Alleged turnaround in the monetary policy of the ecb

Alleged turnaround in the monetary policy of the ECB

ECB Press Conference in Riga. Image: ECB / CC NC-ND 2.0

However, the European Central Bank has only decided that the controversial purchase of government bonds should expire at the end of the year, but the key interest rates remain to zero

In the US Federal Reserve Fed, the interest rate normalization continues, which was timidly initiated at the end of 2015. It has now not only raised the key interest rate for another 25 basis points to a destination band, which is now between 1.75 and 2%. She has also begotten that she will now go to the accelerator pedal. In the current year, there should be two more interest rate steps and thus four instead of how originally exploited three. At the press conference, the Fed boss Jerome Powell explained this with the solid economy in the US.

On the other hand, it looks very different in Europe. Although there is spoken according to the interest rate meeting of the European Central Bank (ECB), the ECB leads one "Course" in monetary policy. But that can not be talked about that. The central bank has only decided to reduce the controversial breeders by the end of September on a monthly 30 billion euros. They should be reduced to 15 billion euros in the month in the last quarter. And the central bank reserves the way to make these envisions again again, should worsen the situation.

If the newly available data is confirmed by the medium-term inflation prospects of the ECB Council, the ECB Council ames that after September 2018, the net acquisition of wealthy values is reduced to a total amount of € 15 billion per month and the net acquisition then ends that net acquisition will.


An interest earthing does not think the ECB anyway, although inflation has reached 1.9% of the target mark of just under 2%. The key interest rate should "unnecessary at 0.00%" remain and also at the minuszin from -0.40% for money parked at the ECB, it remains. "The ECB Council ames that the ECB key interest rates will remain at least until the end of the summer of 2019 and in any case as long as necessary at their current level to ensure that inflation development continues to be consistent with the current expectations of a sustainable potato."

ECB boss Mario Draghi funding this monetary policy "Some weak points in some countries", But at the same time describes a "Strong the economy in the middle view", which is unnecessary and appropriate. In fact, growth in the euro area is further robust. Eurostat has just determined that the economy in the eurozone seasonally adjusted in the first quarter of the previous quarter has increased by 0.4% in the previous quarter and increased by 2.5% compared to the same period of the previous year.

Which environment is presented in the ECB to finally end the crisis mode, the mystery of Draghi and the ECB remains. One "Course correction of monetary policy" at least does not look like, because it remains with an expansive politics, domed Draghi also. The money swem should only be stored a bit.

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