Full Statement From The President Of The ECB

Tyler Durden's picture

Statement two out of three. Next up: the G7, which will also reiterrate its forecfullanguage that nobody needs to sell anything, anywhere.

Statement by the President of the ECB

1. The Governing Council of the European Central Bank (ECB) welcomes the announcements made by the governments of Italy and Spain concerning new measures and reforms in the areas of fiscal and structural policies. The Governing Council considers a decisive and swift implementation by both governments as essential in order to substantially enhance the competitiveness and flexibility of their economies, and to rapidly reduce public deficits.

2. The Governing Council underlines the importance of the commitment of all Heads of State or Government to adhere strictly to the agreed fiscal targets, as reaffirmed at the euro area summit of 21 July 2011. A key element is also the enhancement of the growth potential of the economy.

3. The Governing Council considers essential the prompt implementation of all the decisions taken at the euro area summit. In this perspective, the Governing Council welcomes the joint commitment expressed by Germany and France today.

4. The Governing Council attaches decisive importance to the declaration of the Heads of State or Government of the euro area in the inflexible determination to fully honour their own individual sovereign signature as a key element in ensuring financial stability in the euro area as a whole.

5. It equally considers fundamental that governments stand ready to activate the European Financial Stability Facility (EFSF) in the secondary market, on the basis of an ECB analysis recognising the existence of exceptional financial market circumstances and risks to financial stability, once the EFSF is operational.

6. It is on the basis of the above assessments that the ECB will actively implement its Securities Markets Programme. This programme has been designed to help restoring a better transmission of our monetary policy decisions – taking account of dysfunctional market segments – and therefore to ensure price stability in the euro area.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
wang's picture
wang (not verified) Aug 7, 2011 4:52 PM

we're fcuked

but don't tell anyone

Stoploss's picture

They really should just combine all the statements by everyone into the two words inplied by reading them..



Mongrel's picture

Black is the colour, none is the number . . .

tekhneek's picture

Oh look, more bullshit.

glenlloyd's picture

yes, and today it looks like a three-ring circus

Boilermaker's picture

Yea, no kidding.  At what point is this literally a fucking comedy in motion.

Better yet, at what point does this become criminal in nature to literally and purposefully lie to the citizenry?

Greyhat's picture

For me this fuckin comedy ist not so funny, i pay my taxes in Germany... :-)

Moerkel gave card blanche to the ECB tonight. So i am long in hemp products...


DoChenRollingBearing's picture

>reverse snort< wake up sound.  Oh, yes that's right, another statement.

slaughterer's picture


Racer's picture

I haven't bothered to read it but I bet it says:

Blah, hot air, blah, closely monitoring, blah hot air....

DRT RD's picture

What happened to my red/green, up/down buttons? Do i need to adjust my settings? If so which ones?

slaughterer's picture


Gringo Viejo's picture

Right now, I'm picturing Kevin Bacon's cop in Animal House.

snowball777's picture

We welcome the Italians and Spanish welcoming us as their overlords. - Management


Quixotic_Not's picture

Do you think the Italians and Spanish will really volunteer to fall on their swords?

Hahahaha! </manic laugh>

P.S.  DefCon 1 DoS attack under way!

Batten the hatches mateys, thar be monsters...

machineh's picture

Point number 6 is the key to this obscure statement. Are they, or are they not, buying Italian and Spanish debt tomorrow?

Deliberate ambiguity is not likely to please Ms. Market, who expected a Hank Paulson-style bazooka.

Show me the Bazooka!

slaughterer's picture


tocointhephrase's picture

And this is going to calm the market. LMFAO

Mec-sick-o's picture

They have already rattled the beehive... no amount of honey will sweeten the market bloodbath that will be next week (months).

4realmoney's picture

Keep an eye on Krugerrand gold coins, and silver, too. Things are going to get wild.

HyperLazy's picture

I get the impression there should have been an ominous thunderclap everytime I read, "The Governing Council"...

Sudden Debt's picture

Vage yet again. NUMBERS!!! => Amount of Trillion to be sacrificed!


They're saying nothing. Markets are going to get gangbanged Monday and they'll have no idea why....

Diatribe's picture

That's great, it starts with an earthquake, birds and snakes, an aeroplane -
Lenny Bruce is not afraid. Eye of a hurricane, listen to yourself churn -
world serves its own needs, regardless of your own needs. Feed it up a knock,
speed, grunt no, strength no. Ladder structure clatter with fear of height,
down height. Wire in a fire, represent the seven games in a government for
hire and a combat site. Left her, wasn't coming in a hurry with the furies
breathing down your neck. Team by team reporters baffled, trump, tethered
crop. Look at that low plane! Fine then. Uh oh, overflow, population,
common group, but it'll do. Save yourself, serve yourself. World serves its
own needs, listen to your heart bleed. Tell me with the rapture and the
reverent in the right - right. You vitriolic, patriotic, slam, fight, bright
light, feeling pretty psyched.

It's the end of the world as we know it.
It's the end of the world as we know it.
It's the end of the world as we know it and I feel fine.

