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欧州中央銀行は、銀行金利を0'75%に引き下げ、イタリアやスペインの国債を買わないので市場は不信感
El Banco Central Europeo rebaja los tipos de interés a un mínimo histórico
Draghi rebaja el precio del dinero 0,25 puntos, hasta el 0,75%
Advierte de que los riesgos sobre la economía han aumentado
Los bancos centrales toman medidas para reactivar la economía
Rebaja a cero la retribución que ofrece por los depósitos de la banca
Amanda Mars Fráncfort5 JUL 2012 - 13:45 CET
http://economia.elpais.com/economia/2012/07/05/actualidad/1341475398_896789.html
http://economia.elpais.com/economia/2012/07/05/actualidad/1341475398_896789.html
Archivado en:
- BCE
- Mario Draghi
- Tipos interés
- Créditos
- Servicios bancarios
- España
- Organizaciones internacionales
- Banca
- Relaciones exteriores
- Finanzas
The European Central Bank cut interest rates to a record low
Draghi lowers the cost of borrowing 0.25 points to 0.75%
Warns that the risks to the economy have increased
Central banks take steps to revive the economy
Reduced to zero compensation offered by bank deposits
Amanda Mars Frankfurt 5 JUL 2012 - 13:45 CET
Another European taboo on the floor. The European Central Bank (ECB), the most orthodox anti-inflationary policy of the major central banks, has today lowered interest rates below 1% for the first time in his 12 years as manager of the price of money in the eurozone . After four years of crisis, the eurozone economy not just straightened, and the agency that directs the common monetary policy has decided to reduce by 0.25 price of money, to 0.75%. It has also lowered the deposit facility of 0.25% to zero, which should help the cash flow to keep entities in central bank coffers.
The reduction of the ECB, which has been taken unanimously among the members of its executive, joins the Bank of England's decision to take out the heavy artillery against the crisis with the decision to buy another 50,000 million pounds in debt and the second cut in interest rates decided by the Bank of China in just one month.
Interest rates in the euro area are still higher than the U.S., ranging between 0% and 0.25% for Japan, 0% to 1%, and the United Kingdom, 0.5% . One measure of this kind, investors around the world waited for days, theoretically involves cheapening of credit and therefore incentives for productive activity that the ailing Southern Europe catch my breath.
The markets showed signs these days that the pattern of the euro, Mario Draghi, would this step. Just today, the one-year Euribor, the interbank interest rate that serves inter alia to price mortgages, has touched a record low due to the expectations of the rebate. Gold rose, because this reduction is expected to raise the dollar. Draghi already lowered rates a quarter point in November as both December to return to 1%, the soil in which they were in early 2011. Meanwhile, European policy is to realize the rescue plan for troubled Spanish banks and calm the tremors on the future of the euro.
Inflation does not seem now a danger to the European economy
"The second quarter indicators point to a renewed weakening of economic growth and high uncertainty, but looking beyond the short term we expect the euro zone economy will gradually recover," said Draghi to justify the rate cut on the rear wheel to the meeting of the highest governing body of the institution.
"The eurozone is in recession and the contraction appears to be extended also to the third quarter. Most of the indicators are consistent with this easy money and probably additional monetary facilities, "says Nick Kounis, chief analyst at ABN Amro, told Bloomberg. It is the majority view among analysts. While the ECB, especially in the era Draghi, Surprises and nothing was ruled out.
The Frankfurt-based institution was created with the mandate to control price increases, one of the historical nightmares of the European economy, and its called second-round effect: the higher oil and raw materials will raise expectations of price increases in other products and wages. But inflation, at 2.6% and down, is not currently a threat to Europe. Instead, there are many economists who believe that some acceleration in prices and a slight devaluation of the euro will encourage exports and economic recovery in the periphery. Economists at Barclays, for example, estimated that the euro would drop to $ 1.15 a year (yesterday closed at 1.25) if the central bank cuts rates half-point interest. Draghi has recognized himself on this point, the pressures on inflation remain anchored while, yes, deflationary processes has ruled no member of the euro.
