Summary of the press conference of Draghi after the confirmation of interest
2019-03-07 02:48 pm | Resource: News | No Views : 54
After the European Central Bank installed the interest rates and launch a new loan program, Draghi explained in his journal the most prominent clarifications about the bank's decision
European Central Bank President Mario Draghi told a news conference on Thursday that the bank's lending program would maintain favorable bank lending terms and more details would be provided in due course. He also stated that the work of the EMU remained a priority for the ECB. He further noted that the new measures of the ECB were dependent on data and added residence and that the decision was unanimous.
In addition, Draghi stressed that the ECB felt that the recession in the eurozone is too low. He also said the bank was aware that its actions had increased the resilience of the euro-zone economy and that convergence of sustainable inflation would occur.
ECB slows economic growth outlook and inflation
Mario Draghi on Thursday warned of "great moderation" in economic expansion, expected to continue, but said the doctrinal factors operating in opposite winds were fading away. The ECB President highlighted the dynamics of the labor market and wage growth as favorable against barriers from "geopolitical factors", protectionism and emerging markets.
Expectations for expansion this year were reduced to 1.1% from 1.7%, set in the December update, by 0.1 percentage point to 1.6% for 2020. The projected economic growth rate was held at 1.5% for the year thereafter. Moreover, the risk balance continues to indicate a decline, Draghi stressed.
He pointed out that core inflation is still weak. He pointed out that the expectations for the rise in consumer prices fell by 0.4 points to 1.2% for 2019. The adjusted scale was reduced by 0.2 points per 1.5% for the coming year and 1.6% for the year 2021. Today extends the expectations of not A change in interest rates until the end of the year at least, and announced another round of cheap loans to banks.
Draghi: Projections result measures already in place
European Central Bank President Mario Draghi said on Thursday that growth forecasts take into account the "protectionist" measures already in place, but not the future measures and the outcome of the current negotiations, referring to ongoing trade talks between the United States and China. .
Turning to the asset purchase program, Draghi said that when the ECB finished the program, it did not tighten monetary policy. "The simple procedure of keeping the stock unchanged is a continuous easing because interest rates are paid through this procedure," he said.
Interest rates and quantitative easing
He noted that the decision not to increase the interest rate "at least by the end of 2019" was unanimous. "In the end, we met on a package that reflects the views of all board members." European Central Bank President Mario Draghi told reporters on Thursday that the bank had not discussed the possibility of restarting the quantitative easing program.
Draghi stressed that despite the current slowdown and the worsening outlook, the euro zone economy is still expanding, albeit at a slower pace, and the labor market continues to add jobs. The central banker also stressed that he did not think the European economy was becoming too dependent on the ECB.
In December, the ECB decided to end its asset purchase program (APP), launched in March 2015 in an effort to fight the EU's economic crisis. Earlier in the day, the central bank announced that it would begin long-term refinancing operations (TLTRO) in September.
Time frame Used - four hours The USDJPY is moving in a sideway direction in the near term. the USD/JPY was able to hold steady at 111.12 to rebound slightly to 111.90 as it faces some selling pressure around this level , but it is still above the Bollinger’s moving average line. In view of the technical indicators Both the RSI and Stochastic are indicators to weakness of the indicators.…
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