Pubblicato in: Banche Centrali, Devoluzione socialismo, Unione Europea

ECB. Eurozona PPI +12.1% YoY. I consiglieri sono in rivolta.

Giuseppe Sandro Mela.

2021-10-01.

Michelamgelo Minosse 010

Questa è in sintesi la situazione attuale del Blocco Europeo.

Zona Euro. PPI, Indice dei prezzi alla produzione, 12.1% anno su anno

Germania. PPI, Indice dei prezzi alla produzione, 12.0% anno su anno

Italia. PPI, Indice dei prezzi alla produzione, 10.4% anno su anno

Terre Basse. PPI, Indice dei prezzi alla produzione, 13.4% anno su anno

Spagna. PPI, Indice dei prezzi alla produzione, 18.0% anno su anno

Wholesale power and gas prices +250% anno su anno

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I Membri del Governing Council hanno già ripetutamente avvertito la ECB del pericolo dell’inflazione ingravescente.

ECB. Weidmann e Wunsch votano contro la Lagarde sui tassi di interesse.

Weidmann. ECB dovrebbe ridurre gli stimoli dettati dalla emergenza.

ECB’s Knot Warns Central Bank Could Be Underestimating Inflation

De Nederlandsche Bank. Presidente Knot. ECB tapering entro il marzo2022.

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

Ecb. Fuoco amico (nemico) sulla Lagarde e sulla Ecb. Troppo queruli.

Ecb. Detiene 2,267.424 mld di bond pubblici. Après moi, le déluge.

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Adesso si unisce ai rivoltosi anche Mario Centeno, Membro del Concilio di Governo della ECB, Governatore della Banca Centrale del Portogallo.

«The ECB has so far insisted that price increases are temporary and it is not yet time to reduce its pandemic-era stimulus measures»

«The European Central Bank needs to be “even more conservative” in how it reacts to inflation in order to avoid repeating past mistakes, Governing Council Member Mario Centeno has told CNBC»

«Rising inflation generally requires a tighter monetary policy, but the ECB has so far insisted that the price increases are temporary and it is not yet time to reduce its pandemic-era stimulus measures»

«The central bank created a new bond-purchase program in March 2020 to support the 19-member bloc throughout the pandemic»

«This program, known as PEPP, is currently set to last until March 2022 and total up to 1.85 trillion euros ($2.2 trillion)»

«At a meeting earlier this month, the ECB decided to slow down the pace of purchases, but ECB President Lagarde said it was not tapering — just a recalibration»

«ECB President Christine Lagarde said that inflation should return to more stable terms next year, “because many of the causes of higher prices are temporary.”»

«Earlier this month, the ECB estimated an inflation rate of 2.2% at the end of year»

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Christine Lagarde è una persona querula, ben conscia che il suo starnazzare aveva in passato salvato il Campidoglio.

Si resta in ogni caso stupefatti dei dati che riporta sulla inflazione, che sembrerebbero essere del tutto fantasiosi quando siano messi a confronto dei macrodati disponibili.

La sua nomina non fu scelta felice.

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ECB member says the central bank needs to be ‘even more conservative’.

– The ECB has so far insisted that price increases are temporary and it is not yet time to reduce its pandemic-era stimulus measures.

– “We were fooled by some news on inflation in the past, which prompted us to act in the wrong way,” Centeno said.

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London — The European Central Bank needs to be “even more conservative” in how it reacts to inflation in order to avoid repeating past mistakes, Governing Council Member Mario Centeno has told CNBC.

The central bank is currently under some pressure given that consumer prices have spiked in recent months. Euro zone inflation hit a 10-year high in August, coming in at 3% from a year ago.

Rising inflation generally requires a tighter monetary policy, but the ECB has so far insisted that the price increases are temporary and it is not yet time to reduce its pandemic-era stimulus measures.

“We were fooled by some news on inflation in the past, which prompted us to act in the wrong way, so we don’t want, definitely, to commit the same sort of errors this time,” Centeno, who serves as the governor of the central bank of Portugal, said on Monday.

The ECB shocked markets when it opted to increase interest rates in 2011, just as the sovereign debt crisis was spreading across the bloc. At the time, then-President Jean-Claude Trichet defended the decision citing higher inflation numbers, but critics have described it as a tipping point for the euro zone — and not in a good way.

“We need to guarantee favorable financing conditions to all sectors in our economy as we go out of [the] crisis and we are not yet there, we are not yet out of the woods,” Centeno said, defending the central bank’s current loose monetary policy stance.

The central bank created a new bond-purchase program in March 2020 to support the 19-member bloc throughout the pandemic. This program, known as PEPP, is currently set to last until March 2022 and total up to 1.85 trillion euros ($2.2 trillion).

At a meeting earlier this month, the ECB decided to slow down the pace of purchases, but ECB President Lagarde said it was not tapering — just a recalibration.

“We need to be very — I’d say even more — conservative in the way we tackle this issue,” he added.

Speaking to CNBC last week, ECB President Christine Lagarde said that inflation should return to more stable terms next year, “because many of the causes of higher prices are temporary.”

These include higher energy prices and bottlenecks in supply chains.

Earlier this month, the ECB estimated an inflation rate of 2.2% at the end of year. This number is then expected to come down to 1.7% and 1.5%, respectively in 2022 and 2023. Revised forecasts are due in December.

But some experts have questioned whether some inflationary pressures are here to stay.

When speaking with CNBC, Centeno reiterated that, so far, inflation is not where the ECB wants it to be before reducing stimulus.

“We already see something going on that front, but when we look at our projection horizon, inflation is not anchored yet at 2%,” he said, adding that as a result the ECB needs to continue with its set of measures.