Latest news with #BankOfSpain
Zawya
a day ago
- Business
- Zawya
ECB's Escriva sees scope for minor monetary policy easing
MADRID - The path of monetary policy easing in the euro zone could require further adjustments if the current macroeconomic and inflation outlooks are confirmed, ECB policymaker Jose Luis Escriva said. Last week, the ECB cut interest rates and hinted at a pause after inflation in the euro zone returned to its 2% target. Escriva, who is also Bank of Spain Governor, said in an interview to newspaper El Pais on Sunday that he "was very comfortable" with the current, gradual approach of successive 25-basis-point rate cuts. "Our central scenario – GDP growth of around 1%, inflation of 2% – could require some fine-tuning if it is confirmed," Escriva. The ECB has cut rates 2 percentage points since last June, to prop up a euro zone economy also hit by erratic U.S. economic and trade policies. Escriva said confidence in the dollar and U.S. assets had decreased since U.S. President Donald Trump took office and that since April, the dollar had not been a "safe haven" and its dominance as a global reserve currency appeared to have peaked. He also said the Bank of Spain was expected to revise downwards on Tuesday the forecast for Spanish economic growth by a few decimal points from the current 2.7% for 2025.
Bloomberg
2 days ago
- Business
- Bloomberg
ECB's Central Rate Scenario May Need Fine-Tuning, Escriva Says
The assumptions currently guiding European Central Bank monetary policy may need tweaking, according to Governing Council member Jose Luis Escriva. 'When the situation is fraught with uncertainty, it is advisable to keep all options open,' the Bank of Spain governor said in an interview published by El Pais on Sunday. 'The central scenario we are operating with — GDP growth of around 1%, inflation of 2% — may, if confirmed, require some fine-tuning.'
Yahoo
2 days ago
- Business
- Yahoo
ECB's Escriva sees scope for minor monetary policy easing
MADRID (Reuters) -The path of monetary policy easing in the euro zone could require further adjustments if the current macroeconomic and inflation outlooks are confirmed, ECB policymaker Jose Luis Escriva said. Last week, the ECB cut interest rates and hinted at a pause after inflation in the euro zone returned to its 2% target. Escriva, who is also Bank of Spain Governor, said in an interview to newspaper El Pais on Sunday that he "was very comfortable" with the current, gradual approach of successive 25-basis-point rate cuts. "Our central scenario – GDP growth of around 1%, inflation of 2% – could require some fine-tuning if it is confirmed," Escriva. The ECB has cut rates 2 percentage points since last June, to prop up a euro zone economy also hit by erratic U.S. economic and trade policies. Escriva said confidence in the dollar and U.S. assets had decreased since U.S. President Donald Trump took office and that since April, the dollar had not been a "safe haven" and its dominance as a global reserve currency appeared to have peaked. He also said the Bank of Spain was expected to revise downwards on Tuesday the forecast for Spanish economic growth by a few decimal points from the current 2.7% for 2025. Sign in to access your portfolio
Bloomberg
5 days ago
- Business
- Bloomberg
ECB Watching for Tariff-Policy Impact on Economy, Escriva Says
European Central Bank Governing Council member Jose Luis Escriva said policymakers are carefully watching the impact of US tariffs on the euro-area economy. 'We are working to fulfill the mandate of the ECB to fulfill price stability, which is also our best contribution to solid economic growth in the euro area,' he said in a video message published on the Bank of Spain's website on Thursday.
Zawya
21-05-2025
- Business
- Zawya
ECB's Escriva sees risks to global financial sector from U.S. trade policies
MADRID - Geopolitical and trade tensions stemming from U.S. tariffs pose a risk to the stability of the global financial system and to global economic growth, European Central Bank policymaker Jose Luis Escriva warned on Tuesday. U.S. President Donald Trump has repeatedly threatened an array of punitive measures against trading partners, only to revoke some of them at the last minute, baffling world leaders and spooking business executives. Escriva saw the unpredictability of the Trump administration's policies, from trade to wider economy, as one of the risks defining the global environment, with "possible deterioration of international investors' confidence in the U.S. economy" also generating uncertainty. "All these factors have a decisive impact on the global growth outlook and pose risks to the stability of the international financial system," Escriva, who also chairs the Bank of Spain, wrote in its annual report. An increase in tariffs would negatively affect global activity, particularly in the United States, and to a lesser extent in the euro zone and Spain, Escriva said, citing an analysis of several scenarios. He still identified clear downward risks for the coming quarters for Spain in an uncertain environment. "Although Spain's direct trade exposure to the United States is relatively limited, indirect links through global supply chains, as well as global financial and confidence channels, are significant and must be monitored carefully," Escriva said. If the 'reciprocal tariffs' announced by Trump last month were finally implemented, the average tariff paid by Spain on its exports to the United States would increase to 18% from 12% now, he added.