And is that the single European currency has held the pulse with the American greenback despite the large eurozone crisis precisely because of the contrast with the expansive policy of the Federal Reserve (Fed), which sets U.S. monetary policy was very clear and from the beginning of the crisis that the most urgent problems were not rising prices. On Thursday, however, has marked its lowest exchange against the U.S. currency to be changed below $ 1.24.
more informationAre cheaper mortgages in history?A world interest rate to 0%?UK injects another 62,000 million to revive the economyChina lowers interest rates for the second time in a month
The ECB has been holding more rounds than the rest when it comes to lowering interest rates, and has also been more shy with other ammunition unorthodox, such as buying government bonds of countries with problems in markets such as Spain or Italy. The pull of demand raises the price of the securities, now reviled by investors, and can reduce profitability, that is, sellers have to pay less for them to be. The latter also helps to lower real interest rates and vitamin economy. It is an indirect way of pumping money into the market, but buying debt has been much less than that made by the U.S. Federal Reserve or the Bank of Japan.
In fact, the ECB has stopped short of debt purchases for months and allowed the rate differentials long-term interest of countries like Spain and Italy were shot, although that makes the transmission of monetary policy. ECB rates are at record low, but the credit does not reach the real economy, especially in peripheral countries, where companies are forced to pay interest rates much higher than others in central Europe although their finances are comparable. In this section, if Draghi has completed the script in terms of reducing the price of money, has disappointed the markets by announcing that have not even come to discuss additional measures to overcome the crisis and help the partners of the Euro in trouble . "We did not discuss any other unconventional measures", acknowledged to reporters Italian economist.
The European body has also attempted to address the crisis with two macrosubastas of cheap credit (1%) to three years for the bank, made the last December and February, for a total amount of one billion euros. Spanish and Italian banks have captured about half of the hose down. The aim was to alleviate the liquidity problems of the entities, to facilitate the financing so they could then lend to businesses and families. The problem is that it has not finished to have effect because most of the money has been kept under lock and key, has deposited with the ECB itself. About 800,000 million deposited each day in the body.
To prevent such a huge amount of money keeps parked in central bank coffers, the executive council has decided to reduce the interest you pay on these funds, the call deposit facility. This payment goes from 0.25% to zero.
If this will help revive credit, ECB President has chosen to display his prudence. "It is unclear what measures are effective in a market as fragmented as the Eurozone," said before indicating that seeks to suppress this compensation remedy the problem of lack of capital among European banks. However, it has justified the lack of transmission of monetary policy has more to do with factors at national level, against which today can do little monetary authority.
欧州中央銀行は、低記録に金利を引き下げる
ドラギは0.75％に0.25ポイントを借りるのコストを削減
経済へのリスクが増加していると警告している
中央銀行は経済を復活させるための措置をとる
銀行預金によって提供されるゼロ補正に減少
アマンダ火星フランクフルト5 JUL 2012 - 13:45 CET
Draghi lowers the cost of borrowing 0.25 points to 0.75%
Warns that the risks to the economy have increased
Central banks take steps to revive the economy
Reduced to zero compensation offered by bank deposits
Amanda Mars Frankfurt 5 JUL 2012 - 13:45 CET
Another European taboo on the floor. The European Central Bank (ECB), the most orthodox anti-inflationary policy of the major central banks, has today lowered interest rates below 1% for the first time in his 12 years as manager of the price of money in the eurozone . After four years of crisis, the eurozone economy not just straightened, and the agency that directs the common monetary policy has decided to reduce by 0.25 price of money, to 0.75%. It has also lowered the deposit facility of 0.25% to zero, which should help the cash flow to keep entities in central bank coffers.
The reduction of the ECB, which has been taken unanimously among the members of its executive, joins the Bank of England's decision to take out the heavy artillery against the crisis with the decision to buy another 50,000 million pounds in debt and the second cut in interest rates decided by the Bank of China in just one month.
Interest rates in the euro area are still higher than the U.S., ranging between 0% and 0.25% for Japan, 0% to 1%, and the United Kingdom, 0.5% . One measure of this kind, investors around the world waited for days, theoretically involves cheapening of credit and therefore incentives for productive activity that the ailing Southern Europe catch my breath.
The markets showed signs these days that the pattern of the euro, Mario Draghi, would this step. Just today, the one-year Euribor, the interbank interest rate that serves inter alia to price mortgages, has touched a record low due to the expectations of the rebate. Gold rose, because this reduction is expected to raise the dollar. Draghi already lowered rates a quarter point in November as both December to return to 1%, the soil in which they were in early 2011. Meanwhile, European policy is to realize the rescue plan for troubled Spanish banks and calm the tremors on the future of the euro.
