Markets  |  August 02, 2012 18:42:16

Speech by M. Draghi really sway the markets

The European Central Bank today left its key interest rate at 0.75 percent. Unchanged at zero discount rate remained well. At this rate, banks deposited overnight at the ECB their surplus funds. The central bank wants to set monetary policy steps to persuade commercial banks to prefer depositing their spare funds in other banks than for her, thereby encouraging interbank liquidity and confidence. After the declaration of interest rates followed by a press conference at which he spoke of the ECB president Mario Draghi.

Pan Draghi konferenci started very positively, and the Word: "The euro is irreversible project and the current crisis in the eurozone will not destroy the common European currency."

Furthermore, he clarified his encouraging words from the previous week when he said that the ECB will do everything to save the euro area. He said the European Central Bank in the coming weeks draw up a mechanism for making direct purchases on the open market to stabilize strained borrowing costs in the euro area. The steps which the ECB will be able to push through this mechanism, but will be known only in the coming weeks.

ECB President added that the introduction of such measures is necessary, the Governing Council mandate in maintaining price stability. The possibility of determining the monetary policy apparently stems from the fact that the ECB is an independent institution.

Euro during the press conference soon climbed to 1.24 against the dollar in the hopes that Draghi will announce clear actions. Later, the euro but eased and growth of profits handed. , Falling to 1.2175 against the dollar.

The markets expected a sharp and clear response to the ECB's debt crisis and assumed that the ECB will announce a new round of purchasing government bonds of Italy and Spain.

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Projev M. Draghiho pořádně rozkýval trhy (6.8.2012)

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