During the past two decades, policy discussion in fora such as the IMF, G7 or G20 have been predicated on three key assumptions about that process: reallocation of aggregate demand across economies would sustain an appropriate pace of global growth; freely floating exchange rates would support such demand and act as shock absorbers; and cross border capital flows make international adjustment smoother and improve the global allocation of capital.
But recent theoretical and empirical research has started deconstructing these three assumptions. First, the capacity of the global economy to generate growth is under question. In a global zero lower bound environment, surplus countries hold world output down. Second, global interconnectedness seems to have altered the shock absorbing role of floating exchange rates.
And finally, academics have questioned the resource allocation and risk-sharing benefits of cross-border capital flows, while capital controls, or as recently dubbed capital flow management measures, are once again part of the policy discussion. In light of these discussions, is there a case for rethinking international macro adjustments and the functioning of the International Monetary System?
And can we shape financial regulation in a way to reap the benefits of a global financial integration? The way academics and policy makers address those open issues in international economics will condition the resilience of the global economic system, i. This is of key importance to central bankers. They have been instrumental in arresting and reversing the deflationary pressures that hit the euro a year ago.
Composite lending rates for non-financial companies declined more than 70 basis points for the euro area as a whole between June and today, and by between and basis points in stressed economies. That is a formidable pass-through. Small businesses also report improvements in access to external sources of finance.
To highlight three risks: global growth this year will be the weakest since ; this is the weakest euro area rebound since ; and the recovery remains very protracted in historical perspective. We cannot say with confidence that the process of economic repair in the euro area is complete.
If we conclude that the balance of risks to our medium-term price stability objective is skewed to the downside, we will act by using all the instruments available within our mandate. We consider the asset purchase programme to be a powerful and flexible instrument, as it can be adjusted in terms of size, composition or duration to achieve a more expansionary stance. The level of the deposit facility rate can also empower the transmission of APP, not least by increasing the velocity of circulation of bank reserves.
If we decide that the current trajectory of our policy is not sufficient to achieve our objective, we will do what we must to raise inflation as quickly as possible. That is what our price stability mandate requires of us. The speech points that the euro area problem is part of a predicament shared by other advanced economies: decades of declining economic and productivity growth rates, prolonged periods of low inflation and an untamed financial sector fuelling asset price booms.
Policies adopted by the ECB are thus responding to the present situation of low inflation and tepid recovery. Namely, the low level of policy rates is associated with the declining real rate of equilibrium. The worsening of the international economic situation and the low inflation will lead the ECB to reassess its policy stance in December. To face the challenges confronting the euro area, it is recognised that monetary policy cannot address all the problems and that structural reforms and fiscal policy should help to overcome them.
Markets have never been more integrated than they are today. In the case of Europe, we benefit from open markets because we need to be able to invest abroad part of the savings that will finance our pensions. The European Union embodies the principle of an open market economy in its Treaties.
But to reap the benefits of openness markets need appropriate governance. For example, people need confidence that contracts entered into will be enforced. Fair rules on competition, property rights and the rule of law are essential. For financial markets this is especially important given their inherent fragility. Regulations need to be sufficiently sound to preserve the integrity of the market but not so taxing as to suffocate it.
To be true sources of opportunity, markets need policing. This makes the market a political construct. In a true market, one that is both open and free, there exists at the level of the whole market the three branches of government: legislative, judiciary and executive. It is well understood by all that a genuine single market in Europe has to be buttressed by appropriate and credible institutions.
But political sovereignty and the market do not perfectly overlap so the question in Europe is which institutions are most appropriate to uphold as much freedom of the market as possible for different members. The single currency increases the benefits of a single market but also heightens the degree of mutual vulnerability to which member countries are exposed. National policymakers cannot fully protect their citizens from financial instability without pooling more sovereignty over decision-making.
Countries that share a single market and a single currency need deeper institutional integration. The single supervisory mechanism is an example of this. A single supervisor, applying homogenous methodologies, internalises mutual trust. The case is clear that completing banking union is a priority, with a fully equipped single resolution mechanism and uniform deposit insurance scheme.
Cross border markets create a community of interest from which each member stands to benefit. But they also heighten shared exposure to the potential detriment of all, so they need governance. This is true at the global level and the European level. It is even more true for countries sharing the single currency.
For them, it is even more important to complete economic and monetary union in all its aspects. The generalised use of system-wide stress testing was boosted by the financial crisis. However, thus far, system-wide stress tests have been focusing on banks and their solvency and have been used for microprudential purposes. The macroprudential policy function has added a new dimension to stress testing going well beyond the examination of individual bank results. Furthermore, efforts are being made in the direction of going beyond banks and integrating, to the extent possible, the shadow banking sector in the broader framework.
These steps are necessary to provide the macro dimension to stress testing exercises and make them fit for macroprudential policy use. This entails accounting for macroeconomic impacts along the horizons of stress testing exercises, as well as alerting for the need for pre-emptive action and assessing the impact of macroprudential policy tools. When the business cycle and the financial cycles are disconnected, monetary policy must remain anchored to its goal of ensuring price stability in the markets of goods and services.
It cannot address instability in asset markets or broader financial stability risks. This is the task of macroprudential policy. Its objective is to contain systemic risk in the financial system. The role of macroprudential policy is all the more relevant in a monetary union, where economic and financial conditions may significantly differ across member states.
With its granular and targeted instruments, macroprudential policy provides the most appropriate tool for staving off financial stability risks in the specific areas where they arise, being it at the level of a country, a sector or a financial institution. An effective conduct of macroprudential policy can therefore help monetary policy to remain focussed on fulfilling its price stability mandate.
The last two years have shown that macroprudential policy in Europe is already active. Going forward, we need to complete the macroprudential toolkit in the hands of European authorities to enhance consistency and policy co-ordination and to enable them to address financial stability risks emerging outside the banking system.
