Effect ECB and not only back the confidence and decreases the spread – TGCOM

13:31 – The figure assumes a symbolic value that should not be underestimated. The reduction in the spread between ten-year BTPs and German bunds of the same maturity below the psychological threshold of 100 points is a harbinger of renewed optimism about Italy but not only.

Despite Greece may be asked to do more in terms of structural reforms, negotiations are at a good point – the first yes Eurogroup the plan submitted by Athens to the outcome of the vote in the Bundestag that a large majority approved the extension of another four months to the aid program – and this strengthens, obviously, the convictions on the strength of the euro.

In short, starting in March, the European Central Bank (ECB) will start the program to purchase government bonds, the quantitative easing (QE), whose announcement last month has already had the positive effects. A massive injection of cash that will aim to re-establish the level of inflation on the value of about 2%, according to the prerogatives of Frankfurt.

Because especially in energy prices and fuel – in Italy , notes the Istat, attenuates the decline in consumer prices in February (+ 0.3% MoM, -0.2% for the year) – Eurozone inflation stood at January -0 , 6%, thus confirming the deflation phase that is to mean substantially the absence of the application. No coincidence that the ECB president, Mario Draghi, has confirmed in recent days that QE will continue as long as inflation will remain low.

While the yield on government bonds decreased encourages Investors, on the other hand reduces the costs for the payment of interest, elements that invigorate the confidence that in Italy returned to growth, both for businesses and families, to levels not seen for several years.

It is the uncertainty about the labor market, despite the ongoing reforms and the decisions taken by the EU. The plan Juncker, presented in November last year, which has an initial capital of 21 billion euro, thanks to a leverage effect, aims to generate 2015 to 2017 investments in strategic sectors such as transport, energy, research and training € 315 billion (as well as thousands of new jobs, according to estimates of Brussels), not yet entirely convinced.

There are many, in fact, private projects presented and the Beautiful – the European Bank investment – complains little innovation. But the hope is that the forecasts of the financial institution are not disregarded, because 2015 will be the year of the revival of competitiveness.

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Mario Draghi

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Quantitative easing