The experts do not expect to have specific indicators from the ECB following the introduction of a new TLTRO by the European Central Bank at its last meeting in March.
For today, 10 April 2019, a new one is registered ECB meeting, by a third of 2019. Auditors' expectations are to confirm the current financial policy, with the flat rate still at 0%. It is not intended that specific indicators even from Mario Draghi's paper conference will refer to monetary policy decisions, after the European central bank has described a new TLTRO initiative at its last meeting in March.
Mario Draghi's comments about the sidings at the meeting on 7 March 2019
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ECB: MAKING THE CONSEQUENCES OF UNDERTAKEN ON 10 APRIL
according to the researchers Intesa Sanpaolo the focus of markets, I will detail the new TLTRO III fronts and introduce a multi-stage payment system for additional reserves, although more precise indicators could come to a June meeting
During the media conference, it is possible that you start indications on the promotional modules. The minutes of the March meeting made it clear that the auctions will be designed to ensure that a credited position remains of a good standard and at the same time "restrict the use of funds for carrying vehicles." Our central position is that the Refi is the highest cost to the banks and that the incentives can be reduced to negative levels. But we do not exclude other circumstances in which the Refi is classed as the middle or lowest levels. It's another option to encourage people to get wider treatment.
While negative levels of positive impact on the wider economy are positive, continuing the system for longer than planned meant there was a minimal cost for banks in large countries. works with extra reserves. Draghi noted that the ECB is ready to consider measures to mitigate negative effects, although other members of the Council have highlighted the need to have an economic reason. Other media banks (Denmark, Sweden, Switzerland and the Bank of Japan) that operate with negative rates penalize a percentage of the remainder of the resources much lower than the ECB.
The strict hypothesis had already appeared in 2016 when ECB chose to cut its investment to -0.40%. However, the knowledge of the BoJ teaching suggests that it is possible to achieve powerful effects on a money market and long-term rates (contribution to the curve) with a system of background pay at a number of levels. So it is possible that the ECB could ask the workshops to similarly evaluate the same techniques. In the short-term there is virtually no news, a move to a multi-level system is not even more sustained in the level of change for the European currency market.
also Volker Schmidt – Senior Divisional Manager, ETHENEA Independent Investors – believe that more detailed signatures will come to the June meeting, as some posts are still favorable and against within the ECB.
Global economic conditions and the prospect for inflation remain unchanged compared to those before the last ECB meeting. Accordingly, we expect the ECB to continue with its appropriate approach, based on the belief that “significant incentive for money remains a prerequisite for inflation tolerance to lower levels but less than 2% over the middle. T Time.
Recently, Mario Draghi noted that the ECB had begun to think whether the policy was from long negative levels by providing an undesirable result by reducing profits from the Eurozone banks. The extension of the TLTRO program is a response to this question. The additional proposal to make an intervention had to reduce the impact of reducing the levels of unusual investment performance of banks on favorable and negative situations within the ECB. We do not expect the ECB to publish such measures in its next meeting, but we expect that the issue will be a factor, as there may be any reference in this instance banks in areas of excessive liquidity.
according to Franck Dixmier – Head of Global Income based on Allianz Global Investors – could move at a faster pace, with the uncertainties of growth growth and fear of low inflation.
The ECB should establish a line of "impossible". The trials carried out by Mario Draghi after the March meeting to address this, announced the intention to leave the moisture level at -0.40% at least to 2020. During the 27th March conference a President ECB even said it was considering how to retain the benefits of negative standards for the Eurozone economy and mitigate the impact on banks.
This means that the speed of return journeys could be greater – or even that the invest-0.40% level could fall further if there is an emergency. The profits of the Eurozone banks are eroded by what is essentially the basic rate of 40 on additional reserves, and the ECB expects to retain the institution's ability to finance the economy. It is therefore possible for the ECB to declare that a multi-level investment line can be created, following in the steps of the Central Banks in Switzerland, Japan, Denmark and Sweden. In this case, a tax on the background banks of banks would be in a separate, distinct threshold for each institution.
These considerations could also be reflected in the terms of the third round of TLTRO – low cost loans provided by the ECB to your banks – registered for September. Details of the business are not yet available, but it is not surprising that TLTRO 3 had lower level expectations than the redevelopment level (ie a similar negative level to TLTRO 2).
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