欧州中央銀行（ECB）マリオ·ドラギは、税金を下げ、非生産的な支出を削減するためにスペインに呼びかけ
Draghi pide a España bajar los impuestos y recortar el gasto improductivo
El BCE opta por reservar las medidas de estímulo pese a la fuerza de la recesión
Draghi mantiene los tipos en el mínimo del 0,50% y deja sin gravar los depósitos de la banca
Las Bolsas europeas aumentan las subidas
Claudi Pérez Fráncfort 6 JUN 2013 - 19:14 CET
Draghi calls on Spain to lower taxes and cut spending unproductive
The ECB chooses to reserve the stimulus strength despite the recession
Draghi holds rates as low as 0.50% and leaves without taxing bank deposits
European shares rise increases
Claudi Pérez Frankfurt 6 JUN 2013 - 19:14 CET
The economy does not read like a novel river with its approach-knot-end, it simply sends flashes here and there, signs, smoke signals through statistical data, surveys and trends. The charge to solve that riddle, President European Central Bank (ECB), Mario Draghi, on Thursday decided to ignore the multitude of tracks that seem to lead to the eurozone by the road that leads to a long and deep recession. Despite expectations that he raised last month, kept interest rates intact (maybe the most important price of the economy: money), especially for later left all kinds of extraordinary measures to unclog the mess where have gotten the economy, the banking sector and the debt market of the Eurozone. In the press conference after the ECB council also recommended Spain Draghi cut taxes and cut spending unproductive.
The crisis is deepening. Unemployment continues to rise. Inflation is far from the goal of Eurobanco. The periphery of the continent depressive symptoms. And credit is not flowing despite supposedly expansionary monetary policy of the ECB. But Draghi remains impassive, comfortable in the role of the most conservative of the major central bankers.
Avoid simple measures such as tax increases in countries that already have high taxes "
Mario Draghi
The ECB acknowledged that the recession will be deeper than expected: GDP of the euro, which has seven negative quarters will fall 0.6% in 2012. And inflation will end the year well below the ECB bar, at 1.4%. The data changes for the worse, but the speech in Frankfurt is repeated like a litany: "The activity should stabilize and begin to recover during this year, albeit at moderate rates" ventured Draghi at the ECB headquarters in Frankfurt. "We will look at everything very closely and are ready to act, we are open to unconventional measures" clinched.
Ready to act and with an open mind: Draghi takes so long, but does not quite pull the trigger, beyond the lowering of interest rates in May, which left the official cash rate at 0.5% but had little effect on the real economy. The problem is that monetary policy does not stop working. The European financial system is fragmented and in some areas - basically, on the outskirts - the bank does not serve as a transmission belt of these very low interest rates. The toy has been broken: the price of money is at historic lows, but in countries like Spain or Italy credit falls at full speed, not granted loans - mainly SMEs - or when granted is at interest rates very high, despite the 0.5% mark Frankfurt. And so there is no way out of the recession.
Action in the bedroom
The ECB knows. And prepare several changes in their toolbox. Last week faked to explore negative interest rates (the bank leaves the ECB window that does not use money, and raises Eurobanco to pay for the deposit to stimulate credit), but that possibility away: it was probably a bluff to get the euro appreciated stop. Draghi said the ECB also raises new cash open bar, and spent months preparing measures to boost lending to SMEs. But he dropped a bucket of cold water on that possibility is exploring measures to securitize loans of small and medium enterprises with the support of the European Investment Bank (EIB) loans to the real economy flowing again, but "that not come in the short term, "he said. In short: no types, no extraordinary measures. "The changes in the last month are not clear enough to act now," he argued.
moreThe euro zone economy is suffering the longest recession in its historyThe troika warns that the risk for banks remains highDraghi predicts a "gradual recovery" in the eurozone this yearA world without inflation
After this terse apology no force majeure: Germany does not want any extraordinary measures to just one quarter of their elections, and Thursday was the worst day to challenge the might of Berlin: the German Constitutional Court will fail within a week about the plan last fall enabled the ECB to buy bonds of troubled countries in return for a bailout conditions. That's all: Draghi has challenged several times to Berlin, and the relative calm in the markets invites inaction, at least until after the German Constitutional clouds and elections.
The problem is that while small and medium businesses in the South have to close or not be hired for lack of credit. And that in exchange for the pleasure of Germany, the complaints of the periphery are perfectly justified: in the worst crisis of the past eight decades, the ECB is the only major central bank remains committed to wait and see from the tower Frankfurt crystal. The Federal Reserve buys assets amounting to 85,000 million dollars a month. The Bank of Japan will double its balance sheet in two years. These two economies grow while the eurozone, with all the fanfare pesudomoral of orthodox monetary, fiscal and other, still contracting and fatter as unemployed.
Asked by this newspaper, Draghi left at the end of his press conference a message to Spain: "We must avoid easy measures such as tax increases in countries that already have high taxes. Should be lower taxes and cut spending unproductive, "he advised. "If the countries that have achieved a two-year extension to its deficit target fail to cut fiscal gap and improve their competitiveness in that time, the markets will be unhappy and the country that does this will be punished," he said following this fable moral, so fashionable in this crisis, from the sinners have to pay, and that is done by the market.
0 件のコメント:
コメントを投稿