Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (9 lettori)
- Creatore Discussione Imark
- Data di Inizio
- Stato
Ilmigliore
Osserva e agisci
Prende quello che gli danno, soprattutto se privatizzano a prezzi stracciati. La faranno diventare una colonia.
samantaao
Forumer storico
Purtroppo però si muore di cassa
Grisù
Forumer attivo
Dall'economista preferito di Gaudente... 
One reason for debt restructuring – which is often made by some theoretical economists – is that it helps financial markets to function better and it eliminates moral hazard. The problem with this view is that it totally omits the broader impact on the markets. Trying to eliminate moral hazard in the middle of a systemic crisis is like shooting yourself in the foot. Think about it: did the failure of Lehman Brothers make markets work better, or worse? Did it reduce moral hazard?
Another reason for private sector involvement (PSI) is to minimise the taxpayer’s contribution and to penalise bad investments. This reason is even less economically sound. Lehman Brothers’ failure proved that if PSI is applied in the wrong way, the taxpayer will in the end pay more. Short-term speculative investors benefit from perverse forms of PSI, while long term investors are punished. That doesn’t sound very clever to me.
Having a clear objective, which in the case of the ECB is price stability, helps us to be consistent and to implement a policy which is in the best interests of taxpayers, given that inflation is ultimately a tax.
The architecture of the euro area – which clearly divides responsibilities between the single monetary policy and the many national fiscal policies – offers strong protection for taxpayers: the Treaty and the Stability and Growth Pact are intended to ensure sound fiscal policies and to guarantee the independence of the Eurosystem’s monetary policy.
Some strengthening of the institutional framework underlying the Stability and Growth Pact is needed in order to avoid any repetition of the problems we are currently experiencing. Progress has been achieved, although not as much as we would have hoped. However, looking back, it is encouraging to note that, when facing difficult choices, the political authorities of the euro area have always decided to move forward, towards greater integration and a more solid foundation for Economic and Monetary Union.
The trialogue between the Commission, Council and European Parliament has tried to finalize an agreement on the strengthening of fiscal discipline in the euro area, in time for next week’s ECOFIN Council and European Parliament plenary meetings. The Parliament is asking for a reverse Qualified Majority in the Council to vote down a Commission recommendation to a Member State with clearly unsound budgetary policy already under the preventive arm of the Pact. This should not be seen by the Member States as a reduction of their sovereignty but rather as a way to better protect themselves against the negative impact of undisciplined policies in diverging countries. It will also better protect the euro. I hope that the Council will show courage and leadership in this important endeavour.
ECB: Intervention at Sveriges Riksbank Conference: Monetary Policy in an Era of Fiscal Stress
One reason for debt restructuring – which is often made by some theoretical economists – is that it helps financial markets to function better and it eliminates moral hazard. The problem with this view is that it totally omits the broader impact on the markets. Trying to eliminate moral hazard in the middle of a systemic crisis is like shooting yourself in the foot. Think about it: did the failure of Lehman Brothers make markets work better, or worse? Did it reduce moral hazard?
Another reason for private sector involvement (PSI) is to minimise the taxpayer’s contribution and to penalise bad investments. This reason is even less economically sound. Lehman Brothers’ failure proved that if PSI is applied in the wrong way, the taxpayer will in the end pay more. Short-term speculative investors benefit from perverse forms of PSI, while long term investors are punished. That doesn’t sound very clever to me.
Having a clear objective, which in the case of the ECB is price stability, helps us to be consistent and to implement a policy which is in the best interests of taxpayers, given that inflation is ultimately a tax.
The architecture of the euro area – which clearly divides responsibilities between the single monetary policy and the many national fiscal policies – offers strong protection for taxpayers: the Treaty and the Stability and Growth Pact are intended to ensure sound fiscal policies and to guarantee the independence of the Eurosystem’s monetary policy.
Some strengthening of the institutional framework underlying the Stability and Growth Pact is needed in order to avoid any repetition of the problems we are currently experiencing. Progress has been achieved, although not as much as we would have hoped. However, looking back, it is encouraging to note that, when facing difficult choices, the political authorities of the euro area have always decided to move forward, towards greater integration and a more solid foundation for Economic and Monetary Union.
The trialogue between the Commission, Council and European Parliament has tried to finalize an agreement on the strengthening of fiscal discipline in the euro area, in time for next week’s ECOFIN Council and European Parliament plenary meetings. The Parliament is asking for a reverse Qualified Majority in the Council to vote down a Commission recommendation to a Member State with clearly unsound budgetary policy already under the preventive arm of the Pact. This should not be seen by the Member States as a reduction of their sovereignty but rather as a way to better protect themselves against the negative impact of undisciplined policies in diverging countries. It will also better protect the euro. I hope that the Council will show courage and leadership in this important endeavour.
ECB: Intervention at Sveriges Riksbank Conference: Monetary Policy in an Era of Fiscal Stress
Grisù
Forumer attivo
Interessante la lettura dei trend dei mercati US e EU, inutile dire che una crisi seria sul comparto bancario potrebbe incidere significativamente su entrambi i listini.
http://www.ecb.int/stats/pdf/easch04provisional.pdf
http://www.ecb.int/stats/pdf/easch04provisional.pdf
sethi
Forumer storico
Interessante la lettura dei trend dei mercati US e EU, inutile dire che una crisi seria sul comparto bancario potrebbe incidere significativamente su entrambi i listini.
http://www.ecb.int/stats/pdf/easch04provisional.pdf
non sono un tecnico anche se qualcosa ne capisco .......cmq se hai tempo e se ti prenede bene anche domani o quando puoi dai un occhio anche ai mercati asiatici.....perche ritengo che per quel che ne possa sapere io e come ho gia scritto se atene piange sparta non ride
Mi sembra molto improbabile che una crise come questa non vada beppure lontanamente adintaccare il mondo asiatico e in parte il mondo sudamericano.....molto improbabile
sethi
Forumer storico
la migrazione cambogiana in Thai e' trascurabile, la manovalanza di importazione viene quasi tutta dalla Birmania.
E considerando come trattano gli immigrati qui, dubito proprio che la security li lascera' entrare nel compound
non no mi riferivo ai combattimenti al confine ........
Andre_Sant
Forumer storico
io torno a ripetere:
di swap volontari se ne sono visti molti (recentemente anche con BOI, verso febbraio)
Prima con ford ecc
e nessuno swap è mai stato default
di swap volontari se ne sono visti molti (recentemente anche con BOI, verso febbraio)
Prima con ford ecc
e nessuno swap è mai stato default
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