Dragons attacks: “The ECB works to the Eurozone not to Berlin» – The Messenger

ROME – rates stuck at record lows but, above all, a hard jab to Germany, with the sword in defense of the Central Bank autonomy, its independence from everyone and everything. Does not pray Mario Draghi after criticism of German monetary policy followed the central bank and, at the end of the board, immediately he puts the cards on the table. “We work to maintain the stability of the Eurozone, not in Berlin – he says harshly – because we obey the law, not to politicians.” So the “snatch political”, after the continuous attacks of Berlin, contrary to the expansion of Qe and interest rate below zero, is overshadowing the technical choice of rest the cost of money: the main rate remains at zero, what on bank deposits to -0.40% and the marginal lending facility at 0.25%. Draghi not only confirms the line, but strengthens it: rates will remain at these levels for a long time, certainly more than the end of the purchasing plan in September 2017. Indeed, suggests, may fall further, as will increase the ammunition q. From June then snap sociaterie purchases of bonds, thus including insurance bonds. Every effort to speed a recovery too asphyxiated »

TIT FOR TAT
 A return comes against replication of the German chancellor. “The ECB is independent in its monetary policy decisions, but it is legitimate for the Germans to discuss the low level of interest rates,” – says Angela Merkel. A defense motion of the German positions, almost obvious since Draghi at the press conference, takes off so many pebbles from shoes: “Fortunately, we are independent – reaffirms the number one of the ECB – and we will continue with the policies that we consider appropriate.” “Simply – it adds – it will take more time to produce the results we want.” Because “criticism continuous produce a delay in seeing the effects of the measures taken, and this in turn makes it necessary further measures.” It is not a random passage can be understood by two more times during the press conference. To those who asks whether “feels guilty” for the advance of the populist in the last election in Germany as stated, very unwisely, by the Minister Wolfgang Schaeuble, Draghi Finance grasps the ball to put the facts straight. After defining the conversation with him Schaeuble himself as “positive and very friendly,” he explains that Schaeuble himself has backed down. And to reiterate the concept, reads the statement of adjustment of the same German minister led by a sheet press conference in which Schaeuble identifies one of the reasons of the rise of popular not in ECB policy, but in the fear that low rates or negative interest could jeopardize the pension programs in the long run. Another clarification comes when, responding to statements by other political figures and particularly those who hope that the next ECB president is German, Draghi raises the rhetorical question whether a non-Italian president would implement different policies: “The answer – he explains – should be “yes of course”, but would not be enough if my predecessor, Trichet two days ago had not given an interview in which he said he would do the same things that made Mario “.

Last warning to governments, too timid with the reforms. “Our policies are effective, work, dates only time to fully show their effects. Of course – said Dragons – if there were also structural reforms, the effects would be faster. ”