This will be a key step to accompany further European market integration and the creation of a true Capital Markets Union. But for this to be secured in a lasting way, we need to further develop the "E", i. In the past decade, intermediate solutions to save the euro area were found, but left the EMU still vulnerable to future crises. Therefore, we need to define a new convergence process, involving converging economic structures and more integrated markets.
This should be complemented by fully legitimate institutions with the right instruments to intervene if the consensus is not respected. This new convergence process will lead to higher resilience against economic shocks on a national level and European level, via internal and euro-wide adjustment mechanisms. And it is a prerequisite before discussing a layer of fiscal stabilisation at the European level, which would protect monetary policy from bearing too much of the stabilisation burden.
But such a new convergence process cannot be a technical exercise. For convergence to be lasting and to secure the buy-in of citizens and Member States, such a process needs to be political in nature. This requires a revived political narrative for euro area integration, and a coherent European social contract that brings out the best in each national social contract.
We live in an increasingly globalised world. The responsiveness of financial markets to monetary policy announcements is prima facie evidence that the exit from the zero lower bound may have potent spillovers on other countries in the short run. The medium-term impact of monetary policy spillovers is however much less clear-cut than frequently assumed in policy debates.
Looking forward, central banks play an important role in preserving price and financial stability in their own constituencies, but also in stabilising the global financial system. However, it would be a misconception to believe that central bank actions alone are enough. Global challenges require domestic and global responses to make the financial system more resilient.
He reviews recent developments in euro area inflation and related implications for monetary policy. Understanding inflation dynamics has become particularly important in present times, in view of the prolonged low inflation phase. The traditional relationship between slack in the economy and inflation seems to have weakened significantly in some countries. This requires a careful examination since that relationship — the Phillips curve — is the traditional cornerstone of the transmission mechanism giving central banks control of inflation.
Inflation dynamics since the Great Recession have shown signs of instability that have led to a sequence of systematic forecast errors. After reviewing a number of unsettled issues pertaining to the Phillips curve in the economic literature, such as those related to the measurement of economic slack and inflation expectations, the discussion note argues that the two puzzles can be explained, and that the Philips curve for the euro area is alive and well.
The current phase of low inflation is significantly driven by negative demand shocks at the global and domestic level, besides commodity price developments. This is certainly the case for the euro area where the low inflation can largely be explained by domestic demand weakness, possibly leading to a larger degree of economic slack than indicated by the usual methods. The link between inflation and real economic activity appears however to have strengthened in the euro area as of late steepening of the Phillips curve.
We should thus be able to bring the inflation rate closer to target in the medium term, provided that our policies are successful in significantly reducing the economic slack. The current euro area environment, with policy rates required to stay low for a prolonged period of time and an apparent disconnect between the business and financial cycle, clearly points to a situation where monetary policy cannot deviate from price stability objectives to influence the financial cycle.
While acknowledged in principle, this fact has not yet been fully reflected in our policy frameworks. Two major moves are required. First, macroprudential policy must place greater emphasis on preventing large fluctuations in the financial cycle, rather than simply increasing resilience to shocks when they occur. In particular, borrower-based measures should be properly embedded in European legislation, which is not the case at present. Second, a broader macroprudential toolkit is needed to address risks stemming from the shadow banking sector due to its increasing role in credit intermediation.
This could involve measures such as redemption gates and loading fees to provide additional safeguards. Guided stress tests can provide comparable assessments of the health of individual institutions and of the resilience of the financial system as a whole. Appropriate policy responses to mitigate growing risks need however to be calibrated, in order to ensure a contained impact on credit supply to the real economy.
While there are principles that apply across countries, each economy is different and reforms have to be tailored to national conditions. As a central bank, our interest is not in how countries implement reforms, but whether they succeed in doing so. There are two main channels through which structural reforms can support long-run growth in the euro area, namely through increasing the adjustment capacity of the economy and through raising its potential growth rate.
Put differently, reforms can raise both the trend of long-run growth and reduce the fluctuations around that trend. Both aspects are particularly important in a monetary union, which makes structural reforms commensurately more pressing. The environment for introducing structural reforms is better today than for several years: all the conditions are in place for governments in the euro area, individually and collectively, to begin addressing their long-term challenges.
Structural and cyclical policies — including monetary policy — are heavily interdependent. Structural reforms increase both potential output and the resilience of the economy to shocks. This makes structural reforms relevant for any central bank, but especially in a monetary union. For members of monetary union resilience is crucial to avoid that shocks lead to consistently higher unemployment, and over time, permanent economic divergence.
It therefore has direct implications for price stability, and is no less relevant for the integrity of the euro area. This is why the ECB has frequently called for stronger common governance of structural reforms that would make resilience part of our common DNA. Structural reforms are equally important for their effect on growth. It would also make it harder to work through the debt overhang still present in some countries. Finally, low potential growth can have a direct impact on the tools available to monetary policy, as it increases the likelihood that the central bank runs into the lower bound and has to resort recurrently to unconventional policies to meet its mandate.
Since many economies are distant from the frontier of best practice, the gains from structural reforms are easier to achieve and the potential magnitude of those gains is greater. There is a large untapped potential in the euro area for substantially higher output, employment and welfare.
And the fact that monetary policy is today at the lower bound, and the recovery still fragile, is not, as some argue, a reason for reforms to be delayed. This is because the short-term costs and benefits of reforms depend critically on how they are implemented. If structural reforms are credible, their positive effects can be felt quickly even in a weak demand environment. The same is true if the type of reforms is carefully chosen.
