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欧州中央銀行がユーロを救済した3回の歴史
Cuando el BCE acudió a auxiliar el euro
El Banco Central ha intervenido en tres ocasiones para estabilizar la eurozona
If the ECB came to the aid of the euro
The Central Bank has intervened three times to stabilize the euro
WEAVER ESTHER Madrid 2 AGO 2012 - 14:06 CET
The Central Bank has intervened three times to stabilize the euro
WEAVER ESTHER Madrid 2 AGO 2012 - 14:06 CET
To date and pending what happens in the coming weeks, the European Central Bank (ECB) has made three key decisions to try to ensure the stability of monetary union, which faces its worst moment since he started walking in 1999. In the first, the body, then headed by Jean-Claude Trichet, decided to intervene in bond markets in May 2010 and August 2011, helping to address the pressures on some economies in the eurozone. Late last year, Mario Draghi at the head of the institution, opened a multimillion-dollar open bar for banking liquidity. This made it possible to gain some time, however, has been exhausted and no European leaders respond to the challenge of the problems facing the euro area, have come to threaten the future of the single currency.
May 2010: Fear of contagion Greek
Only a day after the adoption of the financial assistance mechanism to help EU countries in the euro zone struggling to pay their debt, the ECB changed the way and announced its intervention in sovereign debt markets to avoid the extent of a crisis that had swept away to Greece. He created the Programme for the Securities Market, which was the purchase of government bonds by European central banks by the ECB. This measure considerably eased the pressure on Spanish and Italian debt and other countries at risk of being infected with the problems that arose in Greece: Portugal and Ireland, which also rescued but end up over time. The decision came a week after rating agency Standard & Poor's (S & P) downgraded the debt rating on Portuguese and maintain the country's junk bond Hellene.
The ECB bought Greek debt amounting to 16,500 million euros when the bond Hellene came to two years to pay interest of 18% and rates of 10-year bond touched the 10% after the reduction of the note by S & P. The risk premium Spanish at that time fell 100 basis points (on July 20 touched the 650) and the Spanish 10-year bond was trading back below 4% (it is now about 7%).
The decision to buy bonds in the resale market, which dodged the prohibition of direct financing to markets was unprecedented and was considered "crucial" for stability of the euro, although only a few days before the announcement was still a possibility denied by Trichet. With the measure, the guarantor of the euro followed the steps of the U.S. Federal Reserve, which had decided to act in this direction to address the liquidity crisis that crossed the first world power. In fact, the ECB he combined this measure with a coordinated action with their counterparts in the U.S., Japan, UK, Canada and Switzerland in the currency market to alleviate the lack of dollars in the markets. This decision was only background at the start of the subprime crisis, and then after the bankruptcy of Lehman Brothers and served to temporarily appease the concerns of investors.
The motivation for the adoption of these measures was attributed to European finance ministers said that would take "all necessary measures to achieve its fiscal targets this year and beyond, in line with the excessive deficit procedures". Thus faced with the reluctance of northern countries, led by Germany, who refused to pay out the money of taxpayers in excess of the southern neighbors. For this reason also warned that if the ECB came to his aid without strong conditions in return, states would relax its commitments under pressure to restore sustainability to their accounts.
August 2011: Spain and Italy in the spotlight
On 8 August, the ECB decided to resume its bond purchase program SMP. But this time in a concentrated form in Italy and Spain to avoid the rise to maximum of harassment against his debt investors. This, however, sent confidential letters to the governments of former President Jose Luis Rodriguez Zapatero, and the then Italian Prime Minister Silvio Berlusconi, which conditioned the purchase of bonds to the adoption of new measures of adjustment these countries.
The 10-year Spanish bonds passed in seven days of a return of 6.28% to 4.99%, while the risk premium fell over 130 basis points from more than 400-266 on 15 August.
In just one week, the first since the program was reactivated, the ECB purchased a total of 22,000 million euros, mostly from Italy. This figure was the highest since the measure was launched in May 2010, in the process of rescue Greece. Then, acquired 16,500 million in debt helena. The ECB had 19 weeks without buying or intervene in the debt markets but it was enough that Bloomberg report that unnamed sources had indicated that he would reacquire title to change the direction of the market.
