热门标签

ECB’s crisis plan fails to convince bond traders

时间:1个月前   阅读:6   评论:4

欧博会员开户www.aLLbet8.vip)是欧博集团的官方网站。欧博官网开放Allbet注册、Allbe代理、Allbet电脑客户端、Allbet手机版下载等业务。

The era of negative rates is over and the governing council is likely to fully take the eurozone into positive rates at its next quarterly economic review on Sept 8.

THE European Central Bank (ECB) has finally pulled the trigger, raising interest rates for the first time in 11 long years and by a larger-than-expected 50 basis points to zero.

The era of negative rates is over and the governing council is likely to fully take the eurozone into positive rates at its next quarterly economic review on Sept 8.

Furthermore, it unveiled an unlimited safety net for peripheral European countries’ bond yields. But it wasn’t enough to convince the market to reduce the spreads on Italian debt, which have soared in recent days.

It is evident that the half-point rate increase persuaded hawks on the governing council to agree to the new Transmission Protection Instrument (TPI), which will allow the central bank to buy unlimited amounts of the bonds of countries when it sees a need to to “counter unwarranted disorderly market dynamics.”

The ECB statement makes that link quite clearly, as did ECB president Christine Lagarde in the press conference. But details remain sketchy, and Lagarde counterbalanced her tough talk with the perhaps-too-honest view that the ECB doesn’t want ever to use the new programme.

Many feel that hawks on the governing council will prevent it ever being brought into action.

The central bank laid out four criteria nations must meet to qualify for assistance under the programme:

Compliance with the EU fiscal framework: not being subject to an excessive deficit procedure.

,

新2会员网址www.hg108.vip)实时更新发布最新最快最有效的新2网址和新2最新网址,包括新2手机网址,新2备用网址,皇冠最新网址,新2足球网址,新2网址大全。

,

Absence of severe macroeconomic imbalances: not being subject to an excessive imbalance procedure.

Fiscal sustainability: in ascertaining that the trajectory of public debt is sustainable, the governing council will take into account, where available, the debt sustainability analyses by the European Commission, the European Stability Mechanism, the International Monetary Fund and other institutions, together with the ECB’s internal analysis.

Sound and sustainable macroeconomic policies.

The TPI – which could be nicknamed ‘To Protect Italy’ – will be unlimited in size and depend in scale on severity of risks.

But the euro markets remain unconvinced, seeing this as a shaky compromise.

Defining such issues as the sustainability of a country’s debt is a highly contentious issue, something German Bundesbank chief Joachim Nagel highlighted rather pointedly earlier this month.

The collapse of Italian Prime Minister Mario Draghi’s coalition government this week, with national elections now expected in early October, has concentrated the focus even more on the sustainability of more indebted European countries’ borrowing and economic predicament.

The 10-year yield spread of Italy over Germany widened by more than 20 basis points on Thursday to over 230 basis points, close to the four-year high reached in June.

上一篇: usdt接口开发(www.trc20.vip)

下一篇:皇冠APP下载:丈夫𦮳招尽出 幸福满泻 何善衡孙媳 成最靓准妈妈

网友评论

  • 2022-08-03 00:19:39

    猎球者www.99cx.vip)是一个开放皇冠体育网址代理APP下载、皇冠体育网址会员APP下载、皇冠体育网址线路APP下载、皇冠体育网址登录APP下载的官方平台。猎球者上足球分析专家数据更新最快。猎球者开放皇冠官方会员注册、皇冠官方代理开户等业务。
    很亲切呢

  • 2022-09-17 00:23:34

    小米集团股价黯淡,小米创办人、董事长雷军11日晚间举办年度演讲及新品发表会,披露不少投资创业的故事,并强调小米年内研发投入规模,预计为人民币170亿元,较去年成长近30%。入站好几年了