And our accommodative monetary policy means that the benefits of reforms will materialise faster, creating the ideal conditions for them to succeed. It is the combination of these demand and supply policies that will deliver lasting stability and prosperity. Strukturreformen sind auch wegen ihrer Auswirkungen auf das Wachstum wichtig.
Por tanto, tiene implicaciones directas para la estabilidad de precios y no es menos importante para la integridad de la zona del euro. Las reformas estructurales son igualmente importantes por sus efectos sobre el crecimiento. En la zona del euro hay sin utilizar un gran potencial para un crecimiento, un empleo y un bienestar considerablemente mayores. Lo mismo ocurre si las reformas se eligen cuidadosamente. Le politiche strutturali e cicliche, compresa la politica monetaria, sono fortemente interdipendenti.
Le riforme strutturali accrescono sia il prodotto potenziale sia la tenuta dell'economia agli shock e pertanto assumono rilevanza per ogni banca centrale, soprattutto in un'unione monetaria. Le riforme strutturali sono altrettanto rilevanti per il loro effetto sulla crescita. Il fatto che la politica monetaria si trovi oggi sul limite inferiore e che la ripresa sia ancora fragile non giustifica, come vorrebbero alcuni, un ritardo nel processo di riforma.
Se le riforme strutturali sono credibili, gli effetti positivi possono essere rapidamente avvertiti persino in un contesto di debolezza della domanda. Hierdoor zijn structurele hervormingen van belang voor elke centrale bank, maar met name voor een centrale bank binnen een monetaire unie. Voor de leden van een monetaire unie is schokbestendigheid van cruciaal belang om te voorkomen dat schokken leiden tot langdurig hogere werkloosheid en na verloop van tijd tot permanente economische divergentie.
Schokbestendigheid heeft daarom directe implicaties voor de prijsstabiliteit, en is niet minder belangrijk voor de integriteit van het eurogebied. Daarom heeft de ECB regelmatig opgeroepen tot een steviger gemeenschappelijk beheer van structurele hervormingen die schokbestendigheid zouden opnemen in ons gemeenschappelijke DNA. Structurele hervormingen zijn van even groot belang door hun effect op de groei.
Dit zou het tevens lastiger maken een uitweg te vinden uit de in enkele landen nog steeds aanwezige grote schulden. De zwakke langetermijnprestaties van het eurogebied bieden overigens ook kansen. Er is een groot nog ongebruikt potentieel in het eurogebied voor aanzienlijk hogere productie, werkgelegenheid en voorspoed. En het feit dat het monetair beleid zich thans aan de ondergrens bevindt en het herstel nog steeds broos is, is geen reden, zoals enkelen bepleiten, om hervormingen uit te stellen.
Dit is omdat de kortetermijnkosten en voordelen van hervormingen in cruciale mate afhangen van hoe zij ten uitvoer worden gelegd. Als structurele hervormingen geloofwaardig zijn, zijn hun positieve effecten snel merkbaar, zelfs in een klimaat van zwakke vraag. Hetzelfde geldt als het soort hervormingen nauwkeurig wordt gekozen. Het is de combinatie van deze vraag- en aanbodbeleidslijnen die zal leiden tot blijvende stabiliteit en voorspoed.
The notion of an effective lower bound on policy interest rates that is lower than zero has become a concrete concern for monetary policy. While the effective lower bound for short-term rates exists, it does not impose a binding constraint on the effectiveness of monetary policy.
We saw that the short-term interest rate going below zero does not pose difficulties for monetary policy. While removing the effective lower bound by abolishing cash can be envisaged, such a step should be the outcome of changing technologies and social perceptions, not of policy prescriptions. Also political capital could be better spent on structural reforms of euro area economies, which would raise the natural real rate of interest and thereby make the lower bound less of a constraint.
Discussion has recently emerged on the global financial market implications of diverging monetary policy cycles. Central banks in large advanced economies can free themselves from the global financial cycle and regain monetary independence, provided that they show clarity in purpose and resolve in implementation.
The global exchange rate adjustments should be therefore seen as a natural by-product of such move towards monetary policy independence and divergence. Monetary policy always has unintended consequences, no matter where it is pursued. At the ECB we take our decisions with a view to attaining our primary objective of price stability. But without prejudice to this objective, we take financial stability risk seriously and monitor closely whether severe imbalances are emerging in the financial sector.
The new ECB headquarters are a symbol of the best of what Europe can achieve together. But it also reminds us of why we can never again risk to split apart. The crisis is testing European unity. Some, like many of the protesters today, believe the problem is that Europe is doing too little while others, like the populist parties emerging across Europe, believe Europe is doing too much.
The answer is not to unwind integration, nor to hold out an unattainable vision of where integration should lead. We need ambition in our ends and pragmatism in our means. We need to reconcile the economics of integration, which is about efficiency, with the politics of integration, which is about equity. Education and training need to be as much a part of the reform agenda as creating more flexible markets and reducing red tape.
And the more decision-making over economic issues moves to the European level, the more democracy needs to move with it. We therefore need to strengthen the channels for genuine European democratic legitimacy, like the European Parliament. By giving up some formal sovereignty, people will gain in effective sovereignty. They will empower institutions with euro area-wide responsibility able to tackle the pressing problems of jobs and growth.
And so their votes may make more of a difference to their lives than they do today. Supervisors can contribute to sustainable economic growth by ensuring that supervised entities are resilient to plausible shocks, properly managed, adequately capitalised and subject to an efficient risk management and the right incentives. The European Single Supervisory Mechanism takes a medium to long-term perspective on this, resisting those who argue for short-term relief. The SSM ensures that banks can deliver in their tasks in all phases of the economic cycle and thus are able to provide the economy with the financial services that corporations, smaller firms and citizens need.
