Vladimír Urbánek (Kurzy.cz)
Markets  |  August 28, 2012 09:06:43

Schäuble / Moscovoci, Evans (Fed) supports QE3, an interesting suggestion from Poland

Yesterday brought together finance ministers of Germany and France, Schäuble and Moscovici. They agreed to establish a working group to take forward further issues in the banking union, fiscal union and strengthen the monetary union. Surprisingly, the Schäuble talked about having to deal with a period of weak growth and with the help of joint actions (read increment). After calling Hollande since his election, and Merkel was still quite strongly against.

According to a member of the ECB's Asmussen will not contemplated buying bonds financing governments - Noehož fear Bundesbank and which considers excess competencies. ECB sets the rules to allow governments in an effort to allow the settlement budgets. For example gives foiled procedure from last year, when the ECB bought Italian bonds, but the time that the government has provided, according to him, was not sufficiently exploited.

Chicago Fed President Charles Evans yesterday vigorously advocated further QE3. According to him, unemployment gets below 7% in 2015 and first purchase bonds have therefore had to be long running. It also supports a form of purchase, when the volume is not set, but buying such bonds will be stopped only when unemployment is 2 or 3 quarters of decline. Only if inflation rose above a fixed limit (3%), and the Fed ended before shopping. Evans is currently nehlasujícím member, it will change next year.

Came up with an interesting proposal Polish central banker E. Chojna-Duch. CB suggests that at its next meeting raised the inflation target from the current 2.5%. He is said to be too rigid and prevent the CB to greater relaxation of monetary policy (after which itself calls for a longer time). We do not think that such a thing should happen. According to us, not even the cut, which is becoming increasingly speculate. He previously commented Kazmierczak her colleague that he will not support any cut. And up until inflation falls below 3% (which was last 4%)

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Schäuble/Moscovoci, Evans (Fed) podporuje QE3, zajímavý návrh z polska

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