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Member of the executive board

15 Mar Speech Gertrude Tumpel-Gugerell: Introductory remarks to the press conference on the announcement of the EU-funded cooperation programme between the ECB and the Central Bank of Bosnia and Herzegovina.

Speech by Gertrude Tumpel-Gugerell, Member of the Executive Board of the ECB,

Sarajevo, 15 March 2010

Dear Governor Kozaric, Dear Ambassador Kourkoulas, Ladies and gentlemen,

It is a pleasure for me to be back in Sarajevo. My last visit was in 2007, when I attended a conference hosted by Governor Kozari? in celebration of the tenth anniversary of the Central Bank of Bosnia and Herzegovina. Today we have the pleasure to announce the start on 1 April of our second technical cooperation programme, through which we will further the European integration project in the area of central banking. We are very pleased to be working in close cooperation with the Central Bank of Bosnia and Herzegovina and welcome the opportunity to further intensify this cooperation.

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16 Mar Speech Jörgen Stark: Economic recovery and exit strategies

Economic situation and outlook

Ladies and gentlemen,

In autumn 2008, the world entered the worst financial crisis and the most severe economic downturn since the end of the Second World War. Since spring 2009, financial market conditions have improved. Economic growth has resumed in most countries, albeit very moderately in many advanced economies. These improvements have largely resulted from massive support measures taken by governments and central banks.

Likewise, we have recently seen further improvements in the outlook for the global economy. However, uncertainty is still high, as both fiscal stimuli and the inventory cycle, which are currently supporting growth in many countries, are transitory and as there remain risks to the financial sector.

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EUR-USD 4X EagleEye Daily Outlook

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