Europe needs to accelerate on its way to economic and institutional convergence. Due to falling oil prices, accommodative monetary policy and successful structural reforms, we can be optimistic about the economic outlook. The nascent recovery should be used as a window of opportunity to go ahead with reforms that make the euro area less fragile and vulnerable to shocks. Economic convergence should be reached through structural reforms that lead to an alignment of productivity levels.
On the institutional side, we need to move from a system of rules and guidelines for national economic policy making to a system of further sovereignty sharing within common institutions. As part of this process, we need to strengthen the democratic accountability of Europe towards its citizens. In January, the ECB decided to expand its asset purchase programme to include government bonds after it became clear that there was a need for more monetary stimulus.
By deploying this tool, the ECB underlined its ability and determination to stabilise euro area inflation in line with its objective. This suggests that the asset purchase programme may be shielding other euro area countries from contagion, which also helps the ECB achieve its monetary policy goals across the euro area. The euro area economy grew more than expected in the fourth quarter and unemployment fell to its lowest level since August in January.
Firms will be encouraged to increase investment, bringing forward the economic recovery. The Governing Council decision to start purchases of public sector securities has demonstrated its ability to meet the mandate of price stability and bring inflation rates back to levels below but close to 2 percent.
With this policy, it makes full use of all legal and effective monetary policy instruments. The design of such purchases has taken into account the specificities of the institutional set-up, notably the fact that the euro area is a monetary union that is not a fiscal union. This is an assertion of monetary dominance, in compliance with the principles enshrined in the Maastricht Treaty. Monetary policy is implemented in normal times in money markets.
Stepping into bond markets creates challenges and might have unintended consequences. One key principle underlying the implementation of the PSPP is the minimisation of unintended consequences, which can be ensured by obeying the concept of market neutrality. We do want to affect market prices but we will not suppress the price discovery mechanism.
The Eurosystem will ensure a high degree of transparency around its interventions and will closely monitor their impact on market liquidity and collateral availability. Some market reports have suggested that we may not be able to buy the intended amounts of government bonds.
While the effective supply of eligible securities is undoubtedly lower than the total amount outstanding, it will still be substantially higher than the amounts we intend to purchase. If this is the case, there will be a price at which we can buy the quantities needed to meet our monthly targets. In other words, we may face a scarcity of bonds, but we won't face a shortage.
And there are good reasons to expect that scarcity will materialise first and foremost in those market segments with a higher duration, potentially helping to maximise the economic impact of our operations. The financial crisis has shown that price stability is not sufficient to guarantee financial stability. In the run-up to the financial crisis, imbalances were building-up while inflation was low and stable. At present, the search for yield phenomenon continues against the very low inflation, subdued growth and low interest rate environment.
Monetary policy aims at ensuring price stability in the market for goods and services. It should not be used to address pockets of instability in asset markets. This falls under the remit of macro-prudential policy, aimed at safeguarding stability of the financial system and containing systemic risk.
At present, in advance economies, monetary policy needs to stabilise prices and to continue supporting real activity, while macro-prudential policy needs to tame the financial sector in asset market segments showing signs of exuberance or where imbalances could be forming.
Financial stability objectives can only be achieved with an effective macro-prudential policy. This requires policy interventions in a timely and bold manner, significantly affecting the normal behaviour of financial markets or financial institutions. This poses great challenges. First, measures would need to be admittedly intrusive, going well beyond the new capital and liquidity regulatory framework.
Advanced economies will only be able to ensure financial stability with effective macro-prudential policy interventions. We had to act because the inflation outlook had deteriorated, while our previous measures had not worked as effectively as we expected. In this environment our decision was fully consistent with our reaction function, which we had communicated last year, and it was only natural for markets to anticipate our move. We did it in line with our mandate and price stability objective.
And I have no doubt that the measures we took will bring the intended effects. Decision-makers in different policy areas act independently and are at the same time interdependent. The crisis in Europe has shown that policy interactions can be more subtle and involve also financial and structural policies.
Monetary policy becomes more effective in impacting the real economy if other policies act in support. If not, it has less impact and expansionary policy has to last longer. An example for interdependence between monetary and financial policies micro level is if supervisors show too much forbearance to undercapitalized banks, central bank funding may end up being used to fill the gap.
Fiscal policies can also become overburdened if they need to smoothen the economic cycle and at the same time stabilize the banking sector. Banking union has been there one answer to the crisis. European supervision helps align the governance of the financial sector with the aims of monetary policy.
And the resolution leg creates rules that limit the link between fiscal policies and the banking sector; bail-in replaces bail-out by governments and taxpayers. The interaction between structural reforms and fiscal policies is clear: if product and labour markets are resilient and flexible, there is less need for fiscal intervention. Constantly refining fiscal rules while leaving structural policies at the national level makes little sense.
If fiscal policies are to be freed from structural dominance, strong framework for both is needed. Today structural reforms are their own reward. Tomorrow sovereignty over structural reforms should be shared between countries, allowing for symmetric risk sharing.
The monetary policy experience of the past seven years is reviewed. In pursuit of its objectives, the ECB has been very flexible in adjusting and expanding its toolkit. In a first phase, from to , monetary policy measures aimed at easing financial constraints arising from malfunctioning money and funding markets.
Non-standard monetary policy was conducted in a context of well-anchored inflation expectations. It was not aimed at, but unavoidably resulted in, the expansion of the ECB's balance sheet. Non-standard measures, introduced as from July , included a policy of forward guidance, asset purchase programmes of private debt, a programme to provide targeted long-term funding to banks and an enlargement of the asset purchase programme to include sovereign bonds.
