Posts Tagged ‘ECB’

ECB press conference: Status quo despite pessimistic assessment

As expected, yesterday’s press conference did not bring any surprising announcements, but it was the occasion to confirm that the ECB definitely does not feel that the crisis is resolved. Decisive action is needed from governments, first of all on banking union next week. Nevertheless, yesterday’s speech has tended to reinforce our expectations of seeing […]

Europe’s strong statement to keep Greece in the euro

The Troika has finally reached an agreement regarding Greece. A second debt restructuring was almost necessary in order to bring Greece back on a sustainable debt path. However, due to the particularity of the euro area a haircut of principal was not an option. Two-thirds of the Greek public debt are currently detained by public […]

Volatility possibly heading for a rise

The November 2012 issue of Perspectives is now available for downloading. In this month’s strategy section, Pictet’s analysts explain that the weeks either side of the New Year are likely to be influenced by uncertainties surrounding the outcome of talks about tackling the fiscal cliff and raising the Federal debt ceiling in the US, which […]

European systemic risk contained against backdrop of anaemic growth

The November 2012 issue of Perspectives is now available for downloading. Today we preview the macroeconomics section of the magazine. The ECB managed to contain systemic liquidity risk arising out of the eurozone crisis. The fate of the world economy looks set to hinge on what happens to the tentative recovery seemingly underway in the […]

Two factors dominating the global economic scene

The October 2012 issue of Perspectives is now available for downloading. Today we preview the macroeconomics section of the magazine. The world economy is being tossed between the frying-pan and the fire: the first risk factor is cyclical, with economies progressively slowing down; the second is systemic, with the eurozone debt crisis acting as the […]

Euro area: What to expect after the respite (2/2)

The developments of early September, notably the interventions carried out by the ECB, including the announcement of the features of the OMT and Mario Draghi’s commitment to do what is necessary to salvage the euro zone, responded to investors expectations. However, their positive impact is now running out of steam and tangible action is required […]

Euro area: What to expect after the respite (1/2)

The developments of early September, notably the interventions carried out by the ECB, including the announcement of the features of the Outright Monetary Transactions (OMT) and Mario Draghi’s commitment to do what is necessary to salvage the euro zone, responded to investors expectations. However, their positive impact is now running out of steam and tangible […]

A new monetary era

The October 2012 issue of Perspectives is now available for downloading. In his editorial outlook, Chief Investment Officer Yves Bonzon explains that the unlimited QE of the US and its European cousin OMT differ significantly in terms of the likely monetary consequences on the two continents. The US and European central banks are widely perceived […]

The ECB in wait-and-see mode

Yesterday’s press conference held in Slovenia did not add much new information. It was mostly an occasion for Mario Draghi to clarify some aspects of the Outright Monetary Transactions (OMT) programme. It confirmed that the ECB has entered a wait-and-see mode that could unnerve financial markets if the Spanish government does not soon take the […]

Risks of euro falling apart forcing the ECB out of its shell

The September 2012 issue of Perspectives is now available for reading and downloading. Here is September’s topic of the month: unless interest rates fall swiftly round the eurozone’s periphery, the eurozone will be fated to come apart at the seams. By hinting at the possibility of buying up sovereign debt, the ECB is making its […]

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