AFTER MEETING
Introductory statement to the press conference – ECB
Draghi Fails to Say Anything New, Status Quo
Persists – Marc
to Market
Unsolicited advice
does not really amount to a threat to the ECB independence or its credibility.
The thing that hurts ECB credibility in the eyes of many investors is the
talking without action.
Live: When Will the ECB Move? – WSJ
EUR Soars Then Plunges On ECB Inactivity But
Promise Of Future Activity – ZH
Draghi says ECB poised to shore up economy as
soon as June – Reuters
ECB is ready to take
action next month to boost the euro zone economy if price inflation forecasts
warrant it, its president said on Thursday, cautioning countries against
pressuring the bank into action.
Draghi Ready to Cut Rates in June as Euro Hurts
Outlook – BB
Draghi signaled that
officials are ready to cut interest rates next month if needed and stepped up
his expressions of concern about the euro’s exchange rate.
Draghi Keeps Rates on Hold as ECB Waits for
Price Signals – BB
ECB promises to cut in June – Danske
Bank
5 Takeaways From Mario Draghi’s May Press
Conference – WSJ
Draghi gave the
clearest indication yet that action could be imminent. For now, he’s left all
interest rates on hold, but in a development that halted the euro’s rise in its
tracks, he’s now said the bank’s decision-makers are “comfortable” with acting
next time.
Beecroft: Why the ECB could cut rates to minus
1% - TradingFloor
The ECB is so
concerned about the foreign exchange rate it could cut its deposit rate to
minus one percent. That's one of the predictions from Saxo's Nick Beecroft, who
senses a major shift in sentiment at the top of the European Central Bank.
MAY-8
ECB preview: Why Mario will keep his powder dry – TradingFloor
Is the ECB really so generous? – Money
Matters
MAY-7
MAY-6
By coyly debating the
definition and likelihood of deflation, while hoping for a renewal of inflation,
the ECB is ignoring increasing risks, especially the growing cracks in the
Italian fault line… The ECB may already have waited too late. Even if it were
to finally act, its past delays may render its actions and
Inflation forecasts by the ECB have fallen substantially below the two
percent threshold. It was a mistake that the ECB did not act earlier. Conventional
policy measures are unlikely to change inflation dynamics substantially. The
ECB therefore needs to start buying assets. We propose to buy €35bn per months
of a portfolio of ESM/EFSF/EU/EIB bonds, corporate bonds, and ASB. Buying
international securities is not advisable as it would be against international
commitments (full 25-page pdf-document).
ECB will likely hold
off policy action on Thursday, waiting for new forecasts from its staff in June
before deciding whether to counter low inflation that ticked up last month.
Draghi may need to
take action to stop money-market investors getting ahead of themselves.
MAY-5
Mario Draghi will
sound dovish as inflation was below ECB’s expectation again in April, but the
Governing Council should refrain from action at least until the release of
updated projections in June.
MAY-4
MAY-3
Rising money market rates
and a stronger euro are probably not enough to prompt a rate cut or other
easing measures at this week’s ECB meeting, although we cannot rule this out
Viikkokatsaus:
EKP ja BoE odottavat – Nordea
Tällä viikolla: EKP ja BoE kokoustavat * Joko
Suomen vienti kasvaa? Viime viikolla: Euroalueen inflaatio nopeutui * Fed
pienensi jälleen ostojaan * USA:n BKT Q1:llä odotettua heikompi
Draghi
told German lawmakers that a quantitative-easing program isn’t imminent and is
relatively unlikely for now, according to a euro-area official present at the
meeting.
Of
course Japan too had a
"creditless" recovery - until it didn't. But let's not make such
silly comparisons.
The
macroeconomic environment in Europe is screaming out for further policy action but
the only thing that would work is fixing the banks. As no-one wants to do that,
the ECB is pretending the banks are OK, and that will not fix anything.