Mario Draghi answers to the ECB press conference
Mario Draghi, President of the ECB,
Vítor Constâncio, Vice-President of the ECB
Frankfurt am Main, 8 September 2016
Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis.
Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. We continue to expect them to remain at present or lower levels for an extended period of time, and well past the horizon of our net asset purchases. Regarding non-standard monetary policy measures, we confirm that the monthly asset purchases of €80 billion are intended to run until the end of March 2017, or beyond, if necessary, and in any case until the Governing Council sees a sustained adjustment in the path of inflation consistent with its inflation aim.
Today, we assessed the economic and monetary data which had become available since our last meeting and discussed the new ECB staff macroeconomic projections. Overall, while the available evidence so far suggests resilience of the euro area economy to the continuing global economic and political uncertainty, our baseline scenario remains subject to downside risks.
Our comprehensive policy measures continue to ensure supportive financing conditions and underpin the momentum of the euro area economic recovery. As a result, we continue to expect real GDP to grow at a moderate but steady pace and euro area inflation to rise gradually over the coming months, in line with the path already implied in our June 2016 staff projections.
The Governing Council will continue to monitor economic and financial market developments very closely. We will preserve the very substantial amount of monetary support that is embedded in our staff projections and that is necessary to secure a return of inflation to levels below, but close to, 2% over the medium term. If warranted, we will act by using all the instruments available within our mandate. Meanwhile, the Governing Council tasked the relevant committees to evaluate the options that ensure a smooth implementation of our purchase programme.
Let me now explain our assessment in greater detail, starting with the economic analysis. Euro area real GDP increased by 0.3%, quarter on quarter, in the second quarter of 2016, after 0.5% in the first quarter. Incoming data point to ongoing growth in the third quarter of 2016, at around the same rate as in the second quarter. Looking ahead, we continue to expect the economic recovery to proceed at a moderate but steady pace. Domestic demand remains supported by the pass-through of our monetary policy measures to the real economy. Favourable financing conditions and improvements in the demand outlook and in corporate profitability continue to promote a recovery in investment. Sustained employment gains, which are also benefiting from past structural reforms, and still relatively low oil prices provide additional support for households’ real disposable income and thus for private consumption.
In addition, the fiscal stance in the euro area is expected to be mildly expansionary in 2016 and to turn broadly neutral in 2017 and 2018. However, the economic recovery in the euro area is expected to be dampened by still subdued foreign demand, partly related to the uncertainties following the UK referendum outcome, the necessary balance sheet adjustments in a number of sectors and a sluggish pace of implementation of structural reforms. The risks to the euro area growth outlook remain tilted to the downside and relate mainly to the external environment.
This assessment is broadly reflected in the September 2016 ECB staff macroeconomic projections for the euro area, which foresee annual real GDP increasing by 1.7% in 2016, by 1.6% in 2017 and by 1.6% in 2018. Compared with the June 2016 Eurosystem staff macroeconomic projections, the outlook for real GDP growth has been revised downwards slightly.
According to Eurostat’s flash estimate, euro area annual HICP inflation in August 2016 was 0.2%, unchanged from July. While annual energy inflation continued to rise, services and non-energy industrial goods inflation turned out to be slightly lower than in July. Looking ahead, on the basis of current oil futures prices, inflation rates are likely to remain low over the next few months before starting to pick up towards the end of 2016, in large part owing to base effects in the annual rate of change of energy prices. Supported by our monetary policy measures and the expected economic recovery, inflation rates should increase further in 2017 and 2018.
This pattern is also reflected in the September 2016 ECB staff macroeconomic projections for the euro area, which foresee annual HICP inflation at 0.2% in 2016, 1.2% in 2017 and 1.6% in 2018. In comparison with the June 2016 Eurosystem staff macroeconomic projections, the outlook for HICP inflation is broadly unchanged.
Turning to the monetary analysis, broad money (M3) continued to increase at a robust pace in July 2016, with its annual rate of growth standing at 4.8%, after 5.0% in June. As in previous months, annual growth in M3 was mainly supported by its most liquid components, with the narrow monetary aggregate M1 expanding at an annual rate of 8.4% in July, after 8.7% in June.
