Il Primo Ministro greco Lucas Papademos riceve l'approvazione del governo su tagli al bilancio che corrispondono al 7% del Pil nei prossimi tre anni e su una ristrutturazione finalizzata a ridurre di €100 mld gli oltre €200 mld di debito detenuto dai creditori privati, atteso il voto del parlamento • Standard & Poor's declassa il merito creditizio di 34 banche italiane tra cui UniCredit a BBB+ da A, Intesa Sanpaolo a BBB+ da A e Banca Monte dei Paschi di Siena a BBB da BBB+, S&P anticipa "una redditività decisamente debole per le banche italiane nei prossimi anni" • La produzione industriale italiana aumenta a dicembre +1,4% da novembre +0,3%, oltre le stime degli economisti +0,5%, anche se i dati del quarto trimestre -2,1% suggeriscono che la terza economia della zona euro è entrata nella seconda recessione dal 2009 • I Btp decennali salgono per la quinta settimana consecutiva, il periodo di recupero più lungo in oltre cinque anni, la prossima settimana il Tesoro vende €4 mld di buoni al 6% con scadenza 2014 • L'euro cala dal massimo di due mesi contro il dollaro, il mercato azionario europeo cala dal massimo di sei settimane e l'azionario Usa registra la prima settimana di perdite del 2012 dopo che i ministri delle finanze europee non hanno concesso il pacchetto di aiuto necessario a prevenire il collasso economico della Grecia

giovedì 5 settembre 2013

Draghi Says Euro Area Growth Risks Remain on ‘Downside’

European Central Bank President Mario Draghi comments on interest rates, inflation, and the economy.

He made the remarks at a press conference in Frankfurt today after ECB policy makers left the main refinancing rate at 0.5 percent for a fourth month after reducing it by a quarter point in May.

On excess liquidity:

“Right now we view current excess liquidity as adequate, but we remain ready to act.”

“The less fragmentation, the less is the excess liquidity.”

On the possibility of an interest-rate cut:

“There was a discussion like we do all the time.”

“Some governors of course observe that improvements in the economy do not justify this discussion.”

“But several other governors observe that the recovery is still too green.”

On the economic analysis:

“Incoming information and analysis have further underpinned our previous assessment. Underlying price pressures in the euro area are expected to remain subdued over the medium term. In keeping with this picture, monetary and, in particular, credit dynamics remain subdued.”

On inflation expectations:

“Inflation expectations for the euro area continue to be firmly anchored in line with our aim of maintaining inflation rates below, but close to, 2 percent over the medium term.”

On the economy:

“Our monetary policy stance continues to be geared towards maintaining the degree of monetary accommodation warranted by the outlook for price stability and promoting stable money market conditions. It thereby provides support to a gradual recovery in economic activity.”

“Looking ahead, our monetary policy stance will remain accommodative for as long as necessary in line with the guidance provided in July.”

“The risks surrounding the outlook for the euro area continue to be on the downside.”

“Recent developments in global money and financial market conditions and related uncertainties may have the potential to negatively affect economic conditions.”

“Other downside risks include higher commodity prices in the context of renewed geopolitical tensions.”

On the economic outlook:

“Looking ahead to the remainder of the year and 2014, in line with our baseline scenario, output is expected to recover at a slow pace.”

“The overall improvements in financial markets seen since last summer appear to be working their way through to the real economy.”

On forward guidance:

“The Governing Council confirms it expects the key rate to remain at the current level or below for an extended period.”

On fragmentation on financial markets:

“It is essential that fragmentation in euro area financial markets declines further.”

“Further decisive steps for establishing a banking union will help to accomplish this objective.”

On SSM talks:

“Our discussions with the European Parliament progress considerably and we should have some positive news in the coming days.”

On balance-sheet assessment:

“We are going to have a full communication by mid-October.”

On Greece:

“The current adjustment program concludes at the end of 2014, this leaves some time to decide on some extension to the current program.”

“If an extension of the program is needed, it will require further conditionality.”

On Ireland:

“Recent fiscal data have been positive, market sentiment has continued to improve; challenges remain, especially in the financial sector.”

“A decision will be taken in due time” on whether Ireland will require a backstop to exit the program.

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