Open

Coming up

Don't miss

Replay


LATEST SHOWS

AFRICA NEWS

A landslide victory for the 'invisible candidate' in Algeria's Presidential polls

Read more

THE WORLD THIS WEEK

The World This Week - 18 April 2014

Read more

THE WORLD THIS WEEK

The World This Week - 18 April 2014 (part 2)

Read more

MEDIAWATCH

Presidential adviser resigns over "shoe-shine scandal"

Read more

#THE 51%

Breaking stereotypes

Read more

#TECH 24

Galaxy S5 v. HTC One (M8): Which is the right one for you?

Read more

FRANCE IN FOCUS

New PM Manuel Valls outlines priorities

Read more

FASHION

Jean-Marc Loubier, bags and shoes.

Read more

ENCORE!

Hip-hop musician Beat Assailant on mixing the sounds of the city

Read more

  • French journalist tells of release from captivity in Syria

    Read more

  • South Korea ferry captain defends decision to delay evacuation

    Read more

  • Scores killed in South Sudan cattle raid

    Read more

  • PSG clinch fourth League Cup title after beating Lyon

    Read more

  • Le Pen’s National Front fail to woo Britain’s Eurosceptics

    Read more

  • In pictures: French kite festival takes flight

    Read more

  • VIDEO: Anti-Semitic leaflets in Eastern Ukraine condemned

    Read more

  • In pictures: Good Friday celebrated across the globe

    Read more

  • Bouteflika, the ghost president

    Read more

  • Does Valls’ upcoming Vatican trip violate French secularism?

    Read more

  • Ukraine separatists say ‘not bound’ by Geneva deal

    Read more

  • Abel Ferrara’s hotly awaited DSK film to premiere on web

    Read more

  • Obama signs bill to block controversial Iran diplomat from UN post

    Read more

  • Ukraine: ‘One bloody incident could scupper Geneva deal’

    Read more

  • Astronomers discover Earth-like planet that could support life

    Read more

  • Indian election: Votes for sale

    Read more

  • World honours Garcia Marquez’s magical literary legacy

    Read more

  • In pictures: Iranian woman pardons son’s killer at the gallows

    Read more

  • Algeria's ailing Bouteflika clinches fourth term amid fraud claims

    Read more

  • Top Hollande adviser resigns over conflict of interest accusation

    Read more

  • West African Ebola outbreak caused by new strain of virus

    Read more

Europe

No need for ECB intervention in euro crisis, French bank chief says

©

Latest update : 2011-12-16

Bank of France chief Christian Noyer said Friday that there is no need for another "massive" intervention from the European Central Bank.

AFP - The situation in the eurozone does not justify a greater intervention by the European Central Bank in buying up eurozone government debt, Bank of France chief Christian Noyer said Friday.

"There is no need for something more massive," said Noyer, who also sits on the ECB's governing council, noting that at its Thursday policy meeting it had decided to step up liquidity to commercial banks which should allow them to buy eurozone government debt.

ECB president Mario Draghi on Thursday dashed investors' hopes that the bank would massively step up its purchase of eurozone sovereign bonds, which would help bring down borrowing rates and ease tension on the market.

Draghi said ECB action purchases of sovereign bonds of debt-wracked countries was "limited" and "temporary".

A week earlier some of his comments were interpreted as indicating the ECB could step up bond purchases if eurozone countries adopted tighter rules on deficits and debt.

Bank of France chief Noyer said he was disappointed there was "total confusion on this issue" but said not all central banks took on the role of lending to governments.

He said the ECB announced "very spectacular measures to reinforce the liquidity of banks" at its Thursday meeting.

The ECB said would offer banks three-year loans whereas it previously only offered funds up to one year and eased the requirements on the collateral they must put up for the money.

It also cut by half the amount of money commercial banks need to keep at the ECB.

These measures should allow banks "to do their job, to continue lending to the economy and when there is need, buy the debt of sovereign states," said Noyer.

Date created : 2011-12-09

  • BANKING

    Moody's downgrades France's 'big three' banks

    Read more

  • EUROZONE

    'No second chance' to save euro, warns Sarkozy

    Read more

  • EUROZONE

    Sarkozy, Merkel propose reforms to save eurozone

    Read more

Comments

COMMENT(S)