FRANKFURT (Reuters) – Confirmed the key commitment to maintain in place a sufficiently expansionary monetary policy, so as to cope with the persistent downside risks to growth contibuendo the relaunch of inflation expectations, the ECB returns to open to the idea to change the current ‘zero’ weighting of sovereign bonds in the belly to the banks.
a point undoubtedly in favor of the ‘hawks’ and the rigor lovers, intended to slide new chills down the spine of the most vulnerable such as those Italian institutions, but accompanied a courteous returned to sender of the last open criticism of the German Finance Minister.
a shot at the rim and a barrel, on the background of an explicit claim by Mario Draghi at the full independence of the European central Bank, which “obeys the law but not to the politicians.”
“our mandate is to ensure price stability for the euro area as a whole, not just for Germany, “explains the president.
After answering Wolfgang Schaeuble, that the policy would be in Frankfurt creating the German banks ‘serious problems’, the ECB President’s press conference follows the message of recent months – exactly what market analysts expected.
in the euro area the recovery proceeds in slow motion, the risks are skewed towards the bottom and you will see in the next few months of negative inflation rates: it leaves the central bank on time to work, without direct interference.
only Announced last month, meanwhile, will start from June purchases of corporate bonds that extend and enhance the ‘quantitative easing’ program.
on the occasion of today’s council as indeed in March, still Draghi says, it is however not discussed what technicians call ‘helicopter money’, ie the possibility for the ECB to parachute cash directly to the private economy.
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© Thomson Reuters 2016 All prior written Reuters.
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