欧州中央銀行は、個人や中小企業に融資の金利が安く借りられるようにすべき
EDITORIAL
Cambio insuficiente
Además de bajar los tipos, el BCE debe procurar que el dinero barato llegue a empresas y familias
El País 3 MAY 2013 - 00:00 CET
EDITORIAL
Rate insufficient
In addition to lower rates, the ECB must ensure that the cheap money reaches businesses and families
The Country 3 MAY 2013 - 00:00 CET
The long-awaited reduction in interest rates in the eurozone finally arrived, although it can be said that has been realized successfully. The European Central Bank has lowered a quarter point official rate to 0.5%, has cut interest emergency loans from 1.5% to 1% and extended one year (at least) the extraordinary measures that give unlimited liquidity to banks. But these decisions are the minimum you would expect in a currency area where inflation seems under control and unemployment is increasing alarmingly. The dominant economic climate is depressed and there is no hope for a speedy recovery. In other words, investors and governments most affected by the recession expected something more than just a rate cut, but that's pretty much what the bank has now offered.
What has not yet appeared in the manual of the ECB is a box of measures to facilitate the financing of small and medium enterprises. The background of the objections against bank policy, which is well aware of its president, is that monetary easing, the relaxation of interest rates, are not transmitted to the real economy, that is, to businesses and families. Draghi said yesterday frustrated by this situation, and rightly so. Their own estimates reveal that Italian and Spanish companies, in addition to suffering a sharp credit crunch, funding paid for three or four points more than the French or German. This is not exactly an example of monetary unification.
The question is whether the European monetary authority has springs to unlock this situation or whether to settle for some sort of monetary easing intransitive, which makes life easier for banks and countries with lower financial costs and punish companies and countries with higher risk premium. How the obvious answer is yes, the question is how much is willing to bet the ECB or, if you will, how you leave bet real political conditions in the European Union. Because while Draghi cut a quarter point interest rate and announced that a working group will explore how to help SMEs, the Federal Reserve keeps monetary stimulus with few restrictions, obsessively driven by sustained growth and a decrease in unemployment. The Fed will buy the debt they need and when required.
The comparison is final. The ECB can do more to avoid not only that unemployment inwhichthe at high levels, but stay away from the eurozone risks of fragmentation and improve the provision, now poor monetary policy to the real economy. Correcting these anomalies requires funding mechanisms arbitrate directly or through banking systems, ensuring a standardized flow of financial resources to these companies, these costs falls in line with official rates.
Previous Editorials
Recovery with doubts (04/05/2013)
Sale postponed (08/03/2013)
Clarifying Day (7/09/2012)
No wonder that, given the slowness and excessive caution of the ECB, financial markets have reacted with disappointment to this cut. In the absence of other decisions, the impact of this reduction in the rate will be slightly defendant. There's not much room for the application of hot packs or for dosing stimuli. The ECB must be as committed to the recovery as the Federal Reserve or the Bank of Japan. But EU officials remain unconvinced that stimuli have to arbitrate the claim if you want to avoid a decade of depression alone game set in the political and social stability of the eurozone and, ultimately, the viability of the area . This is the time, and the ECB should have launched a vigorous exchange signal.
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