Archive for the ‘European Central Bank’ Category

May 12, 2012           2:20 AM CT

The European Union must implement measures both to consolidate public finance and boost economic growth, the bloc’s Economic and Monetary commissioner Olli Rehn said at a conference today in the Estonian capital, Tallinn.

“The debate on consolidation versus growth is a false debate,” Rehn said. “We need to stay on course with regards to fiscal consolidation and we need actions to boost growth.”

EU member states need to pursue structural reforms and lure more public and private investment to overcome the crisis, Rehn said.

from:  http://www.bloomberg.com/news/2012-05-12/rehn-rejects-false-choice-between-austerity-stimulus.html


Olli Rehn was born on March 31st, 1962 according to http://en.wikipedia.org/wiki/Olli_Rehn

March 31st, 1962

March 31st

3 + 31 +2+0+1+2 = 39 = his personal year (from March 31st, 2012 to March 30th, 2013) = Keep your promises.  Idealist.  If it sounds too good to be true, it probably is.

Knight of Cups Tarot card





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Mario Draghi

May 3, 2012         2:45 PM ET

European Central Bank officials voted Thursday to hold interest rates steady, even as the euro area economy slides towards recession. But ECB president Mario Draghi appeared to hint that there could be rate cuts in the future.

In a widely expected move, the ECB left its main overnight lending rate at 1%, a level the bank has maintained since late last year.

The Governing Council of the Frankfurt-based ECB met in Barcelona as the economic outlook in the eurozone has deteriorated.

Speaking to reporters after the meeting, Draghi said the ECB’s policies remain “accommodative” in light of the economic data from the first quarter. But he acknowledged that more recent economic indicators highlight the uncertain outlook for the eurozone.

Draghi noted that economic activity was “stabilizing” in the first quarter but that more recent data shows “uncertainty prevailing.”

While he stressed that interest rates are very low and liquidity is abundant, Draghi said several times that “any exit strategy remains premature.” ECB policymakers will be “clearer in our assessment” at the council’s next policy meeting in June, he added.

“The ECB does appear to be leaving the door open to an eventual further interest rate cut,” said Howard Archer, chief UK and European economist at IHS Global Insight.

But monetary policymakers will probably not act until economic conditions have deteriorated further, according to Archer. “Unfortunately that could very well happen,” he added.

Meanwhile, the ECB is under pressure to intervene in financial markets as investors have been rattled by renewed concerns about the euro debt crisis.

In response to a question on the ECB’s controversial bond buying program, Draghi simply said the so-called securities market program, under which the ECB purchased billions of euros worth of government debt last year, is “an important instrument.”

But he stressed that eurozone governments still need to reduce debt and take steps to increase economic competitiveness.

“These mechanisms are useful, but they cannot replace either fiscal consolidation or structural reforms as the way to go back to stability,” said Draghi.

The ECB has taken unprecedented steps to support the economy.

In two separate operations, the ECB funneled more than 1 trillion euros worth of ultra low-cost loans into the banking system starting late last year. The two long-term refinancing operations, or LTROs, helped prevent a credit crunch in the banking system.

The LTROs also appeared to drive down borrowing costs for troubled euro area governments including Italy and Spain. But the effects of the lending program have waned and some investors are now calling for the ECB to do more.

Spain, for example, confirmed earlier this week that it officially slipped back into recession in the first quarter. Meanwhile, unemployment in the 17-nations that use the euro edged up to 10.9% in March — the highest level since the common currency was introduced in 1999.

In addition to Spain, several other eurozone economies already struggling with recession including Italy, Ireland, Greece and Portugal.

Overall, the eurozone economy is widely expected to suffer a mild recession this year as austerity — budget cuts and tax hikes — take a toll on growth.

The bleak economic climate has raised concerns that austerity is doing more harm than good, and a growing number of policymakers have been calling for reforms to boost economic growth.

For his part, Draghi seemed to suggest that policymakers need to do both.

“We have to put growth back at center of agenda without any contradiction to the need to preserver in fiscal consolidation,” said Draghi.

He supported calls for a “growth pact” to compliment the “fiscal pact” that euro area leaders signed late last year.

Draghi said the growth pact should emphasize polices aimed at opening up eurozone labor and product markets to increased competition. At the same time, Draghi said targeted spending on infrastructure projects will help create jobs in the public sector.

“We need a common European discipline in doing these reforms,” he said.

from:  http://money.cnn.com//2012/05/03/markets/ecb/index.htm?section=money_topstories&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_topstories+(Top+Stories)


Mario Draghi was born on September 3rd, 1947 according to http://en.wikipedia.org/wiki/Mario_Draghi

September 3rd, 1947

9 + 3 +1+9+4+7 = 33 = his life lesson = Spain.  France.

Seven of Wands Tarot card


September 3rd, 1947

September 3rd

9 + 3 +2+0+1+1 = 16 = his personal year (from September 3rd, 2011 to September 2nd, 2012) = Shocks.  Surprises.  Unprecedented.  Unpredictable.  Bankruptcy.  Expect the unexpected.  Anything can happen.

The Tower Tarot card

16 year + 5 (May) = 21 = his personal month (from May 3rd, 2012 to June 2nd, 2012) = On the world stage.  For all the world to see.


using the number/letter grid:

1      2      3       4       5       6      7      8      9
A      B     C       D       E       F      G      H      I
J      K      L      M      N       O      P      Q      R
S      T      U      V      W      X      Y      Z


A = 1              J = 1              S = 1

B = 2              K = 2             T = 2

C = 3              L = 3             U = 3

D = 4              M = 4            V = 4

E = 5              N = 5            W = 5

F = 6              O = 6             X = 6

G = 7              P = 7             Y = 7

H = 8              Q = 8             Z = 8

I = 9               R = 9



Mario Draghi

41996 491789            67


his path of destiny = Stability.  Stabilize.

