Mario Draghi had hardly read his opening statement, he had also been the first question parry the controversial helicopter money. Whether the European Central Bank (ECB) was also prepared to use helicopters money as a tool to achieve their goals.
The response from the ECB president came out clearly from: “The Council has not discussed it.” The follow-up question on whether such an instrument is indeed compatible with EU law, the central banker replied curtly: “We have never discussed.”
in Germany in particular had the debate on the controversial concept that has presented the monetary base to its citizens or the States, caused a lot of commotion. He never understood the excitement, the ECB president commented on the debate that had been conducted very heated, particularly in Germany, after Draghi had knighted in March the Schenk model in one sentence as “interesting concept”. Quite obviously wanted Europe’s highest-ranking central bankers of the discussion about the money that sends rain from the sky, the ECB, to put an end and therefore provide no new attack surfaces.
The helicopter money was not the only topic of special interest to German, which was this time addressed. In his tenure since assuming his post in November 2011. Draghi has so much consideration taken scarcely an event of this kind on the sensitivities of the German public as this time.
The attacks on the German side were about a topic in the Council. It was closed to agree that such attacks would be blocked on the independence. “The ECB obeys the laws, not the politicians,” the highest Euro-keeper was combative. “We have a mandate for the entire euro zone and not just Germany,” Draghi said.
Laughter in the hall
A friendly and lively debate is very welcome because they give the ECB the opportunity to explain its monetary policy. “A certain kind of criticism could, however, be considered a threat to the independence,” Draghi said. And smashed the opponents nor a warning in haunting sound counter.
“Every time when the credibility of a central bank is questioned, leading to a delay in the achievement of its objectives -.. and to the fact that they must act more aggressively ultimately our policy works, it is effective Give us time prefix_1 “, the ECB president said
from Germany came last harsh criticism of the zero interest rate policy of the ECB chief. The allegation is at the core: The central bank endangers the retirement of men – and play in the final analysis, even right-wing populist parties in the cards
A small tip against his. main critics in recent weeks, German Finance Minister Wolfgang Schäuble, however, he could not help it. This he had done at the Spring International Monetary Fund (IMF) a very friendly conversation
“Mr Schäuble himself clarified his words. He said – I can no longer accurately reflect -. that he did not mean what he said or that he did not say what he means Anyway “, Draghi pointed out, earning laughter in the hall
However, there appears to have Schäuble Embassy in Draghi quite catch. So the ECB President not new, even more aggressive monetary policy measures announced. Rather should first measures adopted are implemented. Schäuble could formulate no better. The remarks by ECB President can therefore also be interpreted in a way as beschwichtigendes signal. The economic facts play him doing currently in hand.
There is no question the euro
How is the unemployment rate in the euro area with 10.3 percent to the lowest level since more than four years decreased and thus faster than expected by economists. At the same time lending in Europe is played by more than one percent and thus increased relatively significantly.
Moreover, Europe has left the deflation again after inflation in March was zero. In February, inflation had not yet fallen to minus 0.2 percent. However, Draghi warned against premature euphoria. It is quite possible that inflation will fall back into negative territory over the coming months.
striking, however, was also what issues this time as good as played no role. So Draghi had just answered a question on the euro. The single currency had recently been upgraded significantly. Only since the previous interest rate meeting the currency increased by three per cent against the dollar
Courses Company Bonds rise
However, Draghi had clearly not interested the currency verbally talking down, as he had done in recent months, often once. The threat of Proposed referendum on United Kingdom membership of the European Union was also only a side issue. And Greece, which is once again in the midst of a credit thriller with the EU, did not occur before.
The hard money policy played this time a rather subordinate role , The ECB their meeting the details of the purchase program of corporate bonds was subsequently announced that they had decided in March. From June to selected national central banks, including the Bundesbank, buy European companies Bonds.
The aim is that companies can refinance cheaper this way. Even the announcement has already taken effect. The number of bond issues has increased recently. At the same shot, the prices of corporate bonds, which is opposite to the returns evolve into the air.
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