“We have decided to continue conducting our main refinancing operations, such as the fixed rate tender procedures with full allotment, for as long as necessary, at least until 15 January 2013”. This was announced by the president of the European Central Bank, Mario Draghi, in the press conference that followed the last board meeting of the institute.
This morning the directorate of the ECB resolved to maintain the cost of money unchanged in the eurozone. The refinancing rate thus remains at 1%, in any case the historical minimum. fthe rates on the marginal refinancing operations and on deposits were also sealed, at 1,75% and 0,25% respectively. The decision was taken "with a very broad consensus", Draghi specified, implicitly admitting that the Governing Council did not reach unanimity.
In the euro area”economic growth remains weak, with high uncertainty and growing downside risks“, the governor said again. Frankfurt technicians have revised downwards forecasts for economic growth in the euro area: for this year – as reported by Draghi himself – the Eurotower forecasts a GDP trend between -0,5% and +0,3%, while for 2013 a growth between zero and +2% is estimated . The data provided three months ago were the same for 2012, while for next year the gap considered was slightly wider, between zero and +2,2%.
As for the'inflation,Even if it is “likely” to remain above 2% for the rest of the year, the European Central Bank continues to expect it to show an easing, thus returning within its medium-term target values. Moreover, general inflation expectations in the currency area "remain firmly anchored" to the values hoped for by the ECB itself, the ECB president pointed out. However, the ECB technicians have also adjusted their forecasts on average inflation in the euro area: now the value is expected to settle between 2,3 and 2,5% this year, while for 2013 it is expected to be between 1% and 2,2%.
Finally, Spain: for Draghi, it is up to Madrid to decide whether or not to resort to European aid funds to recapitalize its banks. From the ECB "there is no pressure".
