ECB monetary policy




The position of the ECB on TLTROs III could be less generous than expected

Do The Central Banks Determine Interest Rates?

I believe central banks don’t control long-term rates – which are decisive for investment – and that they can influence them in what we would call normal circumstances, namely when GDP is expanding and inflation is at its optimum level. The central bank trys to control the private market’s expectations, but it doesn’t always succeed.


monetary normalisation

Preparing For The Start Of Monetary Normalisation In Europe

J.L Campuzano (Spanish Banking Association) | What is clear from ECB President Mario Draghi’s speech last Thursday is that investors consider we are closer than farther away from the start of monetary normalisation against a backdrop of economic optimism.


No Changes in ECB

The European Central Bank kept monetary policy unchanged: interest rates on hold and made only its previous broad commitment to run bond-buying for as long…



global liquidity drivers

Credit And Liquidity In The Eurozone

J. L. M.Campuzano (Spanish Banking Association) | During one of the conferences at last week’s Jackson Hole meeting, ECB council member Benoit Coeure analysed the extreme monetary measures taken by the ECB (in reality by all the main central banks) during the crisis. His opinion was that the neutral interest rate equilibrium is now very low (the product of a combination of low potential growth and low inflation expectations) which explains the remainder of the exceptional measures implemented.