{"id":35803,"date":"2016-12-06T00:00:00","date_gmt":"2016-12-05T23:00:00","guid":{"rendered":"https:\/\/aebanca.es\/actualidad\/te-interesa\/aeb-informa\/initiating-normalization-without-calling-it-that\/"},"modified":"2026-04-09T09:53:21","modified_gmt":"2026-04-09T07:53:21","slug":"initiating-normalization-without-calling-it-that","status":"publish","type":"blog-aeb","link":"https:\/\/aebanca.es\/en\/actualidad\/te-interesa\/aeb-informa\/initiating-normalization-without-calling-it-that\/","title":{"rendered":"Initiating normalization (without calling it that)"},"content":{"rendered":"

And many others who, precisely, warn of the risks and costs should these measures become permanent. Ultimately, explanations are needed. More transparency and certainty regarding the future strategy of monetary policy. And this is by no means easy in a scenario as complex as the current one. In a Reuters poll published last Friday, the majority of economists were inclined to believe there would be no changes in monetary policy this coming Thursday. In fact, they also bet that it would be decided to extend the monthly asset purchases for another six months beyond the next March deadline. <\/p>\n

As you can see, the norm is to expect that nothing will change. This is striking, considering that eight years after the Great Recession, there have indeed been improvements in economic and financial conditions, and the word inflation is increasingly heard (as opposed to deflation previously). <\/p>\n

Read the full article in Cinco D\u00edas<\/a><\/h6>\n","protected":false},"excerpt":{"rendered":"

