Just a month after the European Central Bank halted plans to normalize policy an...
LONDON - Just a month after the European Central Bank halted plans to normalize policy and delayed a rate increase into 2020, further signs of weakness in the economy and a whiff of panic among investors is putting the central bank back in the spotlight.
A debate on whether to “tier” the negative interest rates that banks pay on the idle cash they park at the ECB is now underway, judging by recent ECB comments and the minutes from the March meeting. Euro zone bank stocks and government bonds are sensitive to any TLTRO news. Yields on short-dated Southern European bonds have dropped, suggesting investors expect Italian banks in particular to take up the loans.The ECB is not expected to change its assessment that risks to the economy are tilted to the downside but officials are worried about the downside risks to the growth and inflation forecasts.
Draghi has long predicted a rise in underlying inflation, only for the data to disappoint him and force the ECB to ask for even more time to lift prices.
France Dernières Nouvelles, France Actualités
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