FMI instó al Banco de Inglaterra a llevar a cabo más estímulo monetario

Genevieve Signoret & Patrick Signoret

En la conclusión de su misión anual al Reino Unido, el FMI instó al Banco de Inglaterra a llevar a cabo más estímulo monetario. Advirtió de altos riesgos a la baja para la economía y sugirió además que se disminuya el ritmo de la “consolidación fiscal” (FT).

Financial Times:

The International Monetary Fund has called on the Bank of England to cut interest rates and resume printing money to boost demand in the economy. It has also asked the UK government to prepare a Plan B for deficit reduction if these measures do not work.

In a tough assessment of the UK’s economic prospects, the fund said the economy had not responded as it had hoped and risks of continued stagnation were high.

It said “further monetary easing is required” and should happen with more quantitative easing and a cut in the 0.5 per cent interest rate.

…In the conclusions of its annual mission to the UK, the IMF also called on the government to use its low borrowing costs to boost private sector investment.

It suggested government guarantees of private sector borrowing – as proposed last week by David Cameron, prime minister – as well as buying groups of mortgage and business debt from banks. It said the UK should follow the eurozone in offering banks cheap long-term funding. This measure has been resisted by the BoE, which said it was unnecessary.

On deficit reduction, the IMF did not call for an immediate relaxation in fiscal policy, but said the government should consider slowing cuts in infrastructure spending and cutting money elsewhere – public sector wages, for example – where the effects were less severe.

Los puntos principales del comunicado del FMI:

1. Current policies are aimed at assisting economic rebalancing and financial sector stability.
2. But the economy has been flat.
3. The recovery is expected to gain pace, but much productive capacity could remain idle for an extended period.
4. Inflation is falling.
5. Risks are large and tilted clearly to the downside.
6. Policies to bolster demand should help close the output gap faster.
7. Further monetary easing is required.
8. Monetary stimulus can be provided via further quantitative easing (QE) and possibly cutting the policy rate.
9. Options to further boost demand through credit easing measures that utilize the government’s balance sheet should be explored.
10. To support recovery, financial sector policies should focus on strengthening bank balance sheets by building capital rather than reducing assets.
11. The slower pace of structural fiscal consolidation in FY12/13 is appropriate in view of the outlook.
12. There is scope within the current overall fiscal stance to improve the quality of fiscal adjustment to support growth.
13. Fiscal easing and further use of the government’s balance sheet should be considered if downside risks materialize and the recovery fails to take off.
14. Continued structural reforms would further support sustainable recovery.
15. Efforts to further bolster the stability of the financial system need to continue.
16. A broader macroprudential toolkit is desirable.
17. Intensifying supervision and broadening its authority over financial holding companies is a priority.