MILAN (Reuters) – With the latest package of monetary stimulus of the European Central Bank, which on December 3 last year has further lowered the deposit rate and extended by six months the program of asset purchases, the zone inflation euro should return to line objective “without undue delay”.
He says the governor Mario Draghi, today in Bologna for four decades Prometeia setting himself up as a defender of the most recent contribution of monetary policy to the economic recovery which “seems to finally stand on firmer foundation. “
The financial markets have shown a keen disappointment ECB response to the latest package, as too timid by the majority of investors unbalanced forward.
” After the recalibration of our instruments implemented this month by the Governing Council, we expect that inflation will reach our goal without undue delay, “said the central banker.
The only monetary policy, remember, can not guarantee price stability without an adequate contribution of economic policy – hence the the need to continue the process of reform.
“From this point of view The recent reform of the law governing the insolvency in Italy is to be evaluated positively. It is estimated that the average duration of bankruptcy procedures will be halved and that the timing of the foreclosure proceedings will fall in no small measure. The timely recovery of collateral approaches the market value of impaired assets to the level at which transactions can take place, accelerating the deleveraging process. “
As for the profitability of banks in the euro zone the impact of these measures by the ECB, according to estimates of the staff of Frankfurt, is considered substantially zero.
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