HIGHLIGHTS-ECB a bit ‘less pessimistic about prices and growth, Brexit not scare – Reuters Italy

MILAN, June 2 (Reuters) – sees slightly less black the European central Bank about the prospects – at least for the current year – for economic growth and inflation in the euro area.

Although largely expected and amounted to only one-tenth in the case of consumer prices, two tenths in that of GDP, the upward revision is still significant.

it was long ago customary for Frankfurt adjust downwards by staff estimates that quarterly updates the macro picture in a horizon of three years watching the two main variables of GDP and inflation.

Especially for the latter – it’s disease for the euro zone for the negative effects on confidence and investment, as well as de-stocking of debt – – one of 0.1% must be content to pass to a meager 0.2% against a target that is ‘below but close’ to 2%.

If there is no cause for celebration, it is still seen in the preliminary Eurostat figures in may that the minimum point for the consumer price index may have to shoulders.

“Some people suggested to revise the inflation target , limiting us to recognize that we will never reach 2%; there are those who invites us to raise it to 3% or 4% to have more impact on expectations. For several reasons, we will not do neither one nor the other … would be both detrimental to the credibility of the central bank, “explains Mario Draghi at the press.

to ensure price stability in the medium-term framework, it is the debut of the statement read by the president: “rates will remain at current levels or lower if necessary beyond the ‘quantitative easing’ horizon of the program that ends in March of next year. “

by keeping watch on the development of the latest measures ‘non-standard’, the effects of which have yet to be fully felt, the ECB has some features of the new corporate signature program: from next Wednesday June 8 will be purchased, both the primary and the secondary, securities measured at the level of ‘investment grade’.

as you read in the last analysis ‘Ecb watcher’, today’s advice is mainly configured as ‘non-event’. Dispensed with a dropper also details on new purchases of corporate bonds, without reference to the volumes. More …