\nEl a declarat c\u0103 BCE ar putea fi nevoit\u0103 s\u0103 lanseze “o lovitur\u0103 preventiv\u0103” contra pericolului defla\u0163iei \u00een zona euro, astfel \u00eenc\u00e2t s\u0103 fie comb\u0103tut\u0103 “percep\u0163ia c\u0103 pre\u0163urile vor sc\u0103dea \u00een continuare”. Infla\u0163ia \u00een zona euro a fost de 0,7%, u[or mai ridicat\u0103 dec\u00e2t \u00een martie (0,5%), dar \u00eenc\u0103 departe de \u0163inta BCE de aproape 2%.<\/p>\n
\nUltimele date ale CE arat\u0103 \u00eens\u0103 c\u0103 pentru prima oar\u0103 din decembrie, percep\u0163ia \u00een r\u00e2ndul consumatorilor \u015fi al companiilor privind evolu\u0163ia economiei \u015fi a\u015ftept\u0103rile privind cre\u015fterea pre\u0163urilor s-au \u00eembun\u0103t\u0103\u0163it sensibil \u00een luna mai fa\u0163\u0103 de aprilie, ceea ce ar putea determina BCE s\u0103 nu cedeze presiunilor de a urma exemplul Rezervei Federale.<\/p>\n
\nEconomi\u015ftii cita\u0163i de presa financiar\u0103 anglo-saxon\u0103 sus\u0163in c\u0103 Draghi are de abordat trei teme spinoase la reuniunea BCE din 5 iunie: prevenirea riscurilor de defla\u0163ie, contracararea aprecierii monedei euro \u015fi stimularea redres\u0103rii economice a zonei euro prin \u00eencurajarea credit\u0103rii. Italia \u015fi Fran\u0163a au cerut \u00een repetate r\u00e2nduri BCE s\u0103 combat\u0103 aprecierea excesiv\u0103 a euro, cu efect clar negativ asupra economiilor zonei, mai ales \u00een contextul \u00een care dolarul continu\u0103 s\u0103 fie sus\u0163inut de prelungirea programului Rezervei Federale a SUA de sus\u0163inere a lichidit\u0103\u0163ii de pe pie\u0163e cu bani de la tiparni\u0163\u0103.<\/p>\n
\nMario Draghi a vrut \u00eens\u0103 p\u00e2n\u0103 acum s\u0103 evite capcana \u00een care a c\u0103zut Rezerva Federal\u0103, respectiv \u015fantajul marilor speculatori financiari, care au dus pie\u0163ele de ac\u0163iuni \u00een jos de fiecare dat\u0103 c\u00e2nd raport\u0103rile federale ar\u0103tau c\u0103 un indicator economic s-a \u00eembun\u0103t\u0103\u0163it \u015fi c\u00e2nd oficialii Fed d\u0103deau de \u00een\u0163eles c\u0103, prin urmare, programul de stimulare monetar\u0103 din partea b\u0103ncii centrale nu-\u015fi mai avea rostul. Mai exact, Draghi a sugerat mereu c\u0103 BCE are \u00eenc\u0103 destule arme \u00een tolb\u0103 \u015fi c\u0103 m\u0103surile luate de banc\u0103 sunt suficiente (reducerea lent\u0103 a dob\u00e2nzilor \u015fi prelungirea p\u00e2n\u0103 la jum\u0103tatea lui 2015 a programului de credite ieftine pentru b\u0103nci) spre a combate riscul c\u0103derii Europei \u00eentr-o perioad\u0103 de defla\u0163ie “de tip japonez”, paralizant\u0103 pentru economie.<\/p>\n
\n\u00cen plus, BCE, \u0163in\u00e2ndu-se cu \u00eenc\u0103p\u0103\u0163\u00e2nare de obiectivul s\u0103u vechi, \u00eenc\u0103 de pe vremea c\u00e2nd la c\u00e2rma sa era Jean-Claude Trichet, de a evita o cre\u015ftere a infla\u0163iei pe care a v\u0103zut-o \u00eentotdeauna drept principalul pericol la adresa cre\u015fterii economice, a insistat mereu ca toate programele sale de relaxare monetar\u0103 prin achizi\u0163ia de active derulate de la \u00eenceputul crizei s\u0103 aib\u0103 parte de sterilizare (opera\u0163iunile prin care banca retrage de pe pia\u0163\u0103 integral sau par\u0163ial echivalentul banilor nou-intra\u0163i \u00een circula\u0163ie), refuz\u00e2nd deci s\u0103 tip\u0103reasc\u0103 bani pur \u015fi simplu, a\u015fa cum a f\u0103cut Rezerva Federal\u0103 a SUA.<\/p>\n
