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欧州中央銀行などの世界の銀行の0金利政策は、貸付(融資)を奨励し、経済成長の刺激を促す?
¿Un mundo de tipos de interés al 0%?
Los tipos de interés de las economías desarrolladas se sitúan en un mínimo histórico del 0,5%
Los bancos centrales han tomado además otras medidas para animar la economía
A world interest rate to 0%?
Interest rates in developed economies are at a record low of 0.5%
Central banks have also taken other measures to encourage economic
Simon Kennedy (Bloomberg) London 5 JUL 2012 - 10:43 CET
Interest rates in developed economies are at a record low of 0.5%
Central banks have also taken other measures to encourage economic
Simon Kennedy (Bloomberg) London 5 JUL 2012 - 10:43 CET
The European Central Bank and the Bank of England have today taken a step towards a global monetary policy with interest rates near zero and unorthodox methods to encourage the economy as a weak attempt to stimulate their economies.
The ECB has lowered its benchmark interest rate below 1% for the first time, while the Bank of England has kept interest rate at 0.5% and has risen sharply in order to purchase bonds ( at 60,000 million plus up to 375,000 million euros).
These movements push the benchmark interest rate of JPMorgan Chase & Co to the lowest level of the age-crisis in developed economies around 0.5% and added to the balance sheets of major central banks, which have gained 40% during the five years of global financial crisis. The jury is deliberating on whether the monetary medicine will work or if policy makers will be forced to take further action.
"A big part of the world economy is fairly stagnant and thus central banks are in help mode," said Joseph Lupton, global economist at JP Morgan in New York. "We are still probably at the point of diminishing returns, yet it can be argued that this measure is helpful."
more informationThe European Central Bank cut interest rates to a record lowUK injects another 62,000 million to revive the economyChina lowers the price of money for the second time in a monthAre cheaper mortgages in history?
Global Relaxation
The Bank of England, which has been splashed by libor manipulation scandal by Barclays, has announced its decision on the purchase of bonds as ECB President, offers a press conference to explain the decision of the leading banking institution European interest rates.
The easiest thing for monetary policy in Europe would follow the example of central banks in the U.S., China and Australia have acted during the last month.
The Fed, the U.S. Federal Reserve decided to keep its benchmark rate in a range between zero and 0.25%, expanded the operation to renegotiate the maturity of the assets on its balance sheet to reduce the interest rate over time. The performance set by the Bank of Japan is at 0.1% and economists at UBS and Jefferies Japan consider that next week will boost its asset purchase program, currently at 40 billion yen (400,000 million).
Additional stimuli applied during the nearly five years that extends the crisis has helped to balance the commodity markets. The MSCI World Index, which represents the revaluation of stock market capitalization weighted by 1600 the 22 largest companies in more developed countries of the world grows by 8.6 percent since June 4.
Debt Crisis
The sovereign debt crisis in Europe, global growth has slowed to its lowest level since the 2009 recession, is forcing central bankers to take additional measures. 23 of the 26 developed economies, analyzed by JPMorgan, will review its inflation target by the end of the year, according to Lupton.
The policy makers of the ECB met today six days after EU leaders gave a respite to the stressed bond markets, and addressing some of the shortcomings of the bailout programs and trying to break the loop negative affect sovereign debt spread by troubled banks.
The political progress made last week by European countries has encouraged the ECB to strengthen confidence in providing support to the faltering euro zone economy. Unemployment rose to a record 11.1% in May and the services and manufacturing industries fell for the fifth consecutive month in June. The economy of the 17 countries will shrink 0.3% this year, according to the European Commission.
"The economic argument for relaxation (of types) is overwhelming," said Nick Kounis, head of macro research at ABN Amro in Amsterdam. "The eurozone is in recession and the contraction is seen as extending to the third quarter. Most indicators are clearly consistent monetary easing and was probably made an even more important flexibility."
Deposits rate
Cuts in interest rates approved today could reduce the cost of debt for euro area banks that have taken advantage of ECB liquidity manguerazos more than one billion euros in loans to three years.
Take the rate of remuneration of deposits from 0.25% zero current can also encourage banks to lend rather than depositing excess cash at the ECB. About 800 million euros are currently deposited in the European Central Bank every day, the growing distrust in the euro area.
At the same time, a cut in deposit rates could reduce market interest rates and bank profitability could also be hampered, which could discourage banks to lend. Euro Overnight Index Average (Eonia), the average rate of the euro overnight, the result of interbank credit operations, stood at 0.33% yesterday.
So far the ECB had been reluctant to reduce interest rates below 1% and join the trend of U.S. and British counterparts in the search for quantitative easing, preferring instead to provide liquidity to banks.
ECB and the purchase of assets
The ECB will have to consider the use of asset purchases to ease policy further if interest rates continue to fall, said Joachim Fels, chief economist at Morgan Stanley in London.
"While the ECB QE (asset purchase program to pump money into the system) could become a market focus in the coming months if the recession persists and the ECB begins to worry about the risks of deflation for the area the euro as a whole, "said Fels.
Already affected by the repetition of the recession, the Bank of England has strengthened its asset purchase program after Governor Mervyn King last week ensure that the turbulence of European debt has fueled uncertainty and restricted credit availability.
Mortgage approvals in the UK fell in May and construction shrank at the fastest pace in two years. Inflation slowed to 2.8% in May, the level closest to the Central Bank's target of 2% from November 2009. The UK economy will expand 0.1% this year, according to the British Chambers of Commerce.
The temptation of Law
"Given the perception of inadequate growth, the temptation to do something else will be there," said Neville Hill, an economist at Credit Suisse Group AG in London.
The central bank is taking additional steps to increase aid, including the establishment of a program to boost lending to businesses and families and the activation of a liquidity facility for British banks. It remains to be seen whether additional measures may boost growth.
