El País / The European Central Bank (ECB) sought to convince skeptical investors on Thursday after its president Mario Draghi unveiled a new stimulus package but limit its impact suggesting that the ECB would cut interest rates.
Several senior ECB officials, both publicly and behind the scenes, supported the measures announced by Draghi on Thursday, although some acknowledged that the ECB had complicated his own message financial markets.
Shortly after announcing the package, which included cuts in three rates of key ECB interest rates and even a scheme from which could pay the banks to lend money, Draghi he surprised investors by suggesting that rule out further rate cuts.
His remarks did raise bond yields and caused a rise in the dollar, as investors took them as he was losing capacity the man called “Super Mario” from that in 2012 promised to “do everything necessary to save the euro”.
the strengthening of the euro and rising bond yields are the opposite of what the ECB tries achieve, which is to stimulate credit, which would encourage the expansion to cheapen money for businesses and households in the euro area.
the ECB officials monitoring the situation from behind the scene panicked when markets, they had difficulty understanding the confusing set of ads, concluded that the ECB had run out of ammunition.
on Friday, ECB Vice President Vitor Constancio took the unusual step of publishing your opinion the website of the bank. The official stressed that while there was a limit to the cuts interest rates, the ability of central banks to act in other ways should not be ruled out.
“Naturally, all policies have limits” Constancio said. “It is the case of the instruments we are using now, this is particularly true in negative interest rates for deposits,” he added, referring to charges that the ECB charges banks that hoard funds in it.
Emphasizing the message Draghi, Constancio added, “is not only bad start downplaying monetary policy, in fact, is dangerous”
Supporting this line, a source with knowledge of thinking. ECB highlighted the possibilities of a new relief and said he was working to help investors better understand the steps that had been taken after the “wrong” communication Thursday
URUGUAY.: ECB comes out to defend “Super Mario” after criticism from investors
Information The País
http://entornointeligente.com/articulo/8064878/URUGUAY-BCE-sale-a-defender-a-Suacute;per-Mario-tras-criacute;tica-de-inversores
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