Inflation does not seem now a danger to the European economy
"The second quarter indicators point to a renewed weakening of economic growth and high uncertainty, but looking beyond the short term we expect the euro zone economy will gradually recover," said Draghi to justify the rate cut on the rear wheel to the meeting of the highest governing body of the institution.
"The eurozone is in recession and the contraction appears to be extended also to the third quarter. Most of the indicators are consistent with this easy money and probably additional monetary facilities, "says Nick Kounis, chief analyst at ABN Amro, told Bloomberg. It is the majority view among analysts. While the ECB, especially in the era Draghi, Surprises and nothing was ruled out.
The Frankfurt-based institution was created with the mandate to control price increases, one of the historical nightmares of the European economy, and its called second-round effect: the higher oil and raw materials will raise expectations of price increases in other products and wages. But inflation, at 2.6% and down, is not currently a threat to Europe. Instead, there are many economists who believe that some acceleration in prices and a slight devaluation of the euro will encourage exports and economic recovery in the periphery. Economists at Barclays, for example, estimated that the euro would drop to $ 1.15 a year (yesterday closed at 1.25) if the central bank cuts rates half-point interest. Draghi has recognized himself on this point, the pressures on inflation remain anchored while, yes, deflationary processes has ruled no member of the euro.
And is that the single European currency has held the pulse with the American greenback despite the large eurozone crisis precisely because of the contrast with the expansive policy of the Federal Reserve (Fed), which sets U.S. monetary policy was very clear and from the beginning of the crisis that the most urgent problems were not rising prices. On Thursday, however, has marked its lowest exchange against the U.S. currency to be changed below $ 1.24.
more informationAre cheaper mortgages in history?A world interest rate to 0%?UK injects another 62,000 million to revive the economyChina lowers interest rates for the second time in a month
The ECB has been holding more rounds than the rest when it comes to lowering interest rates, and has also been more shy with other ammunition unorthodox, such as buying government bonds of countries with problems in markets such as Spain or Italy. The pull of demand raises the price of the securities, now reviled by investors, and can reduce profitability, that is, sellers have to pay less for them to be. The latter also helps to lower real interest rates and vitamin economy. It is an indirect way of pumping money into the market, but buying debt has been much less than that made by the U.S. Federal Reserve or the Bank of Japan.
In fact, the ECB has stopped short of debt purchases for months and allowed the rate differentials long-term interest of countries like Spain and Italy were shot, although that makes the transmission of monetary policy. ECB rates are at record low, but the credit does not reach the real economy, especially in peripheral countries, where companies are forced to pay interest rates much higher than others in central Europe although their finances are comparable. In this section, if Draghi has completed the script in terms of reducing the price of money, has disappointed the markets by announcing that have not even come to discuss additional measures to overcome the crisis and help the partners of the Euro in trouble . "We did not discuss any other unconventional measures", acknowledged to reporters Italian economist.
The European body has also attempted to address the crisis with two macrosubastas of cheap credit (1%) to three years for the bank, made the last December and February, for a total amount of one billion euros. Spanish and Italian banks have captured about half of the hose down. The aim was to alleviate the liquidity problems of the entities, to facilitate the financing so they could then lend to businesses and families. The problem is that it has not finished to have effect because most of the money has been kept under lock and key, has deposited with the ECB itself. About 800,000 million deposited each day in the body.
To prevent such a huge amount of money keeps parked in central bank coffers, the executive council has decided to reduce the interest you pay on these funds, the call deposit facility. This payment goes from 0.25% to zero.
If this will help revive credit, ECB President has chosen to display his prudence. "It is unclear what measures are effective in a market as fragmented as the Eurozone," said before indicating that seeks to suppress this compensation remedy the problem of lack of capital among European banks. However, it has justified the lack of transmission of monetary policy has more to do with factors at national level, against which today can do little monetary authority.
欧州中央銀行は、低記録に金利を引き下げる
ドラギは0.75％に0.25ポイントを借りるのコストを削減
経済へのリスクが増加していると警告している
中央銀行は経済を復活させるための措置をとる
銀行預金によって提供されるゼロ補正に減少
アマンダ火星フランクフルト5 JUL 2012 - 13:45 CET
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