U.S. subprime tension has increased growth risks: ECB
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Risks to global expansion have recently increased due to tensions in the U.S. subprime mortgage market and there are fears of growing spillovers to other segments, the European Central Bank said on Thursday.
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BASEL, Switzerland -- Central bankers, joined by commercial counterparts and financial regulators from around the globe, yesterday discussed ways to ensure smooth economic growth amid worries over widening US deficits.
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Fresh signs emerged Tuesday that the U.S. economic slowdown may be intensifying, increasing the odds of a recession:
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The crisis in the U.S. subprime  mortgage market has heightened tension between mortgage lenders  and brokers who both hope to shape any laws aimed at stamping  out dangerous loans.
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Reports of fresh damage from the teetering U.S. subprime mortgage sector provoked financial market wobbles on Tuesday as central banks around the world said their interest rate intentions had been thrown into doubt.
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Federal Reserve Chairman Ben Bernanke on Thursday acknowledged the economy faces increased risks and indicated the U.S. central bank is ready to cut interest rates aggressively to support growth.
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FRANKFURT: The European Central Bank (ECB) staged a tough balancing act yesterday, sharpening its warnings about the inflationary dangers of high oil prices but noting that costly energy is also softening economic growth.
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Federal Reserve Bank officials said on  Monday financial turmoil has increased risks facing the U.S.  economy, but comments by others suggested there was still  debate about how quickly the central bank would need to act.
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The European Union&#39;s head office on Tuesday echoed comments by the European Central Bank chief, warning that &quot;excessive volatility&quot; of the euro&#39;s exchange rate against the US dollar could damage economic growth in Europe.
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The extent of Europe's  infection from the U.S. subprime mortgage virus is becoming  clearer, even as the European Central Bank faces down calls for  it to follow U.S. and UK counterparts by cutting interest  rates.
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Major banks and mortgage companies yesterday sharply accelerated an industry consolidation that is set to change the landscape of American lending, while a convergence of events exposed fresh worries about the U.S. economy.
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With more than $1 trillion in subprime mortgages still outstanding, some fear the financial sector's troubles have only just begun
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WASHINGTON - The two-year US housing recession deepened in September while inflation remained in check, buttressing Federal Reserve chairman Ben S. Bernanke's focus on real estate as the major threat to growth.
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NEW YORK/LONDON  - New evidence of damage wrought by the U.S. mortgage sector surfaced in the United States and Europe on Wednesday while banks demanded a record amount of cash at a euro zone money market auction.
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The U.S. economy can weather a  slowdown in the housing sector as rising incomes and business  investment offer support, Federal Reserve officials said on  Wednesday as they pointed to inflation risks.
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A global credit crisis has increased the threat to growth, the European Central Bank said on Thursday, as G7 governments asked for a report on the genesis of the turmoil for next month's meeting of finance chiefs.
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Escalating fears the fallout from the US housing slowdown would spill over into Europe dragged Europe's indices lower on Monday, as central bankers said higher oil costs and the rising cost of credit would also weigh on growth.