Mario Draghi’s caution and Janet Yellen – elEconomista.es

Mario Draghi's caution and Janet Yellen – elEconomista.es

<- Google_ad_section_start (name = noticia_titulo, weight = high) -> Carlos Serrano Conde / EFE <- - google_ad_section_end (name = noticia_titulo)> | 23/08/2014 – 16:16

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It is known that the monetary policy of the Federal Reserve of the United States and the European Central Bank have faced the crisis completely differently now, but if there is some common ground between the two is the caution of its directors, start again evident in Jackson Hole

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During the two recent days, leading central bankers have gathered, like every year around this time, in this town of Wyoming (USA), where they reviewed the economic situation and have hinted what will they in the near future.

While the minutes of the last Fed meeting revealed that the institution is willing to raise interest rates before the obvious improvement of the economic situation, its president, Janet Yellen, wanted to cool encouragement to avoid excessive optimism in the markets.

In his speech to the rest of central bankers, Yellen warned that the American labor market is still weak, which demands to be pragmatic when using the monetary policy mechanisms put in the hands of the Fed.

Yellen noted that labor market indicators have improved more than expected by the Fed-the unemployment has fallen in a year 11/10 and is located in the 6.2% of the active population, but in the next breath said that monetary policy should be managed in a pragmatic way, without taking into account a single indicator or a particular model.

If the president Federal Reserve showed signs of caution in their plans of action, his colleague from the European Central Bank, Mario Draghi, it was not far behind.

Draghi follows the trail Stealth Yellen

Draghi, that the management of the crisis has shown from the beginning fearful that the Fed -directed until a few months ago by Ben Bernanke reiterated these days their willingness to adopt new stimulus measures to boost demand in the euro area, but not before giving the time to work launched in June.

So, the ECB lowered the official interest rate to 0.15% and took steps to revitalize credit, and penalize banks that have deposits in the institution.

The ECB and its president, are convinced that these measures bear fruit, but do not rule put other up if necessary.

And more after the group of analysts who routinely consulted the ECB on the economic situation has revised down its growth forecasts for the euro area in 2014 in a tenth to 1%. That is, the eurozone is growing, but little.

Record foreign visitors

In Spain, the most important of the week has been the record number of foreign tourists reached in the July, with 8.3 million visitors, 5.9% higher than a year ago.

That good figure has not been accompanied, however, by overnight stays in hotels, which have dropped 1.8% due to the reduction in the average stay. This means you are more tourists but are less time.

What you need to know is whether, even if fewer days in Spain, spend more or spend less than other years, or what is the same, whether is a cheap tourist or higher purchasing power.

The data can meet next week, when the Ministry of Industry survey published tourist spending during the last month.