BCE prevede o sc\u0103dere a PIB \u00een zona euro de 0,2-0,6% \u00een 2012 \u015fi o evolu\u0163ie \u00eentre -0,4% \u015fi +1,4% la anul. BCE a majorat \u00eens\u0103 estim\u0103rile de infla\u0163ie, la 2,4-2,6% \u00een acest an \u015fi 1,3-2,5% \u00een 2013.<\/p>\n
Achizi\u0163iile de obliga\u0163iuni vor fi f\u0103cute, ca \u015fi \u00een 2011, de pe pia\u0163a secundar\u0103 \u015fi cu sterilizare aferent\u0103, pentru a nu alimenta infla\u0163ia, vor viza obliga\u0163iuni cu scaden\u0163a \u00eentre 1 \u015fi 3 ani sau care mai au p\u00e2n\u0103 la scaden\u0163\u0103 \u00eentre 1 \u015fi 3 ani, dar acum vor fi condi\u0163ionate strict de respectarea unor programe de austeritate cerute statelor emitente. Loc de dezam\u0103gire pentru pie\u0163ele financiare r\u0103m\u00e2ne \u00eens\u0103, \u00eentruc\u00e2t BCE nu a anun\u0163at \u015fi o nou\u0103 sc\u0103dere a dob\u00e2nzii de politic\u0103 monetar\u0103 de la 0,75% la 0,50% sau alte “m\u0103suri non-standard”, adic\u0103 alte opera\u0163iuni prin care creditorilor priva\u0163i s\u0103 le fie garantat\u0103, dac\u0103 se poate integral, plata \u00eemprumuturilor c\u0103tre state.<\/p>\n
Criticile din partea pie\u0163elor financiare, reflectate \u00eendeosebi \u00een presa american\u0103, au \u00een vedere, \u00een principal, trei teme. Pe de o parte, e vorba de faptul c\u0103 BCE, la presiunile Bundesbank, insist\u0103 c\u0103 \u0163\u0103rile \u00eendatorate trebuie s\u0103 respecte anumite condi\u0163ii de austeritate fiscal\u0103, cedare a suveranit\u0103\u0163ii economice \u015fi \u00een\u0103sprire a supravegherii bancare \u00eenainte de a primi banii. Aceasta creeaz\u0103 posibilitatea ca acele \u0163\u0103ri care refuz\u0103 ori \u00ee\u015fi \u00eencalc\u0103 angajamentele luate vor fi \u00een continuare f\u0103r\u0103 acces la fondurile de urgen\u0163\u0103 ale zonei euro (ceea ce \u00eenseamn\u0103 c\u0103 b\u0103ncile sau fondurile de investi\u0163ii care au \u00eemprumutat acele \u0163\u0103ri ar fi frustrate iar\u0103\u015fi \u00een dorin\u0163a lor de a-\u015fi primi rapid \u015fi integral banii \u00eenapoi).<\/p>\n
Pe de alt\u0103 parte, e vorba de faptul c\u0103 BCE va limita cump\u0103r\u0103rile la obliga\u0163iunile cu scaden\u0163a de p\u00e2n\u0103 la ani, ceea ce ar descuraja statele s\u0103 emit\u0103 obliga\u0163iuni cu scaden\u0163\u0103 mai mare, \u00eenr\u0103ut\u0103\u0163ind astfel profilul lor de risc (se \u015ftie c\u0103 datoriile unei \u0163\u0103ri trebuie s\u0103 fie pe c\u00e2t posibil echilibrate pe categorii de scaden\u0163e, evit\u00e2nd concentrarea pe datorii pe termen scurt).<\/p>\n
\u00cen fine, o alt\u0103 critic\u0103 vizeaz\u0103 faptul c\u0103 BCE, grijulie cu soarta unei infla\u0163ii deja a\u015fteptate s\u0103 creasc\u0103 \u00een zona euro, a insistat ca \u015fi programul cel nou de achizi\u0163ii 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 devin\u0103 o simp\u0103 tiparni\u0163\u0103, a\u015fa cum este Rezerva Federal\u0103 a SUA.<\/p>\n
Banca american\u0103 \u00ee\u015fi poate permite s\u0103 ac\u0163ioneze \u00eens\u0103 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 avea aceast\u0103 \u015fans\u0103, iar efectele unei inflam\u0103ri a infla\u0163iei \u00een zona euro vor fi 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, cel pu\u0163in p\u00e2n\u0103 acum, articolele mieroase din presa anglo-saxon\u0103, care sus\u0163in 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 pretinse egaliz\u0103ri a productivit\u0103\u0163ii \u00eentre Nordul \u015fi Sudul zonei euro.<\/p>\n","protected":false},"excerpt":{"rendered":"
Cu justificarea c\u0103 BCE a \u00eenr\u0103ut\u0103\u0163it prognoza pentru zona euro p\u00e2n\u0103 la eliminarea oric\u0103rei perspective de cre\u015ftere pentru 2012, pre\u015fedintele b\u0103ncii, Mario Draghi, a dat pie\u0163elor o veste de mult a\u015fteptat\u0103: urmeaz\u0103 un program nelimitat de achizi\u0163ii de obliga\u0163iuni (OMT – Outright Monetary Transactions), cu scopul de a reduce dob\u00e2nzile cerute de creditori statelor cu probleme.<\/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":[8830,12834,750,187,184,19882,369,29244,349,13242],"class_list":["post-57534","post","type-post","status-publish","format-standard","hentry","category-actualitate","tag-bce","tag-creditori","tag-datorii","tag-dobanzi","tag-inflatie","tag-mario-draghi","tag-obligatiuni","tag-omt","tag-ue","tag-zona-euro"],"_links":{"self":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/57534","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=57534"}],"version-history":[{"count":1,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/57534\/revisions"}],"predecessor-version":[{"id":73739,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/57534\/revisions\/73739"}],"wp:attachment":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=57534"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=57534"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=57534"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}