BCE preparado para ofrecer más LTRO
Genevieve Signoret & Patrick Signoret
Bloomberg reportó que, en sesión de preguntas con miembros del Parlamento Europeo posterior a su discurso del lunes, Mario Draghi dijo que el Banco Central Europeo (BCE) está preparado para utilizar cualquier instrumento, incluyendo más préstamos de largo plazo a tasas muy bajas para bancos comerciales (conocidos por sus siglas en inglés como LTRO) para mantener líquidos a los mercados monetarios. En el discurso había mencionado el riesgo de que la disminución del excedente de liquidez bancario presionara al alza las tasas de interés.
“We are ready to use any instrument, including another LTRO if needed, to maintain the short term money markets at the level that is warranted by our assessment of inflation in the medium term,” Draghi said in response to questions from lawmakers in the European Parliament in Brussels today.
Euro-area money-market rates rose to a level that Draghi described as “unwarranted” in July after the U.S. Federal Reserve signaled that it would begin to ease stimulus and signs emerged of a recovery in the 17-nation region. While those rates have since declined, excess liquidity in the financial system is approaching the 200 billion-euro ($270 billion) level the ECB has previously signaled as a lower limit.
Del discurso de Draghi, su comentario sobre el excedente de liquidez:
Reliance on ECB funding support has been steadily declining. These improvements are reflected primarily in the on-going advance repayments of funds by several banks which had borrowed from the ECB under the two three-year longer-term refinancing operations. While repayment of central bank credit is certainly a sign of normalisation, the resulting reduction in excess liquidity can reinforce upward pressures on term money market rates. We will remain particularly attentive to the implications that these developments may have for the stance of monetary policy.