皇冠开户
热门标签

皇冠正网平台出租:ECB needs a formidable tool against fragmentation

时间:1周前   阅读:7   评论:10

皇冠网址www.hg108.vip)是皇冠体育官网线上直营平台。皇冠网址面向亚太地区招募代理,开放皇冠信用网代理申请、皇冠现金网代理会员开户等业务。皇冠网址可下载皇冠官方APP,皇冠APP包括皇冠体育最新代理登录线路、皇冠体育最新会员登录线路。

Safety net: People walking in front of a euro sign in Frankfurt, Germany, as the ECB headquarters can be seen in the background. The challenge facing policy makers is not letting the financing costs of the most indebted euro members soar into non-viable territory. — AFP

JOACHIM Nagel, the head of the German Bundesbank, is sabotaging European Central Bank (ECB) President Christine Lagarde’s plans for a comprehensive safety net to prevent yields of peripheral European countries from blowing out.

In a coruscating address this week, he argued that it’s “virtually impossible” to determine whether a widened spread above benchmark German levels is justified, setting the scene for yet another brutal fight among policy makers that risks sparking a summer of discontent in the bond market.

As surging inflation ends the era of negative rates and quantitative easing in the eurozone, a glaring hole in the bloc’s defences has been revealed.

When Italian 10-year borrowing costs spiked above 4% in mid-June, the ECB was forced to hold an emergency meeting to soothe markets.

Its pledge to “accelerate the completion of the design of a new anti-fragmentation instrument” has worked as a stop-gap; Nagel’s speech, though, suggests nothing is settled yet.

His hardline approach risks leaving economically weaker euro nations, notably Italy and Greece, at the mercy of bond traders if markets start to doubt the ECB’s commitment to counter any sudden spike in sovereign funding costs.

It’s a back-to-the future moment that makes Lagarde’s already difficult job balancing the interests of the 19 countries using the euro that much more strenuous.

,

皇冠正网平台出租www.hg108.vip)是皇冠(正网)接入菜宝钱包的TRC20-USDT支付系统,为皇冠代理提供专业的网上运营管理系统。系统实现注册、充值、提现、客服等全自动化功能。采用的USDT匿名支付、阅后即焚的IM客服系统,让皇冠代理的运营更轻松更安全。

,

The euro is seriously unimpressed, weakening to a 20-year low against the dollar and close to breaching parity.

For now, the bond market has been more sanguine.

Italian yields are about a percentage-point lower since the ECB’s emergency meeting, but that echoes declines in German and US yields in the same time frame. There’s no room for complacency.

The challenge facing policy makers is not letting the financing costs of the most indebted euro members soar into non-viable territory.

How high is too high? Italy’s central bank governor Ignacio Visco said in mid-June that the spread between Italian and German 10-year debt should be fewer than 150 basis points based on economic fundamentals – and certainly shouldn’t exceed 200 basis points.

The outline of a so-called anti-fragmentation tool, which will be called the Transmission Protection Mechanism, is expected to be unveiled at the next ECB governing council meeting on July 21. But hopes for a “whatever it takes” bazooka to eliminate the threat of unsustainably high Italian or Greek yields look forlorn.

As I wrote last month, a sufficiently potent backstop need never be used.

The best example is the outright monetary transactions programme that former ECB President Mario Draghi heralded in 2012 to get a grip on violent spikes in peripheral nation bond yields, which has not been triggered to this day.

上一篇:足球分析专家(www.99cx.vip)_优酷VIP宣布涨价 连续包月价格涨到25元

下一篇:皇冠网址:警惕以元宇宙名义非法集资

网友评论

  • 2022-07-12 00:03:20

    To ensure a win-win transformation of Sarawak’s traditional farming community into agropreneurs, Utom says the state government encourages local farmers to adapt to changes and new technologies.这是一篇很OK的文

  • 2022-07-30 00:10:49

    相信不少年轻观众更想看到新邀请嘉宾的表现,尤其是那些唱跳水平较高、长得年轻漂亮的女星们有更多镜头与表演的机会,很可惜节目的剪辑非常失败。一气看完,更新啊

    • 2022-08-04 21:37:29

      @摘①嗰蘋淉 需要注意的是,类似的利率上浮大多需要在银行柜台办理,并且有一定的起存金额门槛。比如上述中国银行上海福州路支行需2000美元起存,利率才可上浮至2%。感觉诚意满满的

  • 2022-09-03 00:59:15

    At the same time, he said the pilgrims were also advised to take care of themselves and not to be too exposed to hot weather which can cause heatstroke. – Bernama, July 4, 2022.不错的,能写成这样

  • 2022-10-22 00:21:59

    A 5.9-magnitude earthquake rumbled through the area last Wednesday, killing more than 1,000 people, injuring three times that many, and leaving tens of thousands homeless.有智慧有想法