A number of concerns have been voiced regarding the adoption of a large scale asset purchase programme APP in the euro area. It is argued that these concerns are unfounded since: the transmission channels of the APP go well beyond the direct effect on the price and yield of the purchased assets; government fiscal discipline should not be achieved at the expense of central bank independence; central banks have instruments to absorb the effects of an expanded monetary base should inflation become a risk in the future; and finally, exuberance in specific asset markets should be addressed with macro-prudential policy tools, at national level, since price stability relevant for monetary policy refers to the market of goods and services, not to asset markets at large.
At the moment, the euro area is suffering mostly from weak aggregate demand. Supply-side policies are necessary to increase the medium-term growth potential. Monetary policy, aiming at price stability by stimulating demand and supporting investment, should reduce employment and output gaps, thereby positively affecting medium-term growth.
The ECB has responded forcefully to counter growing risks of a too prolonged period of low inflation. The current set of measures will enhance our monetary policy stance, incentivise bank lending, overcome remaining impairments in our transmission mechanism and underpin the firm anchoring of medium- to longer-term inflation expectations. Tentative evidence suggests that our credit easing package is delivering some tangible first benefits.
But we need to remain vigilant as to whether the force of monetary stimulus already in the pipeline remains sufficient to reach our objective. If needed, one option for the ECB to ease the monetary policy stance further would be to extend its asset purchases towards other asset classes. Purchases of different asset classes will affect private sector financing conditions to varying degrees as they will activate different transmission channels and affect different spread components.
ECB President Mario Draghi outlined the minimum requirements needed to complete monetary union in a way that offers stability and prosperity for all its members in a speech to students of the University of Helsinki. In the absence of permanent fiscal transfers among Member States, there are two minimum requirements to achieve these objectives: the first is that all euro area countries need to be able to thrive independently, the second is that euro area countries need to invest more in other mechanisms to share the cost of shocks.
In a monetary union, the economic performance of any single country cannot be seen as a purely national concern. In this context Mr Draghi said barriers to capital markets integration needed to be addressed with urgency. Sovereign debt needs also to act as a safe haven in times of economic stress. It can do so first of all through a strong fiscal governance framework. Secondly, by having some form of backstop for sovereign debt in place. Valtion velan on oltava turvallinen sijoituskohde silloinkin, kun talouskehitys on heikkoa.
In een toespraak voor studenten aan de Universiteit van Helsinki schetste de President van de ECB, Mario Draghi, de minimumvereisten die nodig zijn voor de voltooiing van de monetaire unie op een wijze die stabiliteit en welvaart biedt voor al haar leden.
Mario Draghi, die erkende dat "ondanks al haar schokbestendigheid onze unie nog lang niet is voltooid", zei dat de leden uiteindelijk "binnen de unie beter af [moeten] zijn dan erbuiten". In de afwezigheid van permanente budgettaire overdrachten tussen de lidstaten, zijn er twee minimumvereisten om deze doelstellingen te verwezenlijken: het eerste is dat alle landen van het eurogebied onafhankelijk van elkaar moeten kunnen gedijen, en het tweede is dat landen van het eurogebied meer dienen te investeren in andere mechanismen om de kosten van schokken te delen.
Dit betekent bovenal structurele hervormingen", aldus de President. In deze context zei Draghi dat er dringend iets moet worden gedaan aan de belemmeringen voor kapitaalmarktintegratie. Staatsobligaties moeten tevens fungeren als veilige haven in tijden van economische stress. Dit kan in de eerste plaats via een krachtig kader voor begrotingsgovernance.
De tweede manier is te zorgen voor een soort vangnet voor staatsschulden. Detta kan ske genom ett starkt finanspolitiskt styrsystem. In his speech at the Finnish Parliament the President highlighted that, over the past crisis years, the ECB has acted forcefully to safeguard price stability and to contribute to financial stability in the euro area as a whole.
In particular, the ECB has taken several non-standard measures to ensure the transmission of its monetary policy to the economy. The latest unconventional measures announced by the ECB the targeted long term refinancing operations TLTROs , and the covered bond and ABS purchase programmes will have a sizeable impact on our balance sheet, which we expect to move towards its early dimension.
If, however, it becomes necessary to further address risks of too prolonged a period of low inflation, the Governing Council is unanimous in its commitment to using additional unconventional instruments within its mandate. Accountability and transparency are the essential elements balancing the independence of a central bank, especially in times where unconventional measures are being taken. The ECB regularly publishes a variety of data on the execution of monetary policy operations and the liquidity conditions of the Eurosystem.
Additionally, the Governing Council committed to the publication of an account of monetary policy discussions. As regards fiscal policy and structural reforms, while the Stability and Growth Pact should remain the anchor for confidence in sustainable public finances, a comprehensive strategy is needed to put the euro area economy back on track.
This involves further sharing of sovereignty, i. The upcoming report commissioned by the Euro Summit on the future of economic governance will present a good starting point for further reflection. Tietoja julkaistaan muun muassa velkapaperiohjelmasta, katettujen joukkolainojen osto-ohjelmista ja omaisuusvakuudellisten arvopaperien osto-ohjelmasta.
The mandatory use of central clearing is a relatively new regulatory tool for mitigating systemic risk in the OTC derivatives space. It has brought the central counterparties CCPs to the forefront of financial market regulation. It is therefore crucial for CCPs to have comprehensive and effective recovery plans, relying on a wide range of recovery tools, to continue providing their critical services also in a very severe crisis without requiring the use of resolution powers by authorities.
Obviously the stability of CCPs primarily depends on the establishment and implementation of robust risk management framework. But CCPs are also in a unique position to set up efficient and comprehensive recovery plans as they can base them on contractual arrangements with members.
But CCPs need to have appropriate procedures for managing conflicts of interest between stakeholders - it is vital to involve all those who would bear losses in the design of the recovery plan. And on the regulatory side, we need to make sure our approach is cautious and non-prescriptive at this stage. The economic situation in the euro area remains difficult and confidence in the overall economic prospects is fragile and easily disrupted, feeding into low investment, Mr Draghi said.