Peter Pan's picture

What has been lost will be written off. No economy can pedal hard enough to make up for the errors of yesterday especially when most of them are labouring under continued deficits and high unemployment. If they can't fix today and can't guarantee tomorrow, how can they fix the past?

Yen Cross's picture

I can't pronounce, HIS name!  Who cares?

pendragon's picture

trichet the effing nose blowing dippshitt. caving like am effing house of cards. i've seen more spine in a sachet of wet cat food

pendragon's picture

can someone give him a terminal dose of contac 400


pendragon's picture

does the french fucking slug have any fucking principles or just a wet kleenex for a spine

slaughterer's picture

He doesn't need a spine.  He has got a PRINTINg PRESS!!!

pendragon's picture

well he prints. but it's all off balance sheet, he doesn't even have the spine to put it on balance sheet

pendragon's picture

why even bother with your monthly press conference? the regular sunday evening anglo saxon arse kissing cave in will suffice. got to placate your paymasters. what an independent institution you head

jplotinus's picture

The "if/then" nature of the statements I've seen (Merkel/Sarkozy and ECB) are not all reassuring for Monday market openings anywhere in the world. But, that is not the point. On any given day, markets can go up/down. Who cares. It is error to place emphasis on whether or not Monday is an historic "black Monday" or not. Over the course of the next several days PMs might well go up then down; down then up, whatever.

The issue is whether or not the financial collapse results in shortages of food/fuel in the developed world. Such items are already in tight supply in the Third World and almost always are, in some locale or another. These conditions have not been experienced in the US in generations and not in Europe since WWII.

I doubt the current financial crisis will cause disruption where it matters most; namely, at the gas pump and in WalMart isles.

Yen Cross's picture

  The markets " NEVER" close my Friend!  Good post { BTD}

They are all well Capitalised's picture

Merkel is already toast politically, do you think she would dare drag the country into a big financial crater with her?


Keeps me awake at night anyway.

pendragon's picture

problem is she still calls the shots. can you organise a shooting party?

pendragon's picture

how low is the bar for welcoming a policy measure? can we go subterranean

DollarDive's picture

One day Mr. Market will just get sick of all this foolish bullshit - program for this....program for that .... bail this out....bail that out.....gdp is down - quick start printing.....ooops markets are down 2% governments need to take action.....cut the shit !!

THE DORK OF CORK's picture

I don't understand this competitiveness and flexibility meme - you either take the wealth from somewhere else or create organic wealth internally - if I outcompete another region and do not do anything productive with the new surplus where does the surplus go ?

The west is a barren wasteland of ideas - we increase the efficiency of systems and transfer this surplus to pigmen who waste it anyway

Any efforts to increase real investment in utilties and such is seen as a waste by the financial industry as it requires larger capital ratios which eats into their "profits"

But profits in utilties is by defination extractive.

We live in a strange strange world.

pendragon's picture

dork? i was thinking dick.. you're irish...you've had your prick and your rectum surgically removed by a fench twat. how can you be that intellectual on a sunday evening? just slag orf the fucking spineless frog

pendragon's picture

dork? i was thinking dick.. you're irish...you've had your prick and your rectum surgically removed by a fench twat. how can you be that intellectual on a sunday evening? just slag orf the fucking spineless frog

pendragon's picture

point 1 is not crazy paving the way for a wet kleenex cave in. it's a full blown patio with plumbed in barbecue and collapsing elephant statue

machineh's picture

So the ECB is to be turned into an AIG-style 'garbage barge.'

Trichet's crowning achievement: destroying the institution he worked for.

Back to the drawing board!

XitSam's picture

blah blah blah spend money to save money blah blah good money after bad blah blah finis

Yen Cross's picture

  Here goes aud  target China!  Let's be politically correct!  Kim Junk Ill!

viator's picture

We face recession without shock absorbers as Berlin loses patience with the eurozone

"The Great Reprieve is exhausted. The world has used up the three years' grace gained by extreme stimulus after the debt bubble burst in 2008."

"Investors know that the ECB did not succeed in stemming the crises in Greece, Ireland, and Portugal, despite buying almost a fifth of their debt. So any intervention would have to be massive to convince the markets, pushing the bank ever further beyond its legal mandate and treaty authority.

Yet we know that the ECB's two German members and the Dutch governor have refused to endorse such a quantum leap. It would be impossible to "sterilise" large bond purchases. The action would amount to Fed-style QE, anathema to Berlin.

Can the ECB ram through such a high-stakes policy in defiance of Europe's chief power, in breach of Maastricht's sacred contract, and still hope to preserve German acquiescence in EMU?

Berlin is losing patience. Der Spiegel cites unnamed officials warning that Italy is too big to save, and that escalating demands may "overwhelm" Germany itself.

The search for a scapegoat has begun. German MEPs and officials have begun to blame Brussels for triggering this crisis, though all it did was admit that the €440bn bail-out fund is too small to restore confidence, and that EMU is in systemic danger as contagion spreads to the core.

Even Germany's most ardent pro-Europeans seem to have given up trying to find a solution. They are building an alibi for EMU break-up instead"