Plus, but less than that waited. The European Central
Bank (BCE) he has decided to adopt new initiatives to try to elevate the
inflation and with it to support the economic recovery, like it advanced some
weeks ago, but in this occasion it has disappointed the expectations. The main
measure announced by their president, Mario Draghi, is the amplification of the
program of massive purchase of debt (Quantative easing) whose end was foreseen
for September of the 2016, "until final of March of the 2017 or further on,
if it is necessary, and anyway" until the BCE does the level of on-line
prices with its objective that they are for under but near 2%.
The program supposes to inject 60.000 million Eurus
every month (it calculates that many analysts waited ascends little by little
until arriving to the 100.000 million monthly) injected in the economy by means
of the purchase of public debt of the countries of the euro (50.000 millions)
and private (10.000 millions). The new term supposes 360.000 million more than
purchases. The BCE, also, it has approved to reinvest the money that he obtains
for the main one (without the interests) when they conquer the debt titles in
new assets, included beyond March of the 2017, to maintain a high level of
liquidity in the market.
The measures of
the BCE are summed up in the following ones:
Term The massive purchase of public and private debt
is enlarged from September of the 2016 until at least March of the 2017
Reach besides state and managerial debt, he will also
acquire holding of local and regional administrations
Deposits The interest that gets paid to the banks to
keep its money in deposit rises from 0,2% to 0,3%
Liquidity will reinvest the debt titles that they go
conquering and it prolongs the injections to the banking
He has also decided to enlarge the reach of the
program and he will buy debt of regional and local administrations of the area
euro, as the autonomous communities and the city councils. The Spanish regions
have 28.000 million debt with fixed interest in Eurus, of those that single
17.000 million would enter in the approaches of the BCE to be bought, according
to Barclays. The Catalan debt, as that of other five communities, has the
category of voucher garbage and it would not be included in principle INCREDIBLE BUT CERTAIN THANK YOU MONTORO.
The investors, however, hoped the monthly purchases
left enlarging in 10.000 millions, until the 70.000 million. Draghi has been
limited to leave the door open to that possibility: "In the event of
necessity, government's advice is willing to use all the measures at your
disposal". A message that has not been enough to please to the market
that, in consequence, it has caused that the Ibex 35 suffer a severe fall of
2,41%, until the 10.092,9 points, and the worst thing that the euro has climbed
until overcoming the 1,08 dollars, and the cousin of risk has risen until
around the 106 basis points.
The organism has also approved to get paid more to the
banks to take in deposit its money (0,1 more points, until 0,3%). With this
measure, the institution looks for that the financial entities lend more to
families and companies, penalizing that they leave parked their funds in the
BCE. Also, he has decided to continue with the massive injections of liquidity
to the banking to a fixed type the whole necessary" time and at least
until final of the 2017 to facilitate that they have liquidity to lend.
In definitive Draghi he wants to jump to swim but at
the same time to keep the clothes and that makes that we cannot move away from
the border of the pool while the other swimmers like those of the FED jumped of
the springboard in few weeks and they left us with the water to the neck
without playing bottom. It is incredible that the BCE doesn't want to
understand that the inflation doesn't ascend to 2% that he wants because he is
keeping the clothes and this way the money that is cowardly and conservative
already goes well him the companies they don't evolve they don't invest as
there is not renovation neither of products neither of technology and above the
euro shoots with so much our security low competitiveness again and to
compensate the companies they lower this way difficultly the prices of its
products and services there will be inflation, he doesn't find Mr. Draghi.
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