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国際通貨基金は、ユーロ圏は危機的状況にあると報告
FMI EUROPA
El FMI dice que la crisis de la eurozona está en un "punto crítico"
EFE Economía Washington18 JUL 2012 - 15:27 CET
IMF EUROPE
The IMF says the crisis in the eurozone is in a "critical point"
Washington Economy EFE 18 JUL 2012 - 15:27 CET
The IMF says the crisis in the eurozone is in a "critical point"
Washington Economy EFE 18 JUL 2012 - 15:27 CET
In the presentation today of the report of Article IV of the IMF for the eurozone, the multilateral institution forecast that this year the region will fall into recession with a contraction of 0.3 percent, and recover in 2013 with a GDP rise (GDP) in real terms of 0.7 percent.
But to fulfill these objectives, even though "the crisis has intensified," the Fund considers it essential to "reduce the cost of sovereign debt" and it breaks the link with troubled banks.
In an annex, the IMF gives the example of this negative nexus in Spain to note that the nationalization of Bankia "had a clear negative impact on the cost of Spain's sovereign debt financed" by increasing market uncertainty.
"There are serious downside risks to our forecasts, regional and global implications. Increasing the negative link between banks and sovereign debt ballasted more confidence, growth and the path of public debt," he warns.
To do this, the conclusions of the IMF in consultation with the European authorities are urging a "full implementation" of the agreements of the European summit in late June for the European Stability Mechanism (MEDE) to recapitalize banks in the area directly.
The report highlights the agreement for both the European Financial Stability Fund (EFSF) and its successor the European Stability Mechanism (MEDE), are engaged in the bond market states.
"Despite all these initiatives, tensions persist banks and sovereign debt, reflecting continued concerns about whether the markets have already reached a sustainable solution," qualifies the report.
The IMF said that "the crisis has reached a critical point" and it is important for progress on measures such as the union banking, with the introduction of deposit insurance fund in Europe and a resolution plan for troubled banks.
Also, create vital that steps be taken towards greater fiscal integration, "shared risk and appropriate safeguards" and "structural reforms in both countries with deficit and surplus," which slow the imbalances within the euro zone.
The report warned that the eurozone is suffering a sharp slowdown this year going from activity to grow by 1.5 percent to -0.3 percent, but remember that with inflation around two percent is room for more action "easing" by the European Central Bank (ECB).
But to fulfill these objectives, even though "the crisis has intensified," the Fund considers it essential to "reduce the cost of sovereign debt" and it breaks the link with troubled banks.
In an annex, the IMF gives the example of this negative nexus in Spain to note that the nationalization of Bankia "had a clear negative impact on the cost of Spain's sovereign debt financed" by increasing market uncertainty.
"There are serious downside risks to our forecasts, regional and global implications. Increasing the negative link between banks and sovereign debt ballasted more confidence, growth and the path of public debt," he warns.
To do this, the conclusions of the IMF in consultation with the European authorities are urging a "full implementation" of the agreements of the European summit in late June for the European Stability Mechanism (MEDE) to recapitalize banks in the area directly.
The report highlights the agreement for both the European Financial Stability Fund (EFSF) and its successor the European Stability Mechanism (MEDE), are engaged in the bond market states.
"Despite all these initiatives, tensions persist banks and sovereign debt, reflecting continued concerns about whether the markets have already reached a sustainable solution," qualifies the report.
The IMF said that "the crisis has reached a critical point" and it is important for progress on measures such as the union banking, with the introduction of deposit insurance fund in Europe and a resolution plan for troubled banks.
Also, create vital that steps be taken towards greater fiscal integration, "shared risk and appropriate safeguards" and "structural reforms in both countries with deficit and surplus," which slow the imbalances within the euro zone.
The report warned that the eurozone is suffering a sharp slowdown this year going from activity to grow by 1.5 percent to -0.3 percent, but remember that with inflation around two percent is room for more action "easing" by the European Central Bank (ECB).
国際通貨基金（IMF）EUROPE
IMFはユーロ圏の危機は "臨界点"にあると言う
ワシントン経済EFE18 JUL 2012 - 15:27 CET
しかし、にもかかわらず、これらの目標を達成するために、 "危機が激化している、"基金は、それは "ソブリン債務のコストを削減"することが不可欠と考え、それが問題を抱えた銀行とのリンクが切断されます。
別館では、IMFはBankiaの国有化は、市場の不確実性を増加させることによって、 "資金スペインのソブリン債のコストを明確に否定的な影響を与えた"ことに注意することはスペインで、この負のネクサスの例を示しています。
"我々の予想の深刻な下振れリスク、地域的及びグローバルな影響があります。銀行とソブリン債との間に負のリンクを増やすとより多くの自信、成長、公的債務のパスをバラスト"と、彼は警告が表示されます。
これを行うには、欧州当局との協議でIMFの結論は、直接地域に銀行への資本注入、欧州安定化メカニズム（MEDE）は6月下旬に欧州首脳会議の合意の "完全な実施"を促している。
報告書は、欧州金融安定基金（EFSF）とその後継者、欧州安定化メカニズム（MEDE）の両方の合意を強調して債券市場の状態に従事しています。
"すべてのこれらの取り組みにもかかわらず、緊張が市場は既に持続可能な解決策に到達したかどうかについて継続的な懸念を反映して、銀行、ソブリン債務を永続化する"と報告書は認定しています。
IMFは "危機が臨界点に達している"と、それがヨーロッパの預金保険基金の導入や問題を抱えた銀行の解像度計画と、そのような労働組合銀行などの対策の進捗状況のために重要であると述べた。
また、ステップが大きい財政の統合に向けてとられることが重要作成し、 "リスクと適切な安全対策を共有"、ユーロゾーン内の不均衡を遅らせる "赤字と黒字の両方の国における構造改革"。
報告書は、ユーロ圏は今年は-0.3％へと1.5％成長する活動から行く急激な減速に苦しんでいると警告したが、百分の二の周りでインフレ率がより多くのアクションのための部屋であることを覚えている欧州中央銀行（ECB）による "緩和"。
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