Investor's window  |  September 17, 2012 17:30:52

Eurokrize - is the solution?


A series of events and news from the beginning of the month of September denounced direction risky assets.

Positive sentiment from last weekend's supported by the European Central Bank, which came with a new solution to help problematic countries of the European Union and includes the purchase of short-term bonds of these countries.

Another impetus was the next day, poor performance of the U.S. labor market, where it was in August created just 96,000 jobs outside agriculture, compared to the expected 125 thousand.

Strengthening risk assets continued last week after the decision of the German Federal Constitutional Court who said complaints to the legislature Gauweilera of Petra Christian Social Union. According to him, the ECB takes for the German Parliament responsible for the budget and so interferes with the country's laws. The court ruled that the European Stability Mechanism (ESM) and the fiscal pact are in accordance with the German constitution, however, provided certain conditions. The German parliament has to be on the steps of the ECB in connection with the European stabilization mechanism informed and substantial assistance will individually review and approve. The court set a ceiling of financial assistance to 190 billion euros, the ECB is insufficient. One of the other conditions is that Germany may at any time withdraw from the ESM. The decision had the effect of reducing yields of Italian and Spanish bonds.

And no response to the poor results on the U.S. labor market was not long in coming. Last week, the Fed announced the start of the third round of quantitative easing by purchasing mortgage-backed securities with a capacity of about 40 billion U.S. dollars a month.  

Although the euro and European shares of financial institutions significantly strengthened eurokrize solution is not nearly as compelling. Countries that ask for help, they will have to meet certain conditions, which will put the ECB. The question is, what happens if the requesting country does not fulfill all the conditions, the ECB is willing to compromise or to these countries strictly refuse to help? If a particular desired state aid received does not slow down the speed of solutionfinancial reforms?

Apparently, the approach to solving the crisis on both continents is still similar. Instead of a quick, but painful solution was chosen to buy time for inflationary money. Depth limit crisis at the cost of expansion at the time, although can temporarily reduce its social and political effects, but long-term consequences of that are uncertain. From this perspective, Europe can have also an advantage. Tou could paradoxically be inconsistencies in the approaches and interests of individual states, which ultimately sets monetary expansion is limited.On the contrary, the U.S. has to continue monetary expansion nothing stands in the way.

Gabriela Kindlová, Michael Moravcová, Bossa CZ

Michala Moravcová

Michala Moravcová

Vystudovala Vysokou školu ekonomickou v Praze obor Finance. Působila ve společnosti WOOD & Company v Praze, kde pracovala jako trader na akciových trzích. Specializovala se zejména na trhy střední a východní Evropy. Momentálně pracuje jako analytička finančních trhů ve společnosti Bossa. Součástí její práce je analýza domácí i zahraniční makroekonomické situace a její vliv na finanční trhy, zejména na forex. Věnuje se ekonomickému vzdělávaní veřejnosti a publikaci ekonomických článků.

Logo BossaSpolečnost BOSSA je stabilním obchodníkem s cennými papíry, který se v evropském hospodářském prostoru pohybuje již 17 let. Za dobu své existence se dočkala mnohých ocenění. Např. časopisem Forbes byla několikrát označena za brokera roku a to zejména na svém domácím - polském trhu. Od roku 2012 vstupuje také na trh český, kde může své klienty oslovit obchodní platformou Metatrader 4 pro PC i mobilní zařízení, kamennou pobočkou v centru Prahy, technickou podporou i zpravodajstvím v českém jazyce, stejně tak strukturovaným systémem bezplatného vzdělávání, které zajišťuje tým zkušených odborníků i mnohaletých traderů.

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