\nCum infla\u0163ia eurozonei este departe de a dep\u0103\u015fi \u0163inta (tocmai a atins un minim de 0,7% \u00een octombrie, fa\u0163\u0103 de \u0163inta de cel mult 2%), e clar c\u0103 declara\u0163ia lui Asmussen a fost f\u0103cut\u0103 nu pentru a potoli temerile cuiva de infla\u0163ie, ci pentru a putea vorbi despre defla\u0163ie f\u0103r\u0103 s\u0103 par\u0103 c\u0103 ea e \u00een centrul aten\u0163iei. “Nu suntem la cap\u0103tul resurselor noastre de politic\u0103 monetar\u0103”, a afirmat Asmussen, referindu-se inclusiv la un instrument despre care admite c\u0103 ar trebui folosit cu cea mai mare pruden\u0163\u0103: a\u015fa-numita rat\u0103 negativ\u0103 la depozite, adic\u0103 taxarea b\u0103ncilor pentru depozitele pe termen foarte scurt (rata la depozite este deja \u00een prezent aproape de zero).<\/p>\n
\nExact a\u015fa cum au fost, succesiv, ie\u015firea Greciei din zona euro, probabilitatea ca Germania s\u0103 accepte \u00eemp\u0103r\u0163irea poverii datoriei cu restul zonei, probabilitatea ca BCE condus\u0103 de Trichet sau de Draghi s\u0103 imite politica Fed de relaxare monetar\u0103 cantitativ\u0103, problema \u015fomajului din \u0163\u0103rile periferice ale zonei euro sau problema excedentului comercial al Germaniei, defla\u0163ia a devenit acum tema la mod\u0103 \u00een discu\u0163iile legate de viitorul zonei euro \u015fi \u00een predic\u0163iile pesimiste care influen\u0163eaz\u0103 pie\u0163ele financiare.<\/p>\n
\nMai nou, \u00een discu\u0163ie a intervenit \u015fi OECD, care a cerut BCE s\u0103 abordeze posibilitatea de a cump\u0103ra active, adic\u0103 a recurge la tiparni\u0163\u0103 f\u0103r\u0103 limite dup\u0103 modelul Fed, spre a stimula redresarea economic\u0103 \u015fi a evita c\u0103derea \u00eentr-o spiral\u0103 defla\u0163ionist\u0103 prelungit\u0103 de tip nipon. Vitor Constancio, vicepre\u015fedinte ale BCE, a admis c\u0103 problema unui program de cump\u0103rare de active dup\u0103 modelul Fed a fost discutat\u0103 \u00een consiliul b\u0103ncii, “dar numai la nivel de posibilitate”.<\/p>\n","protected":false},"excerpt":{"rendered":"
Banca Central\u0103 European\u0103 poate ac\u0163iona din nou, dac\u0103 e cazul, spre a aduce sub control infla\u0163ia din zona euro, a anun\u0163at J\u00f6rg Asmussen, membru al consiliului B\u0103ncii Centrale Europene. Pentru moment \u00eens\u0103, riscurile la adresa stabilit\u0103\u0163ii pre\u0163urilor sunt echilibrate \u015fi “nici nu exist\u0103 un risc de defla\u0163ie \u00een zona euro”, conform lui Asmussen.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[510],"tags":[34843,7267,8830,17272,439,7458,188,438,184,19138,8884,9184,349,13242],"class_list":["post-101593","post","type-post","status-publish","format-standard","hentry","category-actualitate","tag-asmussen","tag-banci","tag-bce","tag-deflatie","tag-depozite","tag-dobanda","tag-economie","tag-europa","tag-inflatie","tag-oecd","tag-rezerva-federala","tag-risc","tag-ue","tag-zona-euro"],"_links":{"self":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/101593","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=101593"}],"version-history":[{"count":0,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/101593\/revisions"}],"wp:attachment":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=101593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=101593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=101593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}