STOX.CZ (Grant Capital)
Markets  |  March 08, 2013 10:41:47

Monetary policy of central banks does not change, unemployment is rising!

Yesterday was in the spirit of the meeting of central banks. Monetary policy remains unchanged, the Bank of Japan. It was followed by the Bank of England, leaving the main rate to 0.5%, as well as a program to purchase assets in the amount of 375 billion pounds. Finally came the news from the ECB, which also left rates at 0.75%. At a later press conference, ECB chief Mario Draghi expressed traditionally the overall situation on the European continent. According to him, the euro area economy stabilized in the first half of 2013 and the second half should gradually lead to recovery.He also confirmed pro-growth policy of the ECB, however, worsened economic outlook for the euro area GDP growth this year to   -0.9% To -0.1%, and for the next 0.0% to 2.0%. Inflation should range from 1.2 to 2.0%.

Other significant news yesterday was rising unemployment in France, which climbed to 10.6% compared to 10.5% expected. This is a new high since 1999 and confirmation of speculation about long-term weakening French economy in particular social policy and strong trade unions that do not allow large corporations to flexiblyrespond to market conditions. The situation is similar in most countries of southern Europe and now beginning to weigh on the very core of the eurozone.   Mario Draghi yesterday's conference emphasized that structural reforms are essential to France as well as other countries the only way to restore economic growth. Youth unemployment in 24 years, commented as a great tragedy, but you can not do anything as the ECB.


Miroslav Vybíral

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