20 de abril de 2014 às 1:37
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Asmussen on Portugal: OMT "is for the Governing Council to decide; necessary to issue reasonable amounts of bonds with longer maturities" (RTRS)

In an interview published in Tuesday's edition of the Jornal de Negocios, Joerg Asmussen, Member of the ECB's Executive Board, said Portugal took "a significant step forward" with the issuance of a three-year bond as part of a bond swap in October, but that was "not enough". Asmussen explained that access to the OMT - ECB's backstop mechanism ...

Juergen Stark: "one should consider whether it is the right approach for the central bank to intervene on a regional basis" (BBG)

Juergen Stark, Member of the ECB's Executive Board, from 2006 to the end of 2011, today, on Bloomberg television, answering a question from Guy Johnson on ECB's OMT conditionality: "There are critical views. The monetary policy of OMT is perceived as simply supporting governments in their refinancing operations. This is an ...

Draghi, on monetary financing: "that's not going to happen!" (EU Parliament)

At a hearing in the European Parliament this morning, the President of the ECB, Mario Draghi, was bombarded with questions about the conditionality of the OMT program. Draghi said that the ECB can not replace the lack of action from governments with monetary financing: "that's not going to happen!" ...

Draghi: "Without conditionality you would certainly have fiscal dominance" (BBG)

At the press conference of the ECB after the monthly meeting of the Governing Council, yesterday, Mario Draghi, President of the Central Bank, an Italian, to explain the different roles of the conditionality of the OMT program, used the damning words: "moral hazard". Draghi argues that conditionality is an essential part of the OMT: "First of ...

Draghi: conditionality "doesn't necessarily have to be punitive" (ECB)

When asked this afternoon on the kind of conditions that Spain would incur if the country asks for a bailout, Mario Draghi said that conditionality "doesn't necessarily have to be punitive". He explained that an MoU is the way to ensure political support of all Euro zone countries and thus justify an eventual intervention from the ECB, with ...

Draghi: the risk of a vicious circle warranted central bank action (Süddeutsche Zeitung)

Mario Draghi, ECB president, in an interview with the German newspaper Süddeutsche Zeitung, justified the creation of the bond buying program, explained the role of the ESM as a conditionality arm, the necessary but not sufficient condition to activate the OMT, and underscored the need for decisive action at the level of Member States.

Luc Coene (ECB): "very unlikely" that the ECB would ever engage in outright quantitative easing (RTRS)

Luc Coene, Governor of the central bank of Belgium and member of the ECB Governing Council, in a seminar at the European Economics and Financial Centre in London, said it was "very unlikely" that the ECB would ever engage in outright quantitative easing. Coene points as one of the options for monetary easing, new LTRO operations with ...

Merkel and Schaeuble on a knife edge to support Draghi (WSJ)

Lately headlines suggest fights and/or divisions between the German government and the central bank. On the one hand, the Bundesbank, an institution respected by the German public opinion, true to its own monetary policy, and on the other, Chancellor Merkel and Finance Minister Schaeuble. On the government side, Merkel and Schaeuble are ...

Rajoy does not want a new bailout but ordered De Guindos to prepare and negotiate to the last detail (El País)

The rules were defined on August 6 by Draghi: if Spain asks for financial assistance from the euro zone bailout funds, the ECB could activate the OMT program (Outright Monetary Transactions) buying short-term government bonds. The solution can secure funding to Spain. But this implies strict conditionality. Something any prime minister would ...

The Rajoy Dilemma: borrowing costs on the edge of a knife or a sovereign MoU (CNBC)

The containment barrier effect of the Outright Monetary Transactions program of the ECB, presented a week ago, has significantly reduced the level of the borrowing costs for Spain and Italy. But if countries do not formally requested support, the OMT program will not be activated. Rajoy's dilemma is whether this effect can persist, thereby ...
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