In this context, the inflation situation in the euro area has also become increasingly challenging. The ECB President emphasised the risk that a too prolonged period of low inflation becomes embedded in inflation expectations, and that the firm anchoring of inflation expectations is critical under any circumstances. The addition of purchases of covered bonds to ABS purchases will allow us to conduct interventions on a scale that will achieve the intended effects in terms of portfolio rebalancing and signalling.
Eine feste Verankerung der Inflationserwartungen sei aber entscheidend. De President van de Europese Centrale Bank, Mario Draghi, heeft vandaag het European Banking Congress in Frankfurt geopend met een analyse van de economische situatie in het eurogebied en de wijze waarop de ECB daarop met haar monetair beleid gereageerd heeft.
In deze omstandigheden is ook de inflatie in het eurogebied een steeds grotere uitdaging gaan vormen. De ECB-President wees nadrukkelijk op het risico dat een te lang aanhoudende lage inflatie in de inflatieverwachtingen verankerd raakt en op het grote belang van een in alle omstandigheden stevige verankering van de inflatieverwachtingen.
Daarom heeft de Raad van Bestuur zijn verwachting uitgesproken dat de combinatie van alle besloten monetaire beleidsmaatregelen ertoe zal leiden dat de balans van het Eurosysteem naar het niveau van begin groeit, aldus Draghi. Hij voegde daaraan toe dat de ECB haar verantwoordelijkheid zal blijven nemen: "Wij zullen doen wat we moeten doen om de inflatie en de inflatieverwachtingen zo snel mogelijk te verhogen, zoals ons mandaat — prijsstabiliteit — van ons verlangt.
Als ons beleid in zijn huidige richting niet afdoende is om dat te bereiken, of als zich andere risico's voor de inflatievooruitzichten voordoen, dan verhogen wij de druk en zullen wij onze interventiekanalen verder verbreden door de omvang, het tempo en de samenstelling van onze aankopen dienovereenkomstig te wijzigen,", aldus Draghi.
Speaking at the Inauguration of the European Central Bank's new supervisory responsibilities, Mario Draghi, the President of the European Central Bank, reflected on the creation of the Single Supervisory Mechanism, reminding the context that lead the Council and the Parliament to entrust the ECB with supervisory tasks. According to Mr Draghi, the setting-up of European banking supervision has been the largest step towards deeper integration since the creation of our Economic and Monetary Union.
The President restated that the ECB was and remains determined to protect the euro, while reminding that more works needs to be done to improve "our" union, not only in the banking sector but also in relation to capital markets and in the economic and fiscal realms. The effectiveness of monetary policy in the euro area depends on a well-functioning banking sector as it operates through the bank lending channel. In recent years, efforts have been made to repair this channel.
Policymakers agreed to establish Banking Union and the ECB assumed supervisory responsibilities within it. Indeed we have already observed a considerable easing of the effective monetary policy stance. We sustain that these measures will have a sizeable impact on the Eurosystem's balance sheet, which is expected to move towards the dimensions it had at the beginning of But as banks adjust to a new business environment, it is essential to ensure that they continue to have microeconomic incentives that coincide with our desired macroeconomic objectives, while we keep developing a banking landscape that is sufficiently efficient and diversified to sustain credit supply.
One lesson that we learned after the financial crisis is that achieving sustainable economic growth is always about both demand and supply. Moreover, policies that support demand empower policies that support supply, and vice versa. In the post crisis environment of a large debt overhang, partly structural unemployment and weak productivity levels, supply-side policies can increase the effectiveness of demand-side policies and help empower demand. By raising potential growth they create more space for spending governments, firms and households.
Finally, they ensure that higher demand is channelled towards the right sectors. While their long-term positive effects are undisputed, structural reforms, especially in times when monetary policy is at the lower bound, are seen to have negative short-term effects through increasing real interest rates. However, structural reforms can be effective in the short run as they raise expectations of higher incomes and cause firms to increase investment today and bring forward the economic recovery.
Achieving a positive short-term impact from structural reforms depends on both the pace and composition of reforms. First, instead of the traditionally gradual approach, reforms need to be frontloaded as e. Second, they must focus not only on competitiveness, but also on increasing the rate of productivity growth in the economy. But while the full benefits of these efforts are still emerging, aggregate demand should be supported to counteract the potentially destabilising effect of lower prices and higher real interest rates.
This can be done by fiscal policy, when it is available without questioning long-term debt sustainability. In remarks delivered at the Brookings Institution in Washington, Mario Draghi underlined the urgent need to raise potential output in the euro area through reforms. On monetary policy, the ECB President noted that the ECB is now transitioning from a monetary policy framework predominantly founded on passive provision of central bank credit to a more active and controlled management of the balance sheet, in an attempt to lift inflation from its low levels.
On fiscal policies Mr Draghi emphasised the importance of the governance framework established in order to restore confidence in public finances. At the same time, Mr Draghi reiterated the idea that for governments and European institutions that have fiscal space, it makes sense to use it, so that fiscal policy can work with rather than against monetary policy in supporting aggregate demand. And for those without fiscal space, fiscal policy can still support demand by altering the composition of the budget — in particular by simultaneously cutting distortionary taxes and unproductive expenditure.
To revive the euro area economy recapitalisation not only in the banking sector but also a repairing of private sector balance sheets is needed. The banking sector is undergoing a necessary process of structural reforms. With concluding the Comprehensive assessment there is potential to ensure that credit supply constraints diminish and the cycle turns.
For a stronger rebound in investment the private non-financial sector needs to raise equity. One instrument especially for smaller and medium size enterprises is to allow EU investment funds to be distributed in the form of equity and not only in the form of debt, as the European Bank for Reconstruction and development EBRD and the International Finance Corporation IFC already do in many countries.
