The ECB is not thinking of "any exit strategy" from the anti-crisis measures launched in recent months. The picture has improved, but “we continue to see signs of significant fragmentation in the euro area”. This is the warning launched today by the President of the European Central Bank, Mario Draghi, at the end of the Governing Council which today interest rates confirmed for the Eurozone to an all-time low of 0,75%.
"Yields and rates on CDS are significantly lower, as are spreads and yields on government bonds, while volatility is at an all-time low“, Draghi continued. However, according to the President of the ECB, to cement this situation it is necessary for individual countries to continue on the path of consolidation of public finances.
The economic weakness of the euro area should continue in 2013, but "later on, activity should gradually recover. Average inflation in the euro area should fall below 2% this year and upward pressure on prices should be contained”.
According to the former number one of Bankitalia, in any case, the Eurozone runs the risk that economic activity will slow down again. In particular, the main danger is that of a “slow implementation” of the measures adopted, on the fiscal front as well as on that of structural reforms.”There is no room for exuberance. After all. I don't think there is any exuberance. If anything, we are witnessing a normalization”.
