Two months after ending its massive stimulus scheme, the European Central Bank f...
LONDON - Two months after ending its massive stimulus scheme, the European Central Bank faces growing pressure to address how it will protect the euro zone economy from a protracted slowdown.
“There is room today, at the minimum, to have a discussion about what they can do to improve the macro environment,” said Florian Ielpo, head of macroeconomic research, cross-asset solutions at Unigestion.1. Can we expect details about a fresh round of cheap loans to banks? An announcement on these loans, known as Long Term Refinancing Operations or the more targeted TLTROs, could come this week, say some economists, although others think the ECB will want more time to assess the economic climate.
Economists say markets should pay particular attention to projections for 2020 as the best indication of how concerned the bank is about growth. Some recent indicators point to a pick-up later this year. And German Bundesbank President Jens Weidmann — a possible successor to ECB chief Mario Draghi later this year — said the ECB need not formally delay a planned rate hike.Jefferies economist Marchel Alexandrovich said a surprise tweak could not be ruled out. “It may be an opportunity for the ECB to signal that markets are not wrong to push out the timing of a first rate rise,” he said.
Draghi has warned that unilateral decisions on trade policy are dangerous and threaten economic confidence.ECB President Mario Draghi, whose term expires in October, is unlikely to comment on speculation about his successor but the subject is likely to come up, since uncertainty over who will next lead the central bank can affect policymaking.
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