However, the program did not have the consent of all members of the council of the ECB. In fact, in September 2011, its chief economist, German Juergen Stark, resigned over his disagreement with the purchase of sovereign debt. Stark was one of the three directors of the Central Bank to vote against the extension of the debt purchase program for troubled countries, hitherto applied only to securities Greek, Portuguese and Irish. The measure, while forcing the body to increase capital for the first time ever, aroused strong criticism from Germany, and took the race for the succession of the favorite for the post Trichet, former president of the Bundesbank (German central bank ), Axel Weber. However, it has earned 1,500 million euros with this operation.
December 2011 and February 2012: Open bar cash
Late last year, Draghi announced two extraordinary auctions of liquidity to banks at a fixed rate of 1% (which means less money) and within three years. The first of these operations took place in December and it was divided half a billion euros in between cententar of entities. With the second, on 29 February, the system was irrigated with another half a billion euros. The open bar flooded with liquidity to banks, but it is unclear if it helped to revive the credit.
However, it allowed significantly reduce the costs paid by the countries under suspicion, especially Spain, to be financed. The key was that the entities captured the money to a 1% could then invest this money in sovereign debt, which offers higher yields, and pocket the difference. On the opposite side had increased effects perservos as the link between sovereign risk and financial risk. In the case of Spain, most of the issues by the Treasury in the months in which the ECB liquidity auctions were covered influenced by domestic banks.
May 2010: Fear of contagion Greek
Only a day after the adoption of the financial assistance mechanism to help EU countries in the euro zone struggling to pay their debt, the ECB changed the way and announced its intervention in sovereign debt markets to avoid the extent of a crisis that had swept away to Greece. He created the Programme for the Securities Market, which was the purchase of government bonds by European central banks by the ECB. This measure considerably eased the pressure on Spanish and Italian debt and other countries at risk of being infected with the problems that arose in Greece: Portugal and Ireland, which also rescued but end up over time. The decision came a week after rating agency Standard & Poor's (S & P) downgraded the debt rating on Portuguese and maintain the country's junk bond Hellene.
The ECB bought Greek debt amounting to 16,500 million euros when the bond Hellene came to two years to pay interest of 18% and rates of 10-year bond touched the 10% after the reduction of the note by S & P. The risk premium Spanish at that time fell 100 basis points (on July 20 touched the 650) and the Spanish 10-year bond was trading back below 4% (it is now about 7%).
The decision to buy bonds in the resale market, which dodged the prohibition of direct financing to markets was unprecedented and was considered "crucial" for stability of the euro, although only a few days before the announcement was still a possibility denied by Trichet. With the measure, the guarantor of the euro followed the steps of the U.S. Federal Reserve, which had decided to act in this direction to address the liquidity crisis that crossed the first world power. In fact, the ECB he combined this measure with a coordinated action with their counterparts in the U.S., Japan, UK, Canada and Switzerland in the currency market to alleviate the lack of dollars in the markets. This decision was only background at the start of the subprime crisis, and then after the bankruptcy of Lehman Brothers and served to temporarily appease the concerns of investors.
The motivation for the adoption of these measures was attributed to European finance ministers said that would take "all necessary measures to achieve its fiscal targets this year and beyond, in line with the excessive deficit procedures". Thus faced with the reluctance of northern countries, led by Germany, who refused to pay out the money of taxpayers in excess of the southern neighbors. For this reason also warned that if the ECB came to his aid without strong conditions in return, states would relax its commitments under pressure to restore sustainability to their accounts.
August 2011: Spain and Italy in the spotlight
On 8 August, the ECB decided to resume its bond purchase program SMP. But this time in a concentrated form in Italy and Spain to avoid the rise to maximum of harassment against his debt investors. This, however, sent confidential letters to the governments of former President Jose Luis Rodriguez Zapatero, and the then Italian Prime Minister Silvio Berlusconi, which conditioned the purchase of bonds to the adoption of new measures of adjustment these countries.
