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Keyword: bundesbank

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  • Bundesbank to pull gold from New York and Paris in watershed moment

    01/15/2013 9:23:43 PM PST · by JerseyanExile · 99 replies
    The Telegraph ^ | January 15, 2012 | Ambrose Evans-Pritchard
    Germany’s Bundesbank is to repatriate gold reserves held abroad to tighten control and combat currency crises in the future, pulling a chunk of its holdings from New York and all its bullion from Paris. The move marks an extraodinary breakdown in trust between leading central banks and has set off ferment among gold enthusiasts, with some comparing it with France’s withdrawal of gold from the US under President Charles de Gaulle as the Bretton Woods currency system crumbled in the early 1970s. Handelsblatt said the Bundesbank will announce on Wednesday that it intends to relocate the gold to vaults in...
  • Eurozone bail-out: holes emerge in the 'grand solution’ to solve EU debt crisis

    10/27/2011 4:25:17 PM PDT · by mojito · 7 replies
    The Telegraph ^ | 10/27/2011 | Bruno Waterfield
    A trillion euro bail-out to save the EU’s single currency is in danger of unravelling after Germany’s central bank warned that the rescue measure was too dependent on the high-risk deals that caused the economic crisis. Hours after an all-night summit of euro governments ended, flaws began to emerge in a package that was billed as a “grand and comprehensive” solution to the European debt crisis. The concerns were led by Germany’s powerful central bank, which expressed fears that a plan to leverage a €440 billion eurozone rescue fund to amass a “fire power” of €1 trillion, or £880 billion, resembled the risky...
  • ECB risks its reputation and a German backlash over mass bond purchases

    05/11/2010 11:13:42 AM PDT · by george76 · 17 replies · 504+ views
    Telegraph ^ | 11 May 2010 | Ambrose Evans-Pritchard
    The European Central Bank risks irreparable damage to its reputation by agreeing to the mass purchases of southern European bonds in defiance of the German Bundesbank and apparently under orders from EU leaders. the two German members of the ECB's council voted against the move, a revelation that may cause a catastrophic political backlash in Germany. Axel Weber, ultra-hawkish head of the Bundesbank, told Boersen-Zeitung that the emergency move over the weekend had been a mistake. "The purchase of government bonds poses significant stability risks and that's why I'm critical of this part of the ECB's council's decision, even in...