“Μην αμφιβάλλετε για την αποφασιστικότητά μας όσον αφορά την ποσοτική χαλάρωση“, φαίνεται να είναι το κυρίαρχο μήνυμα που προκύπτει από τα πρακτικά της συνεδρίασης του Διοικητικού Συμβουλίου της ΕΚΤ τον περασμένο μήνα, τα οποία δόθηκαν σήμερα στη δημοσιότητα.
Στα πρακτικά σημειώνεται η θέση ότι είναι ανάγκη να εφαρμοσθεί με σταθερότητα το QE, όπως έχει ανακοινωθεί”, για να αποδώσει το μέγιστο όσον αφορά την αύξηση της παραγωγής της Ευρωζώνης και της πορείας του πληθωρισμού.
Αυτό δείχνει ότι η Ευρωπαική Κεντρική Τράπεζα προτίθεται να υλοποιήσει το πρόγραμμα ποσοτικής χαλάρωσης, τουλάχιστον έως τον Σεπτέμβριο του 2016, όπως ανακοινώθηκε στις αρχές του έτους.
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May 21, 2015 9:17 a.m. ET
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FRANKFURT—“Don’t doubt our resolve on QE” appears to be overriding message to emerge from minutes of the European Central Bank’s most recent policy meeting published Thursday.
The published account of that meeting held in April said it was imperative the ECB’s expanded asset-purchase program be firmly implemented as it was announced “to reap its full effects in terms of euro area output and inflation developments.”
This suggests the eurozone’s central bank intends to carry out its quantitative easing program at least until September 2016, as announced at the start of the year.
“Members generally agreed that a steady hand and the firm implementation of the measures decided in January 2015 would best serve to support the economic recovery and a return to inflation toward 2%,” the minutes showed.
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Experts stressed the consistency between the minutes and previous comments by top ECB officials. “The minutes …underscore the message already given by [ECB President] Mario Draghi and colleagues, in the news conference after the meeting and in subsequent speeches, that the governing council firmly intends to implement its quantitative easing (QE) program in full,” said Capital Economics chief European Economist Jonathan Loynes.
The ECB also underscored that the positive economic forecast in its March staff estimates, “depended on the full implementation” of QE, minutes from the meeting showed.
The eurozone’s central bank decided in January that it would buy €60 billion ($66.7 billion) a month in mostly government bonds through the end of September 2016, or until inflation sustainably settled at the ECB’s medium-term goal of close to 2%. The program kicked off on March 9.
The minutes showed that there was “wide agreement” that the ECB’s expanded asset purchase program “had been progressing smoothly since the start of [public sector purchases]” in March.
They also suggested the governing council wouldn’t let a potential upward surprise in inflation take it off its set policy course. In evaluating the path of inflation, the minutes said “the governing council would follow its monetary policy strategy and concentrate on trends in inflation, looking through unexpected outcomes in measured inflation in either direction if judged to be transient.”
“Liquidity was generally ample across markets and jurisdictions, while market concerns about scarcity in some market segments appeared to be overstated,” the minutes said, dismissing concerns that the ECB wouldn’t be able to find enough assets to buy.
Council members said they saw risks to the eurozone’s economic outlook “while remaining on the downside, had become more balanced” due to recent ECB monetary policy moves and declines in oil prices and the fall of the euro.
The minutes, or “account” as the ECB prefers to call it, are of the meeting held on April 14-15, after which ECB President Mario Draghi said the region’s recovery depends on full implementation of the ECB’s policies.
Write to Todd Buell at [email protected]
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