Also the fragmentation in venture capital markets should be reduced. For smaller firms with the need of deleveraging debt-for-equity-swaps, possibly fostered by tax incentives, could facilitate private debt workouts. What is also needed is to raise productivity.
Kar potrebujemo, je dvig produktivnosti. Initial scepticism among some Lithuanians regarding the introduction of the euro is already transforming into increasing support now that people become more informed about their new currency and the changeover modalities. Joining the euro area does not only follow from economic considerations: it is a binding commitment to European values.
We are facing a set of conditions — low growth and low inflation, high debt and high unemployment — that can only be addressed by concerted action on both the demand and supply sides of the economy. This requires that all actors — both at national and European levels — play their parts in line with their respective mandate as laid down in the EU Treaties.
No monetary or fiscal stimulus can be successful if not accompanied by the right structural policies -- policies that foster potential growth and instil confidence. Investment has been one of the great casualties of the crisis. We will not see a sustainable recovery unless this changes. A decisive rise in investment is essential to bring inflation where we would want to see it, to kick-start the economy and to bring down unemployment. There are two key areas where national and European level government action can help revive investment.
First, the regulatory environment should be made more favourable to economic growth. Second, companies need to have access to more diversified sources of financing: the launch of a capital markets union could contribute to achieving this.
It is an idea that the ECB fully supports. The development of the market for simple and transparent Asset Backed Securities deserves particular support. Her practice focuses on acquisitions and sales of national and foreign companies and general corporate law, as well as financing operations. In addition, she has expertise in metal streaming transactions and development of mining projects. She is a lawyer from Universidad de Lima, summa cum laude and ranked fourth in the Law School.
T: A: F: michele. Michele Durand is a member of the Labor and Employment department. Michele Durand is a graduate from Universidad de Lima. Likewise, Michele has experience providing advice on immigration matters related to the hiring of foreign personnel.
T: F: A: mirko. In this area, Mirko has specialized in corporate matters, administrative law and regulatory consultations. In this extent, his practice covers corporate, contractual and financial advice to national and foreign clients. Mirko Medic is a lawyer graduated from the University of Lima. T: A: F: omar. Omar is a member of the Labor and Employment and Venture Capital departments. He has extensive experience in advising its clients in Individual Labor Law and Collective Bargaining, and labor litigation matters.
Admitted to the Lima Bar. T: F: A: pablo. His practice is focused on tax advice to domestic or foreign companies, regarding tax planning to investments, tax counsel in mergers and acquisitions, tax compliance, tax audit, tax proceedings before the Tax Administration and the Tax Court, as well as, contentious-administrative procedures before the Judiciary.
He is a graduate lawyer from Universidad Peruana de Ciencias Aplicadas. Moreover, he has been speaker in conferences on tax matters and he is the author of several articles about tax matters. T: F: A: pedro. Pedro Diaz is a senior associate of our firm, member of our Regulation and Financing and Capital Markets teams.
His practice focuses in administrative law, financial regulation, and capital markets. Additionally, he is a CFA Claritas certificate holder. T: A: F: A: Rafael. Rafael Lulli Meyer is senior associate of our mergers and acquisitions department.
His practice focuses on acquisitions and sales of national and foreign companies, as well as corporate and financial law. Among his main areas of expertise are sales and acquisitions in the real estate, retail, pharmaceutical, industrial and utilities sector, as well as multijurisdictional financing operations.
Rafael is a graduate lawyer from Universidad de Lima. Rafael has published several articles related to transactional and corporate affairs in specialized magazines. T: A: F: sebastian. His practice focuses on acquisitions and sales of national and foreign companies and general corporate law, as well as financing operations. In addition, he has expertise in seed financing rounds, capital investment structures and in general entrepreneurship and corporate venture advisory.
He is a lawyer from Universidad del Pacifico, summa cum laude and ranked second in the Law School. Sebastian has been admitted to the LL. Program in Columbia University. Sebastian is an assistant professor of Commercial Law in Universidad de Lima. He has been panelist in various venture capital conferences in Peru.
T: F: A sergio. Sergio Mattos is a senior associate at the Lima office, where he focuses his practice in litigation, white collar crime and compliance. Afterwards, he became an advisor at the Peruvian National Council of Judiciary. He has also written and published several research articles focused on substantive aspects of criminal law, plus he has also been speaker at different conferences, both in Peru and abroad.
At London, Sergio applied his training as a criminal defense lawyer in the context of two complex investigations, one of which was related to an internal fraud committed within a multinational company. Furthermore, he participated in two volunteer research projects. First, supervised by the NGO The Global Legal Action Network, he identified best practices for collecting, verifying and protecting digital evidence of war crimes.
Second, by request of Guernica 37 International Justice Chambers, he researched and analyzed the tools provided by international criminal law and international human rights law to address the humanitarian crisis that is taking place in Nicaragua since April Her practice is focused in reorganization counseling to national and international corporations and entities.
Likewise, she counsel corporations in intellectual property matters. She has la Law degree from Universidad de Lima, where she graduated first in her class. She has participated in the planning and execution of different corporate reorganizations, which she has helped to implement both in the framework of a bankruptcy procedure before the Nacional Institute of Competence Defense and Intellectual Property Protection, as well as in private reorganizations.
Sofia carried out her pre-professional practices in the Corporate area of the company San Fernando S. During her university stage she studied, as an exchange student, courses in Law and Philosophy at the University of Tilburg Netherlands. T: A: F: stefano. He attended University of Lima, where he ranked second in the School of Law and earned his degree to practice law with honours summa cum laude.
