financial injections are
provided for by central banks. If that does not appear to be
enough then we will have to consider things again," he told
Dutch daily De Telegraaf.
"Central banks must remain vigilant and inflation now of 3
percent in the eurozone makes us seriously concerned."
[ID:nL14628498]