Loan dynamics followed the path of gradual recovery observed since the beginning of 2014. The annual rate of change of loans to non-financial corporations increased to 1.9% in July 2016, compared with 1.7% in June. The annual growth rate of loans to households remained stable at 1.8% in July. Although developments in bank credit continue to reflect the lagged relationship with the business cycle, credit risk and the ongoing adjustment of financial and non-financial sector balance sheets, the monetary policy measures in place since June 2014 are increasingly filtering through to support borrowing conditions for firms and households and thereby credit flows across the euro area.
To sum up, a cross-check of the outcome of the economic analysis with the signals coming from the monetary analysis confirmed the need to preserve the very substantial amount of monetary support that is necessary in order to secure a return of inflation rates towards levels that are below, but close to, 2% without undue delay.
Monetary policy is focused on maintaining price stability over the medium term and its accommodative stance supports economic activity. As emphasised repeatedly by the Governing Council, and as strongly echoed in both European and international policy discussions, in order to reap the full benefits from our monetary policy measures, other policy areas must contribute much more decisively, both at the national and at the European level. The implementation of structural reforms needs to be substantially stepped up to reduce structural unemployment and boost potential output growth in the euro area. Structural reforms are necessary in all euro area countries. The focus should be on actions to raise productivity and improve the business environment, including the provision of an adequate public infrastructure, which are vital to increase investment and boost job creation.
The enhancement of current investment initiatives, including the extension of the Juncker plan, progress on the capital markets union and reforms that will improve the resolution of non-performing loans will also contribute positively to this objective. In an environment of accommodative monetary policy, the swift and effective implementation of structural reforms will not only lead to higher sustainable economic growth in the euro area but will also make the euro area more resilient to global shocks. Fiscal policies should also support the economic recovery, while remaining in compliance with the fiscal rules of the European Union. Full and consistent implementation of the Stability and Growth Pact over time and across countries remains crucial to ensure confidence in the fiscal framework. At the same time, all countries should strive for a more growth-friendly composition of fiscal policies.
We are now at your disposal for questions.
* * *
Question: You said you've tasked relevant committees with looking at potential instruments going forward. My question is, how much time do they have to reassess and decide? And how close are we to the extension of the QE programme, considering that we're just six months away from your deadline for the end of it?
Draghi: We tasked the relevant committees to work, as I think I said, on the smooth implementation, and the changes that are needed to ensure a smooth implementation of our programme. And we discussed the assessment of the economy and we discussed the broad macroeconomic projections, but we didn't discuss anything else. [Asked to address second question on extension of QE] That's what I'm saying: we didn't discuss it.
Question: You have excluded bank bonds from your bond-buying programme: why? The second question is, given that you are already buying corporate bonds, what stops you from buying corporate equity?
Draghi: I would answer both questions at the same time: our programme is effective and we should focus on its implementation. The current projections do reflect the full impact of our March decisions and we will continue with the implementation of the existing programme.
Question: I'm just wondering how we should read the decision to set up these committees to look into redesigning QE, or possibly looking at new measures. Is this because you think we'll hit shortages of assets to buy before March 2017, or should we take this as something of an acknowledgement of the need to extend the aggressive policies beyond next spring?
For my second question, we've seen you slightly downgrade the outlook for growth and inflation again, and stress that the risks remain towards the downside. Now, we know that if growth is low for a long time and unemployment is high then that can cause quite devastating long-term damage to economies, and also if inflation is low for a long time, it can risk de-anchoring inflation expectations. So my second question is, why not do more now, in light of these forecasts?
Draghi: Let me first respond to the first question. I will use the words that were used by the chief economist, Mr Praet, in his presentation. He says, “Over the coming months HICP inflation is expected to pick up, in large part owing to base effects. Yet underlying price pressures continue to lack a convincing upward trend, and remain an ongoing source of concern. “Importantly,” – importantly – “the projected path of inflation remains conditional on exceptionally supportive financing conditions which to a large extent reflect our accommodative monetary policy.”
The Governing Council tasked the relevant committees to evaluate the options that ensure smooth implementation of our purchase programme, and – let me remind you what I just said in the introductory statement – our purchase programme is intended to run until the end of March 2017, or beyond if necessary, and in any case until the Governing Council sees a sustained adjustment in the path of inflation consistent with its inflation aim.
