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Czech markets  |  March 01, 2013 15:59:22

Petr Koblic (chief PSE): Shares are experiencing reasonably good year



Loose monetary policy should continue to drag shares to heaven. Fear of collapse while would work as a brake as soon as the slightest signs of trouble major economies. In the case of the EU are mainly debt, a problem that persists, for a time cleared the scene, says CEO of the Prague Stock Exchange Petr Koblic.

Since the early market optimism prevails that only here and there temporarily turbid. Many stock indexes attacking their maximum. Do you think it is justified?

In my continuing what we have seen in the last two years. Of the capital markets, especially in Europe, many of which are still question marks. The result is a relatively high volatility, overreaction to news and so on.Sure, some of the numbers that have recently emerged are quite optimistic. If we look for example at the bond markets vulnerable countries - those people made ??us tremble with terror half a year ago - we see that they look a lot better (the interview was conducted before the results were known Italian elections - ed. Red.). On the other hand, I do not think anything fundamentally changed. Short-term or medium-term optimism and on the ground around them, the overly negative mood lasted too long, but it still must confirm macroeconomic numbers.

It is therefore possible, as some experts argue that the Europeans actually bounced off the bottom? Although the way forward will be full of instability and storms, but the worst that Europe is behind?

I imagine that the private sector actually rebounding or that it found the bottom. My number from the private sector seem quite optimistic. Debt remains a problem, he disappeared, while in principle by some problematic countries hardly redeemable. And I'm not talking about Greece or Portugal, but rather the larger countries in the south. The real solution to this problem I have not heard yet, just simply pushed back a bit.

At the latest when the next crisis - caused by some external factor - the then kicked the can closer again. This may be triggered by a massive natural disaster, a conflict, which I know we can break out, or maybe one of the problems of the larger economies in Asia. Everyone then immediately begin to raise the debt.

One of the most frequently mentioned recipes not only on European debt, inflation, ie spin inflationary spiral. How do you look at a similar solution?

I said something like it was two or three years and some rigid central bankers from the horror hair stand on your head. It's not easy, you need to be careful so that inflation neroztočila too. To do something similar in the euro area would also be exceedingly complex. In the case of some smaller economies it might go, but you have the most troubled euro. And there it was, although I think will help, but it will not solve the problem.

More generally, what do you think about the policy of the European Central Bank Mario Draghi after the onset?

Sick is not the euro are fiscal ills. The euro as a currency is not bad. The problem is that it for her adopted even countries that fiscal policy does not work. Partner countries in the euro area are at different stages of development. The sick are the countries that adopted the euro, but not on it. What the ECB is concerned, she probably now has little choice. Sure ensure comfort her calm in America. He does not talk to or about any other major issues, such as the slowdown of China. ECB because not figuratively in the spotlight. And it seems to have things under control.

Yet some economists continue to criticize the ECB. Are you on what the bank does not change anything?

I think that from the perspective of the core eurozone countries about nothing else can. The question is whether this is what he does, an effective solution for countries that are - and because they implemented the euro - the sick. For example, if it benefits the economy and the overall economic environment in which Greece. However, from the perspective of what they can do with the euro and the euro, it's what you're doing your best.

What awaits boss PSE from the development of the markets by the end of the year, can be found on the web Investment

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