ECB: in Italy further reforms necessary for growth – Il Sole 24 Ore

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This article was published March 19, 2015 at 10:15 am.
The last change is the March 19, 2015 at 13:36.

The short-term indicators and survey information Eurozone “point to a further improvement in economic activity at the beginning of 2015″. This was written in the ECB Economic Bulletin, remembering that “the economic recovery has gradually consolidated in the second half of 2014″. The economic recovery, writes the ECB, “should strengthen and expand gradually,” thanks to the recent improvement in the confidence of businesses and consumers, and a sharp decline in oil prices, the weakening of the effective exchange rate of the euro and the effect of recent monetary policy measures of the ECB. The European Central Bank but also adds that “Italy needs further structural reforms to raise potential output.”

In terms of the labor market in the euro area, these “should further improve in the short and medium term ‘, states the ECB, noting that the employment situation “is improving gradually.” At the level of individual states, in addition to developments in the German labor market, the employment growth was largely driven by improvements in the countries that currently show the highest unemployment rates, such as Spain, Portugal and Greece. Despite the results of investigations on the sector will confirm at low levels, they “still suggest a continued improvement in employment at the turn of 2015 ‘. Even leading indicators “indicate further improvements in the conditions of the labor market.”

The uncertainty in the market for government bonds in the euro area “increased slightly, as indicated by a slight increase in volatility implied by option prices, “writes the ECB, explaining that this trend” may reflect the uncertainty regarding the possibility for Greece to continue to finance itself “but also the uncertainty linked to the details of the plan of quantitative easing announced by the ECB . In December 2014 and for much of January 2015, remembers the ECB, developments in financial markets have been largely determined by agents’ expectations about the announcement of the plan to purchase government bonds, then launched in early March. In this context, bond yields in the euro area “was in decline that has affected the generality of instruments, maturities and issuers, and fell, in many cases, new historic lows.”

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