The ECB faces a difficult task in its meeting this Thursday. I am referring to the need to maintain accommodative financial conditions while simultaneously introducing a message about the possibility of an upcoming end to extreme monetary measures. Beyond the indirect pressure of the Fed changing its policy bias in December (and confirming it with a new interest rate hike in a scenario of inflation at target levels and the unemployment rate at its lowest level in nine years), the truth is that there are more and more studies questioning the effectiveness of exceptional monetary measures. <\/p>\n","protected":false},"featured_media":0,"parent":0,"template":"","etiquetas":[295,623,289,368],"categorias-blog":[777],"class_list":["post-35803","blog-aeb","type-blog-aeb","status-publish","hentry","etiquetas-banco-central-europeo","etiquetas-empleo","etiquetas-inflacion","etiquetas-politica-economica","categorias-blog-spokesperson"],"yoast_head":"\nBlog AEB - Asociaci\u00f3n Espa\u00f1ola de Banca<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aebanca.es\/en\/actualidad\/te-interesa\/aeb-informa\/initiating-normalization-without-calling-it-that\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blog AEB - Asociaci\u00f3n Espa\u00f1ola de Banca\" \/>\n<meta property=\"og:description\" content=\"The ECB faces a difficult task in its meeting this Thursday. I am referring to the need to maintain accommodative financial conditions while simultaneously introducing a message about the possibility of an upcoming end to extreme monetary measures. Beyond the indirect pressure of the Fed changing its policy bias in December (and confirming it with a new interest rate hike in a scenario of inflation at target levels and the unemployment rate at its lowest level in nine years), the truth is that there are more and more studies questioning the effectiveness of exceptional monetary measures.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/aebanca.es\/en\/actualidad\/te-interesa\/aeb-informa\/initiating-normalization-without-calling-it-that\/\" \/>\n<meta property=\"og:site_name\" content=\"Asociaci\u00f3n Espa\u00f1ola de Banca\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-09T07:53:21+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@aebanca\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/aebanca.es\\\/en\\\/actualidad\\\/te-interesa\\\/aeb-informa\\\/initiating-normalization-without-calling-it-that\\\/\",\"url\":\"https:\\\/\\\/aebanca.es\\\/en\\\/actualidad\\\/te-interesa\\\/aeb-informa\\\/initiating-normalization-without-calling-it-that\\\/\",\"name\":\"Blog AEB - Asociaci\u00f3n Espa\u00f1ola de Banca\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/aebanca.es\\\/en\\\/#website\"},\"datePublished\":\"2016-12-05T23:00:00+00:00\",\"dateModified\":\"2026-04-09T07:53:21+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/aebanca.es\\\/en\\\/actualidad\\\/te-interesa\\\/aeb-informa\\\/initiating-normalization-without-calling-it-that\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/aebanca.es\\\/en\\\/actualidad\\\/te-interesa\\\/aeb-informa\\\/initiating-normalization-without-calling-it-that\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/aebanca.es\\\/en\\\/actualidad\\\/te-interesa\\\/aeb-informa\\\/initiating-normalization-without-calling-it-that\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/aebanca.es\\\/en\\\/home\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"AEB Informs\",\"item\":\"https:\\\/\\\/aebanca.es\\\/en\\\/actualidad\\\/te-interesa\\\/aeb-informa\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Initiating normalization (without calling it that)\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/aebanca.es\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/aebanca.es\\\/en\\\/\",\"name\":\"AEB\",\"description\":\"Asociaci\u00f3n Espa\u00f1ola de Banca\",\"publisher\":{\"@id\":\"https:\\\/\\\/aebanca.es\\\/en\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/aebanca.es\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/aebanca.es\\\/en\\\/#organization\",\"name\":\"AEB\",\"url\":\"https:\\\/\\\/aebanca.es\\\/en\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/aebanca.es\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/aebanca.es\\\/wp-content\\\/uploads\\\/2025\\\/07\\\/LOGO-AEB-menu.svg\",\"contentUrl\":\"https:\\\/\\\/aebanca.es\\\/wp-content\\\/uploads\\\/2025\\\/07\\\/LOGO-AEB-menu.svg\",\"width\":57,\"height\":22,\"caption\":\"AEB\"},\"image\":{\"@id\":\"https:\\\/\\\/aebanca.es\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/x.com\\\/aebanca\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Blog AEB - Asociaci\u00f3n Espa\u00f1ola de Banca","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/aebanca.es\/en\/actualidad\/te-interesa\/aeb-informa\/initiating-normalization-without-calling-it-that\/","og_locale":"en_US","og_type":"article","og_title":"Blog AEB - Asociaci\u00f3n Espa\u00f1ola de Banca","og_description":"The ECB faces a difficult task in its meeting this Thursday. I am referring to the need to maintain accommodative financial conditions while simultaneously introducing a message about the possibility of an upcoming end to extreme monetary measures. Beyond the indirect pressure of the Fed changing its policy bias in December (and confirming it with a new interest rate hike in a scenario of inflation at target levels and the unemployment rate at its lowest level in nine years), the truth is that there are more and more studies questioning the effectiveness of exceptional monetary measures.","og_url":"https:\/\/aebanca.es\/en\/actualidad\/te-interesa\/aeb-informa\/initiating-normalization-without-calling-it-that\/","og_site_name":"Asociaci\u00f3n Espa\u00f1ola de Banca","article_modified_time":"2026-04-09T07:53:21+00:00","twitter_card":"summary_large_image","twitter_site":"@aebanca","twitter_misc":{"Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/aebanca.es\/en\/actualidad\/te-interesa\/aeb-informa\/initiating-normalization-without-calling-it-that\/","url":"https:\/\/aebanca.es\/en\/actualidad\/te-interesa\/aeb-informa\/initiating-normalization-without-calling-it-that\/","name":"Blog AEB - Asociaci\u00f3n Espa\u00f1ola de Banca","isPartOf":{"@id":"https:\/\/aebanca.es\/en\/#website"},"datePublished":"2016-12-05T23:00:00+00:00","dateModified":"2026-04-09T07:53:21+00:00","breadcrumb":{"@id":"https:\/\/aebanca.es\/en\/actualidad\/te-interesa\/aeb-informa\/initiating-normalization-without-calling-it-that\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/aebanca.es\/en\/actualidad\/te-interesa\/aeb-informa\/initiating-normalization-without-calling-it-that\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/aebanca.es\/en\/actualidad\/te-interesa\/aeb-informa\/initiating-normalization-without-calling-it-that\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/aebanca.es\/en\/home\/"},{"@type":"ListItem","position":2,"name":"AEB Informs","item":"https:\/\/aebanca.es\/en\/actualidad\/te-interesa\/aeb-informa\/"},{"@type":"ListItem","position":3,"name":"Initiating normalization (without calling it that)"}]},{"@type":"WebSite","@id":"https:\/\/aebanca.es\/en\/#website","url":"https:\/\/aebanca.es\/en\/","name":"AEB","description":"Asociaci\u00f3n Espa\u00f1ola de Banca","publisher":{"@id":"https:\/\/aebanca.es\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/aebanca.es\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/aebanca.es\/en\/#organization","name":"AEB","url":"https:\/\/aebanca.es\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/aebanca.es\/en\/#\/schema\/logo\/image\/","url":"https:\/\/aebanca.es\/wp-content\/uploads\/2025\/07\/LOGO-AEB-menu.svg","contentUrl":"https:\/\/aebanca.es\/wp-content\/uploads\/2025\/07\/LOGO-AEB-menu.svg","width":57,"height":22,"caption":"AEB"},"image":{"@id":"https:\/\/aebanca.es\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/x.com\/aebanca"]}]}},"_links":{"self":[{"href":"https:\/\/aebanca.es\/en\/wp-json\/wp\/v2\/blog-aeb\/35803","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/aebanca.es\/en\/wp-json\/wp\/v2\/blog-aeb"}],"about":[{"href":"https:\/\/aebanca.es\/en\/wp-json\/wp\/v2\/types\/blog-aeb"}],"wp:attachment":[{"href":"https:\/\/aebanca.es\/en\/wp-json\/wp\/v2\/media?parent=35803"}],"wp:term":[{"taxonomy":"etiquetas","embeddable":true,"href":"https:\/\/aebanca.es\/en\/wp-json\/wp\/v2\/etiquetas?post=35803"},{"taxonomy":"categorias-blog","embeddable":true,"href":"https:\/\/aebanca.es\/en\/wp-json\/wp\/v2\/categorias-blog?post=35803"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}