The 10-year Spanish bonds passed in seven days of a return of 6.28% to 4.99%, while the risk premium fell over 130 basis points from more than 400-266 on 15 August.
In just one week, the first since the program was reactivated, the ECB purchased a total of 22,000 million euros, mostly from Italy. This figure was the highest since the measure was launched in May 2010, in the process of rescue Greece. Then, acquired 16,500 million in debt helena. The ECB had 19 weeks without buying or intervene in the debt markets but it was enough that Bloomberg report that unnamed sources had indicated that he would reacquire title to change the direction of the market.
However, the program did not have the consent of all members of the council of the ECB. In fact, in September 2011, its chief economist, German Juergen Stark, resigned over his disagreement with the purchase of sovereign debt. Stark was one of the three directors of the Central Bank to vote against the extension of the debt purchase program for troubled countries, hitherto applied only to securities Greek, Portuguese and Irish. The measure, while forcing the body to increase capital for the first time ever, aroused strong criticism from Germany, and took the race for the succession of the favorite for the post Trichet, former president of the Bundesbank (German central bank ), Axel Weber. However, it has earned 1,500 million euros with this operation.
December 2011 and February 2012: Open bar cash
Late last year, Draghi announced two extraordinary auctions of liquidity to banks at a fixed rate of 1% (which means less money) and within three years. The first of these operations took place in December and it was divided half a billion euros in between cententar of entities. With the second, on 29 February, the system was irrigated with another half a billion euros. The open bar flooded with liquidity to banks, but it is unclear if it helped to revive the credit.
However, it allowed significantly reduce the costs paid by the countries under suspicion, especially Spain, to be financed. The key was that the entities captured the money to a 1% could then invest this money in sovereign debt, which offers higher yields, and pocket the difference. On the opposite side had increased effects perservos as the link between sovereign risk and financial risk. In the case of Spain, most of the issues by the Treasury in the months in which the ECB liquidity auctions were covered influenced by domestic banks.
ECBは、ユーロの援助に来た場合、
中央銀行はユーロを安定させるために三回介入した
2012 AGO WEAVER ESTHERマドリード2 - 14:06 CET
