Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3
- Creatore Discussione Joe Silver
- Data di Inizio
Ventodivino
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Trascrizione della press conference :
Introductory statement to the press conference (with Q&A)
Per fortuna avevo ben inteso questo passaggio (che altri forse in malafede hanno distorto, pronti a saltargli addosso).
Ormai massacrare la Lagarde fa fi.go. Boh.
The second question is about OMT and whether you see OMT as an appropriate tool in the current crisis for some of the countries. Do you think a blanket ESM programme for all of the eurozone, as floated by some, would be a viable solution?
Your second question dealt with OMT. Now, let me remind you that OMT was conceived back in 2012 and there was full publication about the terms and conditions and characteristics of OMT. OMT was intended for particular country cases and particular circumstances where, because of fiscal policy or structural policy misguidance, there was a potential risk out there that the euro area be at risk and that it would be self-fulfilling. Those were the days. We are no longer facing that situation. We are facing a situation where it's not a single country, but it's all countries, where it's a global shock that applies in a very symmetric way. The best tool that we have in our toolbox is indeed the Pandemic Emergency Purchase Programme, PEPP.
Now, of course OMT remains part of the toolbox and we are not suggesting that we would eliminate OMT, but for the crisis we're going through at the moment, PEPP is clearly designed to that effect, added to which the triggering of OMT of course is a matter for the Governing Council to decide.
I have two questions: one is again on the OMT because the details of the new pandemic ECCL – the special ESM Precautionary Credit Line – will be defined shortly. The market expects that this new ECCL will give the possibility also to go and trigger, or ask for, the OMT. Are there special details that this new ECCL Credit Line should have to trigger OMT?
Then the second question is more on Italy, because reportedly the ECB has been buying, very heavily, Italian government bonds through PSPP and PEPP, yet the capital key is still there and there is no reinvestment of principal payments. In Italy there is a feeling that the ECB could do more because you said that the coronavirus has symmetric impact, but then it has asymmetric damages. Is the ECB doing enough for Italy?
Lagarde: On OMT, I think I've already responded, but I'll be happy to expand on that. OMT was created in 2012 – different times, different issues – and it was designed for countries but taken in isolation, that were facing particular serious circumstances. Clearly, countries had to be subject to an ESM programme, which had conditionalities. Those September 12th conditions also provided that the Governing Council would consider OMT warranted from a monetary policy perspective. There was never an automatic trigger for OMT. The Governing Council needs to assess that there is a clear monetary policy justification and objective. As I said earlier, OMT is not necessarily best suited for the present contingencies. OMT is in the toolbox, it is there but given the symmetry of the shock, clearly the Pandemic Emergency Purchase Programme is designed specifically to that end; to make sure that the monetary stance reaches its goals, monetary policy is transmitted throughout the euro area. PEPP provides that; it is exceptional, it is temporary, it is targeted and it's intended to be used with great flexibility. You just noted that, actually.
PS
ero curioso di vedere anche quante volte la Schnabel-Lagarde avesse detto nella press conference ieri pomeriggio flexible-flexibility : 15 volte.
Introductory statement to the press conference (with Q&A)
Per fortuna avevo ben inteso questo passaggio (che altri forse in malafede hanno distorto, pronti a saltargli addosso).
Ormai massacrare la Lagarde fa fi.go. Boh.
The second question is about OMT and whether you see OMT as an appropriate tool in the current crisis for some of the countries. Do you think a blanket ESM programme for all of the eurozone, as floated by some, would be a viable solution?
Your second question dealt with OMT. Now, let me remind you that OMT was conceived back in 2012 and there was full publication about the terms and conditions and characteristics of OMT. OMT was intended for particular country cases and particular circumstances where, because of fiscal policy or structural policy misguidance, there was a potential risk out there that the euro area be at risk and that it would be self-fulfilling. Those were the days. We are no longer facing that situation. We are facing a situation where it's not a single country, but it's all countries, where it's a global shock that applies in a very symmetric way. The best tool that we have in our toolbox is indeed the Pandemic Emergency Purchase Programme, PEPP.
Now, of course OMT remains part of the toolbox and we are not suggesting that we would eliminate OMT, but for the crisis we're going through at the moment, PEPP is clearly designed to that effect, added to which the triggering of OMT of course is a matter for the Governing Council to decide.
I have two questions: one is again on the OMT because the details of the new pandemic ECCL – the special ESM Precautionary Credit Line – will be defined shortly. The market expects that this new ECCL will give the possibility also to go and trigger, or ask for, the OMT. Are there special details that this new ECCL Credit Line should have to trigger OMT?
Then the second question is more on Italy, because reportedly the ECB has been buying, very heavily, Italian government bonds through PSPP and PEPP, yet the capital key is still there and there is no reinvestment of principal payments. In Italy there is a feeling that the ECB could do more because you said that the coronavirus has symmetric impact, but then it has asymmetric damages. Is the ECB doing enough for Italy?
