Pubblicato in: Banche Centrali, Unione Europea

ECB. Weidmann mette in guardia contro gli acquisti su larga scala dei bond.

Giuseppe Sandro Mela.

2020-10-04.

Bundesbank 002

Politica monetaria non convenzionale. Potrebbe diventare la nuova convenzionale. In occidente.

Recovery Fund. Europarlamento e Commissione litigano come lavandaie ai trogoli.

Finanza occidentale. Etf. Uno dei drammi della liquidità delle banche centrali.

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«What got us here will not get us there: how the EU and Germany are preparing finance for a new age.

Today, we are looking at the crucial question of how the EU and Germany are preparing finance for a new age.

As a central banker, let me start with monetary policy and a clear assessment.

The Eurosystem’s monetary policy has helped prevent an impairment of the financial system that would have aggravated the economic crisis.

At the beginning of the COVID-19 crisis, the economic outlook deteriorated at an unprecedented speed and financial conditions tightened.

Above all, there was a danger that the financial sector might become impaired and that this could make the severe slump in the real economy even worse.

As the financial crisis taught us, such a negative feedback loop could seriously impede price stability in the medium term. In order to avert this, monetary policy action was needed.

Providing banks with an ample supply of liquidity, coupled with low interest rates, helps to ensure that the economic crisis is not further aggravated by the financial system. ….

Clearly, bond purchases are a legitimate and effective monetary policy instrument.

But large-scale government bond purchases come with risks and potential side-effects, especially the risk of blurring the lines between monetary and fiscal policy …. crisis-related monetary policy measures must be limited, both in duration and volume …. Similarly, crisis support for enterprises from fiscal policy must also be temporary»

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«Large-scale bond purchases by the European Central Bank risk encroaching on fiscal policy, which is beyond the bank’s mandate, Bundesbank President Jens Weidmann said on Wednesday, repeating his long-standing criticism of quantitative easing»

«Large-scale purchases of government bonds can be a legitimate and effective tool of monetary policy, …. But, as I have stressed numerous times, they risk blurring the lines between monetary policy and fiscal policy»

«The more widely we interpret our mandate, the greater the risk that we will become entangled with politics and overburden ourselves with too many tasks»

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I problemi affrontati da Herr Weidmann sono purtroppo severi e reali.

Troneggia il fatto che la Banca Centrale debba vicariare la latitanza politica della Commissione e dell’europarlamento: la finanza può intervenire per misure emergenziali, ma non dovrebbe competerle la gestione della politica economica.

Inoltre, l’emergenza non può per definizione durare tempi infiniti. Se il sistema economico non riprendesse a tempo brevi, sarebbe necessario prendere atto dell’avvenuto impoverimento, rinunciando a perseguire mete impossibili da essere raggiunte.

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ECB’s Weidmann warns against large-scale bond buys.

Large-scale bond purchases by the European Central Bank risk encroaching on fiscal policy, which is beyond the bank’s mandate, Bundesbank President Jens Weidmann said on Wednesday, repeating his long-standing criticism of quantitative easing.

“Large-scale purchases of government bonds can be a legitimate and effective tool of monetary policy,” he told a conference. “But, as I have stressed numerous times, they risk blurring the lines between monetary policy and fiscal policy.”

“We should also pay close attention to how we interpret our mandate,” he said. “The more widely we interpret our mandate, the greater the risk that we will become entangled with politics and overburden ourselves with too many tasks.”

Un pensiero riguardo “ECB. Weidmann mette in guardia contro gli acquisti su larga scala dei bond.

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