As far as your second question, why we haven't acted now: the assessment was that for the time being the changes are not substantial, as to warrant a decision to act. We see that our monetary policy is effective – and we can discuss it later; it's fully effective, in fact. We see that the full impact of the March decisions is now in the macroeconomic projections, but we also see that there have been considerable decreases in all interest rates, for example long-term interest rates are now below, I think, 43 basis points of what they were before. And these low rates do reflect to some extent expectations of a continuation, as I just said, of the extraordinary monetary policy support that's been extended.
Question: The ECB has published a working paper saying that there are some signs of inflation expectations becoming unanchored. Market-based inflation expectations have hovered around record lows again, and you just cited Peter Praet: he said there are still no signs of underlying inflation picking up, and yet you didn't act today. So could you perhaps explain to us a little bit how you read that data, and what signals you take from it? Why it's not more concerning in your view, concerning enough to act?
And then you just said you would tell us a little bit more on how effective your policies are, so it would be great if you could do that, because the fact still is that no matter what counterfactual you are able to present, we are still far below target. Inflation is at 0.2%. Wouldn't it perhaps be time, rather than just tasking committees to ensure the effective implementation of current policies, to think about new remedies and a different approach?
Draghi: First let me answer the second question. Inflation is following the baseline scenario, so from that viewpoint, no more, no less. It will take a little longer than our previously forecast horizon to get to a level below 2%, but not much longer. So for the time being, the main thing was to make sure that the programme and the decisions that were taken in March can be implemented in the new constellation of interest rates, much lower interest rates, which clearly have restricted the eligibility universe, and that's why we task the committees.
So again, I can repeat, the existing projections are predicated, remain conditional, on exceptionally supportive financing conditions, which to a large extent do reflect our monetary policy, and therefore the Governing Council tasked the committees. And I remind you again that our programme is meant to run to the end of March 2017 or beyond if necessary, and in any case until the Governing Council sees a sustained adjustment in the path of inflation consistent with its inflation aim. Even today's discussion reiterated basically the unanimous commitment of the Governing Council to reach the inflation rate objective. So I would say there is no question about – as I think I've said on other times – the will to act, the capacity to act, and the ability to do so.
Your first question about expectations: we're observing two types of behaviour here. We have the non-market based expectations, the SPF, which are by and large stable, and they tell us 0.3% for 2016, 1.2% for 2017, 1.5% for 2018, but the long-term inflation expectations remain stable at 1.8%. And then we have the market-based expectations which have been trending down, I would say more markedly after Brexit, but even before.
Even, I think, before. How do we explain this? It's not easy to explain. Certainly one explanation for what happened after Brexit, or just around Brexit time, when these expectations declined considerably, one explanation is that these expectations are market-based and are based on bonds, bonds that are traded, and there have been significant market dislocations which altered the price of these bonds in a way that would not fully reflect the inflation expectation component. But after that it's harder to explain, and it's more difficult.
Let me also say, however, that these expectations are subject to considerable volatility, and that we have observed even in the past disconnect between the behaviour of these expectations and the behaviour of, for example, oil prices. So the conclusion of this reasoning is that we are monitoring these developments very closely, and we stand ready to act if we were to detect the signals that there could be second-round effects at play here. Let me also add that all the evidence we have about probability of deflation measures, for example, they have not increased.
Question: I have two questions as well. First on the effectiveness, as well, of your monetary policy: would you say that more stimulus has a decreasing marginal return? I mean, the more you add, the more it can't help? Or would you say the more you add the more it helps?
My second question would be whether you're increasingly concerned about the negative side-effects your policy is having, looking at what happens to the banking industry in the eurozone, looking at what happens to insurance companies; and also whether you believe that your stimulus is really reaching those who actually would benefit from it, like the middle class, who probably have still capacity to spend more, or whether your policy is benefiting most those people who anyway don't have a high propensity to spend because they are well off.
Draghi: The first question relates to the effectiveness of our monetary policy. Well, I don't want to go through the list of financial variables, namely interest rates, equity prices, et cetera, that have improved dramatically since the beginning of our non-conventional monetary policies.