日付と、今後数週間で何が起こるか保留中に、欧州中央銀行（ECB）は、彼が1999年に歩き始めて以来、最悪の瞬間に直面している通貨統合の安定性を確保しようとする3つの主要な意思決定を行いました。最初に、その後のトリシェ率いるボディは、ユーロ圏のいくつかの経済への圧力に対処するために貢献し、2010年5月、8月、2011年に債券市場に介入することを決めた。昨年末、機関の長にマリオドラギは、銀行の流動性のために数百万ドルのオープンバーをオープンしました。これはそれが可能ないくつかの時間を得るために行われ、しかし、疲れず、ヨーロッパの指導者たちは、ユーロ圏が直面する問題のチャレンジに応答されていない、単一通貨の将来を脅かすようになってきている。
2010年5月：ギリシャ伝染の恐れ
一日を避けるために彼らの負債を支払うことに苦労してユーロ圏ではEU加盟国を支援する金融支援機構の採用後、ECBは方法を変更し、ソブリン債市場での介入を発表しましたギリシャに流されていた危機の程度。彼はECBが欧州中央銀行による国債の購入だった証券市場のためのプログラムを作成しました。また、救出が時間をかけてしまうポルトガル、アイルランド、この措置は、かなりギリシャで発生した問題に感染しているリスクのあるスペイン語、イタリア語債務およびその他の国への圧力を緩和。格付け機関スタンダード＆プアーズ（S＆P）一週間後来た決定は、ポルトガルの債務格付けを格下げし、国のジャンク債のギリシャ人を維持します。
ECBは債券のギリシャ人は、S＆Pによる音の低減した後に10％を触れて18％、10年債の金利の利息を支払うために2つの年に来たときに16500万ユーロに相当するギリシャの債務を買った当時スペインのリスク·プレミアムは100ベーシスポイント（7月20日に650に触れて）落ちて、スペイン10年債は4％（これは現在約7％である）の下に戻って取引された。
市場への直接融資の禁止をかわし再販市場で債券を購入するという決定は前例であったと発表する前に、わずか数日はまだだったが、ユーロの安定のための "重要"と考えられていた可能性はトリシェによって拒否されました。メジャーに、ユーロの保証人は、まず、世界の電力を越えて流動性危機に対処するためには、この方向に作用することを決定した米連邦準備制度理事会の手順を実行した。実際には、ECBは、彼は市場でのドル不足を緩和するために通貨市場では米国、日本、英国、カナダ、スイスでのカウンターパートと協調行動でこの尺度を組み合わせた。この決定は、サブプライム危機の開始時に背景だけだったし、リーマン·ブラザーズの破綻後、一時的に投資家の懸念をなだめるために役立った。
これらの措置の導入の動機は、欧州の財務相に起因するものであったことは "過剰財政赤字是正手続きに沿って、今年以降の財政目標を達成するために必要なすべての措置"を取ると述べた。したがって、南部の近所の過剰に納税者のお金を支払うことを拒否したドイツ率いる北の国の不本意に直面。この理由のためにも、ECBは、リターンの強力な条件なしに彼の援助に来た場合、状態が自分のアカウントに持続可能性を復元するには、圧力下でのコミットメントを緩和するだろうと警告した。
2011年8月：スポットライトでスペインとイタリア
8月8日に、ECBは債券購入プログラムSMPを再開することにしました。しかし、イタリアとスペインで濃縮された形で、この時間は彼の借金の投資家に対する嫌がらせの最大上昇を避けることができます。しかし、これは調整の新たな措置の採択に債券の購入を条件と前大統領ホセルイスロドリゲスサパテロ、そしてイタリアのシルヴィオ·ベルルスコーニ首相の政府に秘密の手紙を送ったこれらの国々。
リスクプレミアムは8月15日に400から266以上から130ベーシスポイント以上下落した10年間のスペイン語の債券は、6.28％から4.99パーセントのリターンの7日間に渡されます。
プログラムが再活性化されてからちょうど一週間で、最初は、ECBは、主にイタリアから、22,000百万ユーロの合計を購入しました。この図は、措置が救助ギリシャの過程で、2010年5月に開始以来最も高かった。その後、債務ヘレナの16500万ドルを獲得しました。 ECBは19週購入せずに、または債券市場に介入していたが、それは十分な無名の源は、彼が市場の方向を変更するタイトルを再取得ということを示していたそのBloombergのレポートでした。
ただし、プログラムはECBの理事会の全メンバーの同意を持っていませんでした。実際に、2011年9月には、そのチーフエコノミスト、ドイツのユルゲン·スタークは、ソブリン債の購入と彼の意見の相違で辞任。スタークは、ギリシャ語、ポルトガル語、アイルランドの証券にのみ適用され、これまで問題を抱えた国の債務の購入プログラムの延長反対票を投じるために中央銀行の三取締役の一人だった。メジャー、ドイツから興奮の強い批判は、初めてのために資本を増加させるために体を強制的に、ポスト·トリシェ、独連銀の元大統領（ドイツ中央銀行のためにお気に入りの承継のためにレースを取りながら、 ）、アクセル·ウェーバー。しかし、この操作で1500万ユーロを獲得しています。
2011年12月と2012年2月：オープンバーの現金
昨年末、ドラギは1％（より少ないお金を意味する）の固定レートで、かつ3年以内に銀行への流動性の2つの特別オークションを発表しました。これらの操作の最初の12月に開催されました、それは実体のcententarの間に億ユーロを分けた。二回目で、2月29日には、システムは別の半分億ユーロで洗浄した。オープンバーでは、銀行に流動性があふれ、それが信用を復活させるために助けたかどうかは不明である。
しかし、それはかなり疑いの下に国が支払ったコストを削減し、特にスペイン、資金を調達することができました。キーは、その後、高収率、ポケットの差を提供してソブリン債、このお金を投資することができるエンティティは1％にお金を捕獲することだった。反対側のソブリン·リスクと金融リスクの間のリンクとして効果perservos増加した。スペインの場合には、ECBの流動性のオークションは、国内銀行の影響を受けてカバーされた月で財務省による問題のほとんど。
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