The Bank for International Settlements, said last month that central banks face limits on their ability to aid recovery and the risk of creating long-term problems in their economies.
Draghi last month also questioned the effectiveness of ECB rate cut, arguing that "price signals" have a "relatively limited immediate effect" amid the financial market tensions. Instead King said June 14 that "the view that further monetary stimulus is to push but not pull, under the present conditions are too pessimistic."
The ECB has lowered its benchmark interest rate below 1% for the first time, while the Bank of England has kept interest rate at 0.5% and has risen sharply in order to purchase bonds ( at 60,000 million plus up to 375,000 million euros).
These movements push the benchmark interest rate of JPMorgan Chase & Co to the lowest level of the age-crisis in developed economies around 0.5% and added to the balance sheets of major central banks, which have gained 40% during the five years of global financial crisis. The jury is deliberating on whether the monetary medicine will work or if policy makers will be forced to take further action.
"A big part of the world economy is fairly stagnant and thus central banks are in help mode," said Joseph Lupton, global economist at JP Morgan in New York. "We are still probably at the point of diminishing returns, yet it can be argued that this measure is helpful."
more informationThe European Central Bank cut interest rates to a record lowUK injects another 62,000 million to revive the economyChina lowers the price of money for the second time in a monthAre cheaper mortgages in history?
Global Relaxation
The Bank of England, which has been splashed by libor manipulation scandal by Barclays, has announced its decision on the purchase of bonds as ECB President, offers a press conference to explain the decision of the leading banking institution European interest rates.
The easiest thing for monetary policy in Europe would follow the example of central banks in the U.S., China and Australia have acted during the last month.
The Fed, the U.S. Federal Reserve decided to keep its benchmark rate in a range between zero and 0.25%, expanded the operation to renegotiate the maturity of the assets on its balance sheet to reduce the interest rate over time. The performance set by the Bank of Japan is at 0.1% and economists at UBS and Jefferies Japan consider that next week will boost its asset purchase program, currently at 40 billion yen (400,000 million).
Additional stimuli applied during the nearly five years that extends the crisis has helped to balance the commodity markets. The MSCI World Index, which represents the revaluation of stock market capitalization weighted by 1600 the 22 largest companies in more developed countries of the world grows by 8.6 percent since June 4.
Debt Crisis
The sovereign debt crisis in Europe, global growth has slowed to its lowest level since the 2009 recession, is forcing central bankers to take additional measures. 23 of the 26 developed economies, analyzed by JPMorgan, will review its inflation target by the end of the year, according to Lupton.
The policy makers of the ECB met today six days after EU leaders gave a respite to the stressed bond markets, and addressing some of the shortcomings of the bailout programs and trying to break the loop negative affect sovereign debt spread by troubled banks.
The political progress made last week by European countries has encouraged the ECB to strengthen confidence in providing support to the faltering euro zone economy. Unemployment rose to a record 11.1% in May and the services and manufacturing industries fell for the fifth consecutive month in June. The economy of the 17 countries will shrink 0.3% this year, according to the European Commission.
"The economic argument for relaxation (of types) is overwhelming," said Nick Kounis, head of macro research at ABN Amro in Amsterdam. "The eurozone is in recession and the contraction is seen as extending to the third quarter. Most indicators are clearly consistent monetary easing and was probably made an even more important flexibility."
Deposits rate
Cuts in interest rates approved today could reduce the cost of debt for euro area banks that have taken advantage of ECB liquidity manguerazos more than one billion euros in loans to three years.
Take the rate of remuneration of deposits from 0.25% zero current can also encourage banks to lend rather than depositing excess cash at the ECB. About 800 million euros are currently deposited in the European Central Bank every day, the growing distrust in the euro area.
At the same time, a cut in deposit rates could reduce market interest rates and bank profitability could also be hampered, which could discourage banks to lend. Euro Overnight Index Average (Eonia), the average rate of the euro overnight, the result of interbank credit operations, stood at 0.33% yesterday.
So far the ECB had been reluctant to reduce interest rates below 1% and join the trend of U.S. and British counterparts in the search for quantitative easing, preferring instead to provide liquidity to banks.
ECB and the purchase of assets
The ECB will have to consider the use of asset purchases to ease policy further if interest rates continue to fall, said Joachim Fels, chief economist at Morgan Stanley in London.
"While the ECB QE (asset purchase program to pump money into the system) could become a market focus in the coming months if the recession persists and the ECB begins to worry about the risks of deflation for the area the euro as a whole, "said Fels.
Already affected by the repetition of the recession, the Bank of England has strengthened its asset purchase program after Governor Mervyn King last week ensure that the turbulence of European debt has fueled uncertainty and restricted credit availability.
Mortgage approvals in the UK fell in May and construction shrank at the fastest pace in two years. Inflation slowed to 2.8% in May, the level closest to the Central Bank's target of 2% from November 2009. The UK economy will expand 0.1% this year, according to the British Chambers of Commerce.
The temptation of Law
"Given the perception of inadequate growth, the temptation to do something else will be there," said Neville Hill, an economist at Credit Suisse Group AG in London.
The central bank is taking additional steps to increase aid, including the establishment of a program to boost lending to businesses and families and the activation of a liquidity facility for British banks. It remains to be seen whether additional measures may boost growth.
The Bank for International Settlements, said last month that central banks face limits on their ability to aid recovery and the risk of creating long-term problems in their economies.
Draghi last month also questioned the effectiveness of ECB rate cut, arguing that "price signals" have a "relatively limited immediate effect" amid the financial market tensions. Instead King said June 14 that "the view that further monetary stimulus is to push but not pull, under the present conditions are too pessimistic."
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