{"id":36465,"date":"2016-09-07T00:00:00","date_gmt":"2016-09-06T22:00:00","guid":{"rendered":"https:\/\/aebanca.es\/actualidad\/te-interesa\/aeb-informa\/draghi-leaving-the-door-open\/"},"modified":"2026-04-09T09:53:40","modified_gmt":"2026-04-09T07:53:40","slug":"draghi-leaving-the-door-open","status":"publish","type":"blog-aeb","link":"https:\/\/aebanca.es\/en\/actualidad\/te-interesa\/aeb-informa\/draghi-leaving-the-door-open\/","title":{"rendered":"Draghi: Leaving the door open"},"content":{"rendered":"<p>An ambiguity that organisations such as the BIS or the IMF now routinely show in their conclusions when assessing the risks arising from the excesses of expansionary monetary policy\u2014while warning of risks, other risks, in the event of rapid monetary normalisation. The Fed has been considering raising interest rates for more than eight months now\u2026 is it moving too quickly?  <\/p>\n<p class=\"p1\">I therefore hope that the ECB leaves us an ambiguous message after tomorrow\u2019s meeting. In short: <\/p>\n<ul>\n<li class=\"p1\">Monetary conditions are very favourable.<\/li>\n<li class=\"p1\">The economic recovery continues, at a moderate pace, while inflation prospects, although low, have remained stable.<\/li>\n<li class=\"p1\">However, the European monetary authority is prepared to take further measures in the future if necessary.<\/li>\n<\/ul>\n<p>Naturally, the possibility of further expansionary monetary measures. Nothing surprising, considering that the market is already pricing this in before year-end. The debate ranges from extending the asset-purchase period, to providing greater credit facilities to banks, and even deepening negative interest rates on financial institutions\u2019 excess reserves. However, in my view, it is this last measure that is likely to face the greatest reservations\u2014not only within the ECB, but also among the other major central banks worldwide. Remember that both the Fed and the BoE have explicitly rejected this possibility. Meanwhile, the BoJ has launched a study to assess its pros and cons.      <\/p>\n<h6 class=\"p1\"><a href=\"https:\/\/aebanca.es\/wp-content\/uploads\/2017\/12\/00-201601895.pdf\">Read the ar<\/a><a href=\"https:\/\/aebanca.es\/wp-content\/uploads\/2017\/12\/00-201601895.pdf\">ticle in<\/a><a href=\"https:\/\/aebanca.es\/wp-content\/uploads\/2017\/12\/00-201601895.pdf\"> full by the AEB Spokesperson<\/a><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>Ambiguity has become commonplace in central bank speeches\u2014an ambiguity also reflected in the G20 communiqu\u00e9 from last weekend, regarding the desirable balance of economic policies. An ambiguity that organisations such as the BIS or the IMF now routinely show in their conclusions when assessing the risks arising from the excesses of expansionary monetary policy\u2014while warning of risks, other risks, in the event of rapid monetary normalisation. The Fed has been considering raising interest rates for more than eight months now\u2026 is it moving too quickly?    <\/p>\n","protected":false},"featured_media":0,"parent":0,"template":"","etiquetas":[295,289,327],"categorias-blog":[777],"class_list":["post-36465","blog-aeb","type-blog-aeb","status-publish","hentry","etiquetas-banco-central-europeo","etiquetas-inflacion","etiquetas-tipos-de-interes","categorias-blog-spokesperson"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Draghi: Leaving the door open - Article published in Expansi\u00f3n<\/title>\n<meta name=\"description\" content=\"Ambiguity has become commonplace in central bank speeches\u2014an ambiguity reflected in the G20 communiqu\u00e9.\" \/>\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\/draghi-leaving-the-door-open\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Draghi: Leaving the door open - 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