Daily Archives: September 4, 2014

Central Bank, ECB, Trading

ECB’s latest actions will be felt around the world

In announcing a new round of extraordinary measures to support the euro-area recovery, the European Central Bank is sending three loud and unambiguous messages. Their implications extend well beyond Europe.

First, it is committed to experimenting even more with its use of unconventional monetary policy, including by taking the deposit rate even more negative and starting a program to purchase asset-backed securities.

Second, it is positioning itself for full-scale quantitative easing — but on the condition that European governments show more flexibility on fiscal policy and put into place the structural reforms needed to support healthy growth.

Third, it isn’t too worried about a multitrack world of central banking, in which its policy loosening contrasts with moves by the U.S. Federal Reserve, the other systemically important central bank, to remove monetary stimulus.

http://www.bloombergview.com/articles/2014-09-04/what-the-ecb-s-moves-mean-for-the-world

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  • THINGS TO LOOK OUT FOR AT THURSDAY’S ECB MEETING
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Central Bank

Webcast of the press conference 4 September 2014

Press conference following the meeting of the Governing Council of the European Central Bank on 4 September 2014 at its premises in Frankfurt am Main, Germany, starting at 2:30 p.m. CET:

  • Introductory statement by Mario Draghi, President of the ECB.
  • Question and answer session. Registered journalists pose questions to Mario Draghi, President of the ECB, and to Vítor Constâncio, Vice-President of the ECB.

https://www.ecb.europa.eu/press/tvservices/webcast/html/webcast_140904.en.html

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Economy, Europe

Everything we thought we knew about the economy was wrong

“There are no facts, only interpretations”, Friedrich Nietzsche once said. One needn’t be a nihilist or a relativist to be bemused at the latest radical rewriting of history from our official number-crunchers. Everything we thought we knew about the British economy’s performance over the past 15 years or so now turns out to be wrong. Endless articles, books and academic papers have become worthless at the stroke of the statisticians’ pen.

The reason, needless to say, is that the rules have changed, yet again. The way the national accounts, the GDP statistics and the rest are calculated has been torn up. International statisticians are making a greater effort at including the output of the sex and illegal drug industries and of charities; they are also changing the way research and development and elements of defence spending are accounted for.

The implications from all of this are huge. The peak-to-trough collapse in output as a result of what has been called the Great Recession has been substantially reduced: GDP collapsed by 6pc, not the 7.2pc previously thought. That is still a very big drop, of course, but it is now almost identical to the recession of the early 1980s, when GDP fell by 5.9pc as Lady Thatcher sought to wean Britain from its high inflation

http://www.telegraph.co.uk/finance/economics/11073744/Everything-we-thought-we-knew-about-the-economy-was-wrong.html

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