Additionally, he has successfully completed courses from the Integrated Master of Arts in Law and Master of Science programmes during a semester at Bocconi University in Milan. In his most recent experience, Stefano has participated in the following transactions:. T: A: F: valeria. She is a lawyer from the Universidad Peruana de Ciencias Aplicadas, where she was ranked in the top 10th of the Law School. Her practice is focused on contractual, securities market, and financing advice, including as well, counseling to national and international companies and financial institutions in different kind of financings and capital markets operations.
Prior to joining our team, Valeria worked as a junior lawyer in La Fiduciaria S. A, where she advised in the process of structuring and administrating trust agreements, among other commercial agreements. She speaks Spanish and English fluently. T: victor. Victor Tapia is a member of the Corporate Litigation department. He specializes in advising on litigation in different matters, both in national and international arbitrations, as well as in judicial proceedings of civil, commercial, contentious administrative and constitutional disputes.
T: F: — A victor. His practice focuses on tax advice to national and foreign companies, especially in financing operations, financial leasing, operations with derivative financial instruments, financial operations with securities - report operations and securities lending -, structuring of trust funds, funds of investment and mutual funds of investment in securities. He is a Bachelor of Law and Lawyer from the University of Lima, graduated obtaining the first position of the promotion, having obtained the professional title unanimously and with Outstanding mention, "Summa Cum Laude".
He has been an exhibitor in different academic forums, and is the author of several research projects in tax matters. He has more than 7 years of experience in tax advice to banking, financial, insurance and reinsurance companies, brokerage firms SAB , fund management companies SAF , pension fund management companies AFP , mechanisms Centralized trading, securities clearing and settlement institutions ICLV , among other entities participating in the financial and capital markets.
Victor also specializes in designing and developing efficient structures from the fiscal perspective for individuals with high assets, preserving the protection of personal and family assets, developing estate planning and taking care of the due compliance with the substantial and formal tax obligations that may be applicable.
Lawyers Partners Associates Counsels. Adriana Bellido adriana. Practices Tax Private Clients. Spanish and English. Lima Office T: F: A: adriana. Graduate Lawyer from Universidad de Lima, Lima Office T: F: A: alejandra. Practices Financing Projects and Infrastructure Corporate. Undergraduate Law Degree LL. Spanish, English and French.
Lima Office T: A: F: anamaria. Practices Mergers and Acquisitions. Lima Office T: F: A: anapaula. Advice to Inversiones Educa S. Advice to Asterion Group in the financing operation of EU million for the acquisition of the Telefonica Group data center business, the largest operation of this type in Spain. Advised to Ecopacking Cartones S. Practices Corporate. Lima Office T: A andrea. Practices Real Estate Administrative Environmental.
Spanish English French. Practices White Collar Crime Compliance. Spanish English. Practices Corporate Reorganization and Bankruptcy. Practices Labor and Employment law. Magna Cum Laude. Lima Office T: carlos. Practices Corporate Litigation. Practices Mining Enviroment. Oficina de Lima T: F: A: carolina.
Practices White Collar Crime Litigation. Practices Arbitration Litigation. Pontifical Catholic University of Peru, She is fluent in Spanish and English. Spanish, English and German. Lima Office T: F: A: daniela. Graduate lawyer from University of Lima, Graduated in the Top 10th of its Law School.
Lima Office T: F: A: diego. Counsel to Sumitomo Corporation in the acquisition of equity in Minera Yanacocha. Lima Office T: F: A: elizene. Ranked in the 6th place of his class. Lima Office T: F: — A fernando. Among the most relevant transactions in which he has been involved, are the following: Advice to DP World Group in the structuring and implementation of the corporate reorganization of its corporate structure and operations in Peru.
Advice to the shareholders of Servicios e Inversiones Fenper S. Practices Capital Markets Financings. Spanish, English and Quechua. Lima Office T: F: A: fiorela. Advisory to Los Portales S. Advisory to Equilibrium Clasificadora de Riesgo S.
Advisory to sellers in the acquisition process of Equilibrium Clasificadora de Riesgo S. Advisory to the sellers in the process of acquisition of the Nuevo Mundo companies by Carlyle Group. Cum Laude. Third place in Universidad de Lima Law School, Lima Office T: F: A: fiorella. This operation included legal advice on financing for the acquisition of the property.
Comercio y Servicios De La Selva, in the sale of certain real estate properties located in Arequipa province, to an individual real estate investor. This operation included legal advice on the lifting of several unilateral mortgages. This operation involved advising on the review of the financing documents for the construction of the center. This operation also involved the negotiation of a long-term usufruct contract over the properties owned by the shareholder located in Arequipa in which the business factories operate.
Shareholders of Edpyme Acceso Crediticio, in the partnership with Kandeo, Colombian private equity fund, for their incorporation into the share capital of Acceso Corp. This operation involved legal advice in obtaining authorization from SBS.
Spanish English Quechua. Practices Labor and Employment Law. Lima Office T: helga. Practices Projects and Infraestructure. Graduate lawyer Universidad San Martin de Porres, Lima Office T: F: — A jesus. Practices Mergers and Acquisitions Venture Capital. Lima Office T: F: A: j osefina. Practices Tax. Assistant professor of Income Tax course, Universidad de Lima. Lima Office T: F: A: llanet. English and Spanish. Lima Office T: F: A: maite. Juris Doctor by Universidad de Lima law school, Lima Office T: marcia.
Lawyer from Universidad de Piura, Lima Office T: F: A: mariaalejandra. Lima Office T: F: A: mariadelpilar. She participates as speaker at conferences and is author of various articles on different regulatory issues. Some of the relevant transactions were: Mercantil Bank N. She also advises on corporate and regulatory issues to well-known domestic and international entities -such us J.
She has recently recognized by Leaders League in the Fintech category as "Highly Recommended" and her practice also was recognized by Legal
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