Lagarde: On OMT, I think I've already responded, but I'll be happy to expand on that. OMT was created in 2012 – different times, different issues – and it was designed for countries but taken in isolation, that were facing particular serious circumstances. Clearly, countries had to be subject to an ESM programme, which had conditionalities. Those September 12th conditions also provided that the Governing Council would consider OMT warranted from a monetary policy perspective. There was never an automatic trigger for OMT. The Governing Council needs to assess that there is a clear monetary policy justification and objective. As I said earlier, OMT is not necessarily best suited for the present contingencies. OMT is in the toolbox, it is there but given the symmetry of the shock, clearly the Pandemic Emergency Purchase Programme is designed specifically to that end; to make sure that the monetary stance reaches its goals, monetary policy is transmitted throughout the euro area. PEPP provides that; it is exceptional, it is temporary, it is targeted and it's intended to be used with great flexibility. You just noted that, actually.
PS
ero curioso di vedere anche quante volte la Schnabel-Lagarde avesse detto nella press conference ieri pomeriggio flexible-flexibility : 15 volte.
Ventodivino
מגן ולא יראה
La grande battaglia degli aiuti di stato | Phastidio.net
Prossima settimana si saprà.
(Ryanair vigila)
Germany to Take 25.1% Stake in Lufthansa: Der Spiegel
25,1% 9%.
Prossima settimana si saprà.
(Ryanair vigila)
Germany to Take 25.1% Stake in Lufthansa: Der Spiegel
25,1% 9%.
Fabrib
Forumer storico
vbrm
Forumer attivo
Stefano Lepri su La Stampa oggi ha inteso bene:
"Così com’è oggi, 750 miliardi di euro, il programma di acquisto straordinario di titoli di Stato contro la pandemia (Pepp) ha risorse sufficienti suppergiù fino all’autunno.
Questo spiega che non sia scomparso il nervosismo sui titoli di Stato dell’Italia, il Paese più fragile nel debito. Ciò che ha detto ieri Christine Lagarde ci può tuttavia tranquillizzare. Più volte ha ripetuto che quel programma di acquisti la Bce è pronta ad aumentarlo; ha ripetuto che è abbastanza flessibile da consentire di sostenere alcuni Paesi (Italia e Spagna per esempio) più di altri, qualora servisse.
L’eredità di Mario Draghi rimane"
Se il governo italiano ragionasse capirebbe, come gli spagnoli, che la base sulla quale basare il Recovery Fund non è la "solidarietà" ma la conservazione del Mercato Comune come è previsto dai Trattati; se la risposta alla pandemia viene affidata solo agli stati nazionali scompare il campo da goico unico per tutti.
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Ventodivino
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Finale di un articolo di oggi su "Il Foglio" :
Serviva una pandemia a ricordarci che quelle norme sulla concorrenza sempre mal comprese e criticate nei confini nazionali servono a difendere le pari condizioni e cioè, in definitiva, i più deboli. Ora è più chiaro che i deboli siamo noi.
La Germania il suo Recovery Fund se lo è già fatto (ha lo spazio fiscale che anche i francesi , non solo noi, non possono nemmeno immaginare) e sarebbe pronta a rafforzare più che mai le sue "Eccellenze", dopo sarebbe un gioco da ragazzi comprarsi le cose in casa altrui.
La Vestager veglierà abbastanza ? O'Leary romperà sufficientemente le pal.le ?
PS
In merito al grassetto : noi dovremmo linkare su Spagna e Francia e non dire mai una parola, nemmeno pensarla.
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Ventodivino
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Der Insolvenz-Bluff der Lufthansa - DER SPIEGEL - Wirtschaft
Qui meglio (io ho dovuto usare translate) spiegato l'intervento in Luft.
Qui meglio (io ho dovuto usare translate) spiegato l'intervento in Luft.
Vet
Forumer storico
Le parole del ruminante sottolineate da me in grassetto sono il cappio alla gola che Lagarde ha messo al debito pubblico italiano in vista dei prossimi incontri europei,ma ognuno può naturalmente interpretarle in maniera diversa
vbrm
Forumer attivo
Ma perchè ruminante ? Mastica chwingum ? Non ci ho fatto caso ...
Vet
Forumer storico
Gomma da masticare.??? No,,,cosa c’entra ...a me ricorda quella particolare tipologia dei mammiferi.(sotto per te meglio esplicata sperando di farti cosa gradita.)
mi auguro che la cosa non ti urti particolarmente , come certo sai la ns amica francese fra le sue tanti doti ha anche il pregio di essere vegetariana.
“La ruminazione rappresenta un adattamento evolutivo dei mammiferi erbivori, soggetti a forte pressione predatoria. Essa consente all’animale di accumulare in modo rapido grandi quantità di cibo nel rumine in seguito ad una grossolana masticazione dell’alimento ed una veloce deglutizione in aree di pascolo potenzialmente pericolose. Anche se non assistiamo più ad atti predatori, in quanto il bovino viene allevato in strutture idonee, i 3 punti evidenziati si manifestano ugualmente a causa della competitività esistente tra i soggetti.”
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