SE L'EUROPA PIANGE, L'AMERICA NON RIDE!
NAPM Export Orders AI MINIMI DA LEHMAN!
INTERESSANTE ARTICOLO CHE SPIEGA LE PAROLE DI DRAGHI E CHE CI DICE COME GLI ECCESSI DI AGOSTO SONO SBAGLIATI…NE TROPPA EUFORIA NE NEGATIVITA’ DEI GIORNI SCORSI….
Last week there was euphoria when the European Central Bank boss promised “to do whatever it takes to preserve the euro” but qualified that with the prefix “within our mandate” which was a clear warning markets would need to be patient and not expect too much. The ECB’s mandate is debatable at the very least when it comes to intervening in sovereign debt and Draghi knows that.
But that crucial qualification was ignored, replaced by an assumption that a big bazooka would be deployed by today and billions shot out to lower sovereign borrowing costs and soothe the single currency.
That was never going to happen inside a week – haven’t markets learnt anything about how the eurozone stumbles on after nearly three years of crisis? But markets are also mistaken in concluding Draghi has done nothing.
He clearly set out that stricken governments should tap the eurozone’s bail-out funds and that the ECB would undertake “open market operations” and consider “further non-standard monetary policy measures”.
Draghi reminded us that “implementation takes time” and financial markets “often only adjust once success becomes clearly visible”. He concluded that the ECB would “over the coming weeks… design the appropriate modalities for such policy measures”.
What these “coming weeks” also do is allow eurozone politics time to adjust to what Draghi thinks is inevitable – a Spanish bail-out but one that satisfies German expectations of strict conditions, which in effect add up to a Spanish surrender of fiscal sovereignty.
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