Knight of Pentacles Tarot card




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Mon Aug 15, 2011 12:38pm EDT

The European Central Bank
spent a record 22 billion euros on government debt last week,
reactivating its controversial bond-buying plan to try to halt
the spread of the euro zone debt crisis to Spain and Italy.

The amount bought, reported by the ECB on Monday, was the most the central bank has spent in any week since it began the programme in May last year, surpassing the 16.5 billion euros spent in the first week, when it targeted Greek bonds. Victoria Cadman, an economist at Investec, said the ECB would need to be active in the bond market for a few weeks yet. “The ECB is doing quite a lot to pop up Italy and Spain and help to push down their yields. The number is relatively big, but it is not enormous,” she said. The ECB reactivated the programme after leaving it dormant for 19 weeks, and despite opposition from a four-man group on its policymaking Governing Council, led by Germans Jens Weidmann and Juergen Stark. The four dissenters were concerned about the ECB moving into the fiscal policy arena but the majority on the Governing Council felt obliged to act as euro zone governments had failed to come up with adequate plans to stem the spread of the crisis. The dissenters’ resistance was echoed by former ECB chief economist Otmar Issing, who told German television station ZDF: “This cannot be the task of a central bank. If it gets involved in political business, that endangers its independence.” The central bank began buying bonds again directly after a Governing Council meeting on Aug. 4, ECB President Jean-Claude Trichet said, with traders saying it had been in the market for Irish and Portuguese bonds. However, as the purchases take 2-3 days to settle, those transactions, as well as those made at the start of last week show up in the data published this Monday. Last week, the ECB said it would “actively implement” the bond-buying programme to fight the debt crisis, signalling it would buy Spanish and Italian government bonds to halt financial market contagion. French President Nicolas Sarkozy and German Chancellor Angela Merkel will discuss on Tuesday how to make the euro zone work more effectively amid persistent doubts in financial markets over Europe’s ability to solve its debt crisis. One of Germany’s leading economic associations came out in favour of joint euro zone bond issuance on Monday, raising pressure on Merkel to consider bolder crisis steps ahead. The ECB also said no bonds held under the programme matured last week. Thus, when rounded to the nearest half billion, the overall value of the purchases — albeit not marked to market — rose to 96 billion euros ($135.2 billion). (For full details click ) The ECB and the 17 euro zone national central banks can buy government and corporate bonds from banks and other investors under the programme, but not directly from governments. As usual, the ECB will take one-week deposits from commercial banks on Tuesday to neutralise the monetary impact of the purchases and the inflationary pressure they create. The ECB does not break down its bond purchases. However, bond market traders and analysts say, until last week, buying had been limited to Greek, Irish and Portuguese bonds and estimate that it holds around 45 billion euros of Greek debt.

Date    Bonds bought  Bonds matured

14/05/2010      16.5   

21/05/2010      10    

28/05/2010      8.5   

04/06/2010      5.5   

11/06/2010      6.5   

18/06/2010      4.2   

25/06/2010      4     

02/07/2010      4     

09/07/2010      1     

16/07/2010      0.302 

23/07/2010      0.176 

30/07/2010      0.081 

06/08/2010      0.009 

13/08/2010      0.01  

20/08/2010      0.338 

27/08/2010      0.142 

03/09/2010      0.173 

10/09/2010      0.237 

17/09/2010      0.323 

24/09/2010      0.134 

01/10/2010      1.384 

08/10/2010      0.009 

15/10/2010      0     

22/10/2010      0     

29/10/2010      0     

05/11/2010      0.771 

12/11/2010      1.073 

19/11/2010      0.713 

26/11/2010      1.348 

03/12/2010      1.965 

10/12/2010      2.667 

17/12/2010      0.603 

 24/12/2010      1.121 

31/12/2010      0.164 

07/01/2011      0.113 

14/01/2011      2.313 

21/01/2011      0.146           0.087

28/01/2011      0

04/02/2011      0

11/02/2011      0

18/02/2011      0.711           0.040

25/02/2011      0.369

04/03/2011      0

11/03/2011      0

18/03/2011      0               0.170

25/03/2011      0.432           1.054

01/04/2011      0

08/04/2011      0               0.055

15/04/2011      0               0.830

22/04/2011      0

29/04/2011      0

06/05/2011      0

13/05/2011      0

20/05/2011      0               1.227

27/05/2011      0              

03/06/2011      0

10/06/2011      0

17/06/2011      0               1.008

24/06/2011      0

01/07/2011      0

08/07/2011      0

15/07/2011      0

22/07/2011      0               0.245

29/07/2011      0

05/08/2011      0

12/08/2011      22.0 Total           96.0

($1=.7099 Euro) 

from: http://www.reuters.com/article/2011/08/15/ecb-bonds-idUSLDE77E0K720110815


Jean-Claude Trichet was born on December 20th, 1942 according to http://en.wikipedia.org/wiki/Jean-Claude_Trichet

December 20th, 1942

12 + 20 +1+9+4+2 = 48 = his life lesson = what he is here to learn = Fulfilling his mission in life. Doing what he was born to do.


December 20th, 1942

December 20th

12 + 20 +2+0+1+1 = 36 = his personal year (from December 20th, 2011 to December 19th, 2012) = Managing.  Debt.  Creditworthiness.  Default.  Feeling like the weight of the world is on his shoulders.

36 year + 12 (December) = 48 = his personal month (from December 20th, 2011 to January 19th, 2012) = Fulfilling his mission in life. Doing what he was born to do.

[When his number (48 (12 + 20 +1+9+4+2 = 48 = his life lesson number)) comes up, that’s when he gets to live/experience what he is here to live/experience. So this will be HIS month!!!]  




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