Governor, Central Bank Michael Bonello of Malta
CEP News) Frankfurt - European Central Bank Governing Council member Michael Bonello said that no one could have imagined the seriousness of the financial crisis' impact on the economy.
September, Bonello said in an interview in Malta yesterday.
Maltas Bonello said in the interview.
Bonello said in an interview in Malta on Jan 11.
Mr Bonello said that fiscal and monetary policies in 1999 were consistently aimed at preserving macroeconomic balance and stability.
Mr Bonello said that the growth prospects for the Maltese economy in 2000 will be strongly influenced by the pace of the restructuring process in both the private and public sectors and by the timing of the implementation of the new investment projects.
Mr Bonello said that such synergies have recently been achieved in some European countries.
Prices Fall, Jobless Claims Rise 2 hour ago ECB Hints at Pause in Rate-Cutting Cycle for February Meeting 2 hour ago(CEP News) - Speaking in an interview with Reuters, Central Bank of Malta President Michael Bonello said markets have rightfully understood the European Central Bank's message of no changes in interest rate in 2008 and that it was too early to say whether rates would come down in 2009.
Prices Fall, Jobless Claims Rise 2 hour ago ECB Hints at Pause in Rate-Cutting Cycle for February Meeting 2 hour ago(CEP News) Frankfurt - European Central Bank Governing Council member Michael Bonello said that although Europe is entering into a recession, it is likely to be less severe than that of the US.
Bonello said during a Maltese Parliamentary meeting in Valetta on Tuesday.
AVLLETTA, Malta, Aug 27 (Reuters) - All options are open on euro zone interest rates, but markets are on the right track in betting on no further changes this year, European Central Bank Governing Council member Michael Bonello said in an interview with Reuters.
Bonello said updated ECB staff economic forecasts, to be discussed at the Sept.
Markets and analysts generally expect the ECB's next move to be a rate cut, given a weakening in the 15-nation region's economy, and Bonello said nothing could be ruled out.
Bonello said it was too early to judge whether Q3 would also be negative but the latest figures, including a third month of contraction in manufacturing and services activity in August and a drop in German business confidence, confirmed that the 15-nation region was in a protracted period of slow growth.
Malta Central Bank Governor Michael Bonello has adopted a cautious line on euro adoption by January 1, 2008, saying that getting inflation down in time was a major challenge but the country was still committed to that target date.
Mr Bonello said Malta's fixed exchange rate policy had delivered it low inflation in the past, but as a small, open economy it was hard for either the Central Bank or the government to control short-term inflation movements.
Mr Bonello said he was sure that the deficit criterion for euro adoption would be met later this year when the government reduced its budget deficit to 2.
Mr Bonello was non-committal on whether he would allow this convergence by default, stressing he was not committed to matching the ECB hike for hike, and that he would give the Maltese economy as much support as allowed by his bank's euro-peg policy.
FRANKFURT, Dec 16 (Reuters) - The European Central Bank has room to cut interest rates further if necessary, Governing Council member Michael Bonello was reported on Tuesday as saying.
In an interview with news agency Market News, Bonello said the ECB was still in a position to reduce interest rates in order to help soften the economic slowdown in the eurozone.
Bonello said the current framework had played an important role in defusing the potentially harmful effects of the past year of financial market turbulence, but it was important to ensure that the ECB’s liquidity operations served their primary aim of ensuring financial markets functioned smoothly.
Bonello said one option for the rule tightening could be increasing the safety margin the ECB takes in valuing assets, known as haircuts.
Asked about the prospect of a rate cut, Bonello said that nothing could be ruled out and that the ECB had "no bias" on monetary policy, meaning it was keeping an open mind.
Weber and Bonello said that they expected ECB forecasts for growth to be trimmed when updated figures were released at the bank's meeting on Sept.
Bonello said that slower growth and lower prices for oil and food should dampen inflation pressures but that it was not clear by how much or how quickly.
25 percent, but fellow Governing Council member Michael Bonello said nothing could be ruled out.
Asked about the prospect of rate cuts, Bonello said nothing could be ruled out and the ECB's current 'no bias' stance on monetary policy meant it was keeping an open mind.
Both Weber and Bonello said they expected ECB staff forecasts for growth to be trimmed when updated figures are released at the Sept.
Bonello said lower oil and food prices and slower growth should dampen inflation pressures but it was not clear by how much or how quickly.
Mr Bonello was initially appointed Governor on 1 October 1999.
Mr Bonello has a bachelor's degree in languages and economics from the University of Malta and an honours degree in Philosophy, Politics and Economics from the University of Oxford, where he pursued his studies as a Rhodes Scholar.
Previous to his first appointment as Governor in 1999, Mr Bonello was a senior official at the United Nations Conference on Trade and Development (UNCTAD.
I think current interest rates are sufficient for the medium-term strategy," Bonello is quoted as saying, adding that "I do not think that there is anyone who is considering higher interest rates.
VALLETTA, Dec 5 (Reuters) - Inflation is set to fall well below the European Central Bank's price stability threshold, ECB Governing Council member Michael Bonello said on Friday.
Bonello said the easing price pressures had made it possible for the ECB to cut rates by 75 basis points on Thursday -- its biggest ever cut -- and said in the last year, the economic outlook had changed completely.