\nMotivul insisten\u0163ei BCE era simplu – faptul c\u0103 banca american\u0103 \u00ee\u015fi poate permite s\u0103 ac\u0163ioneze ca o simpl\u0103 tiparni\u0163\u0103, gra\u0163ie statutului privilegiat al dolarului, care a f\u0103cut ca opera\u0163iunile de relaxare monetar\u0103 f\u0103cute din 2009 p\u00e2n\u0103 acum \u00een folosul economiei americane s\u0103 fie pl\u0103tite de restul lumii, prin export direct de infla\u0163ie. BCE n-ar fi avut \u00eens\u0103 aceast\u0103 \u015fans\u0103, astfel \u00eenc\u00e2t efectele unei inflam\u0103ri a infla\u0163iei \u00een zona euro ar fi urmat s\u0103 fie nocive pentru locuitorii Europei, pentru UE, nu pentru restul lumii. De aceea Mario Draghi s-a ferit ca de foc s\u0103 imite Rezerva Federal\u0103 \u015fi a ignorat vocile din mediul financiar american sau britanic ori care sus\u0163ineau c\u0103 n-ar strica deloc \u00een zona euro un pic de infla\u0163ie care s\u0103 scad\u0103 puterea de cump\u0103rare a salariilor \u00een Spania sau Italia, \u00een numele unei egaliz\u0103ri a productivit\u0103\u0163ii \u00eentre Nordul \u015fi Sudul zonei euro.<\/p>\n
\nMai mult, Draghi a p\u0103rut \u00eemp\u0103cat pentru o vreme cu perspectiva unei perioade lungi de infla\u0163ie mic\u0103, departe de \u0163inta de 2%, chiar c\u00e2nd \u00eens\u0103\u015fi \u015fefa FMI, Christine Lagarde, a avertizat c\u0103 BCE trebuie s\u0103 ac\u0163ioneze mult mai ferm, adic\u0103 s\u0103 urmeze exemplul Fed, fiindc\u0103 altfel zona euro e p\u00e2ndit\u0103 de spectrul defla\u0163iei. \u00cen ultima vreme \u00eens\u0103, BCE a \u00eenceput s\u0103 studieze serios posibilitatea unui program de relaxare monetar\u0103 dup\u0103 exemplul Fed.<\/p>\n
\nPrintre pu\u0163inele voci care continu\u0103 s\u0103 se opun\u0103 \u00een Europa unui astfel de program r\u0103m\u00e2ne economistul polonez Leszek Balcerowicz, care a sus\u0163inut recent la Bucure\u015fti c\u0103 sperietoarea defla\u0163iei nu are baz\u0103 real\u0103. El a ar\u0103tat c\u0103 economi\u015ftii \u015fi politicienii \u00eemping BCE s\u0103 tip\u0103reasc\u0103 \u015fi mai mul\u0163i bani, \u00eentruc\u00e2t le este mai u\u015for s\u0103 am\u00e2ne reformele structurale prin substitute monetare dec\u00e2t s\u0103 “mobilizeze popula\u0163ia pentru liberalizara pie\u0163ei muncii \u015fi reforma educa\u0163iei”. “A tip\u0103ri bani nu \u00eenlocuie\u015fte reformele structurale. \u015ei Africa ar fi bogat\u0103. E un mit gre\u015fit \u015fi periculos. Aceast\u0103 politic\u0103 monetar\u0103 de relaxare cantitativ\u0103 lung\u0103 \u00eencetine\u015fte restructurarea”, a spus Balcerowicz la “Conferin\u0163a de Risc de \u0162ar\u0103 Coface 2014”, organizat\u0103 \u00een aprilie de Coface \u015fi agen\u0163ia de pres\u0103 Mediafax.<\/p>\n","protected":false},"excerpt":{"rendered":"
Pre\u015fedintele BCE, Mario Draghi, a consolidat speran\u0163a speculatorilor c\u0103 la \u015fedin\u0163a de consiliu BCE din 5 iunie se va decide o t\u0103iere a dob\u00e2nzilor sau chiar pornirea tiparni\u0163ei de bani, cu un program de cump\u0103rare de obliga\u0163iuni similar celui derulat de Rezerva Federal\u0103 a SUA.<\/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":[82,8830,17272,187,25190,188,930,184,369,8193,28229,8884,106,21047,13242],"class_list":["post-107687","post","type-post","status-publish","format-standard","hentry","category-actualitate","tag-bani","tag-bce","tag-deflatie","tag-dobanzi","tag-draghi","tag-economie","tag-euro","tag-inflatie","tag-obligatiuni","tag-piete-financiare","tag-relaxare-monetara","tag-rezerva-federala","tag-sua","tag-tiparnita","tag-zona-euro"],"_links":{"self":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/107687","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=107687"}],"version-history":[{"count":0,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/107687\/revisions"}],"wp:attachment":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=107687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=107687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=107687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}