Vladimír Urbánek (Kurzy.cz)
Macroeconomics  |  February 07, 2013 14:59:08, updated

The ECB left rates unchanged, Draghi verbally intervened against the euro


The ECB on Thursday decided to keep the base rate unchanged. The main interest rate remains at a record low of 0.75%. The decision fulfilled most of the expectations of the market.

Experts point out that the euro is probably stronger than would be desirable, because too strong euro harms exports and hampers economic growth and recovery in the euro area. ECB rates are now the highest of the major triad (U.S., eurozone, Japan), which would further weaken the U.S. currency, and Japan, which can further complicate the position of the EU economy.

ECB chief Mario Draghi at the accompanying press conference said that the development of the euro is not a priority objective, but it is important for economic growth and price stability. The ECB wants to see if it is sustainable strengthening of European currencies and how they affect inflation.
According to Draghi monetary policy remains accommodative and low rates should support the economy later in the year. Residual risks are more on the potential decline.
A stronger euro should hinder inflation. First of all, this statement, the market interpreted as a signal of a possible area for future rate cuts, which caused the strongest weakening of the euro in the last 7 months. Some comments refer to yesterday's speech as ECB chief perfectly proper "verbal intervention". Some comments very positive view of the speech, because there Draghimu also managed to strengthen faith in the strength of the euro area and at the same time he managed to weaken its currency, which would in itself encourage further economic development.

According to comments ECB's position is taken as a slightly more negative, with comments on inflation pushes the weakening of the euro.
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