But let me say one thing, which is probably the thing that matters most: while in the previous time we had observed fragmentation and we had observed very subdued credit developments, nowadays we can safely say that fragmentation is over; that credit is growing constantly and has been growing constantly since the beginning of 2014, month after month; that spreads that were dramatically fragmenting credit between different parts of the euro area, and different companies – between large corporates and SMEs – have vastly disappeared in the sense that they just reflect now what are risk differentials and nothing more than that.
Let me also say that from any bank lending survey, it appears that now credit is indeed reaching the non-financial sector of the economy, both for private companies and households. So I would conclude that our policy has been very effective. And your question was, since your assumption is that it was weakly effective, then “would you consider doing more of that?” I think my answer to that is, “certainly, if that's needed to reach our objective.” But suppose we had not done that, what would the situation be? There are interesting analogies here showing that, especially over the last six, seven months, the stimulus of our monetary policy basically counteracted the negative impact of shocks happening in other parts of the world. You remember at the beginning-of-the-year shocks; then we had Brexit, of course. If we had not done that, the negative part of these shocks would have been affecting the euro area without any other factor offsetting it.
Your second question was on the negative side-effects of our monetary policy. Well, first let me reiterate that we have a mandate and the Governing Council is unanimous about complying with this mandate, which foresees the return of the rate of inflation to a level which is below but close to 2%. Second, in a sense I've answered that in the first part of my answer: I would say that the transmission of our monetary policy has never worked better than it does today. We see changes in interest rates in different parts of the markets that are immediately transmitted into changes in lending rates. Volumes of lending, as I just said, are regularly increasing, and the surveys show both demand and supply going up. Surveys show that risk aversion is no longer a factor in lending, but it's actually competition between banks that's driving lending.
The third consideration is that, some people are saying, negative interest rates would carry the risk of cash hoarding, hoarding cash. Well, we don't see that. I mean, there are limited stories that obviously have a lot of coverage, but it's really not there. Then there are issues about bank profitability. That's a point you touched upon. So far – and I want to stress the so far – we have not seen that. We've seen that, for example, bank profits went down between the first quarter of 2015 and the first quarter of 2016 by something like 20%, but they went down by 20% because in the first quarter of 2015 banks posted huge capital gains because of the beginning of our purchase programme. While, if you look at the net interest income, that stayed by and large stable. Does it mean that it's going to be this way forever? Of course not. We are aware that the current situation of negative interest rates will certainly have consequences and challenges for the banks of which we have to be aware.
However, a few concluding observations: first of all, I think low interest rates should not be used as the justification for everything that goes wrong with banks today. I think it would be a mistake to do so. And second, I think ultimately we've got to be patient. Interest rates have to stay low for the economic recovery to proceed, for the economic recovery to firm up, which in the end will have a positive effect on banks' balance sheets as well. So as I think I said on another occasion, interest rates have to be low today to be high tomorrow.
Question: My first question was on interest rates. You said that they'll stay at the same level or lower into the future, and you've said before that they could be cut again. It seems as though ECB officials have been expressing greater scepticism about negative rates recently, and during the July meeting, for instance, there was a discussion about whether that was undermining banks' ability to make loans. Is there a sense that interest rates are now a second-best tool and the QE is a priority?
My second question is on what governments should do to help. You seemed to make a longer statement than usual on this, and I think Janet Yellen also made a point about how maybe governments and central banks needed to work together in order to get out of the current situation. Is that correct, that you think that the ECB couldn't do this on its own? That there needs to be governments selling more debt in order for your bond purchases to work?
Draghi: To your first question, as I just said, right now the transmission mechanism is really working very well. It's never worked better. So the ability to make loans is not being affected by negative interest rates. Also, consider that that's only one side of the story. We also have the TLTRO, and especially the TLTRO-II, which is helping the banks' balance sheet on another side. So I wouldn't take this criticism as serious now.
Now, on the second question, just let me read to you the press communiqué of the G20 which just came out on September 5: “We are determined to use all policy tools – monetary, fiscal and structural – individually and collectively to achieve our goal of strong, sustainable, balanced and inclusive growth. Monetary policy will continue to support economic activity and ensure price stability, consistent with central banks’ mandates, but monetary policy alone cannot lead to balanced growth.
Underscoring the essential role of structural reforms, we emphasise that our fiscal strategies are equally important to supporting our common growth objectives. We are using fiscal policy flexibly and making tax policy and public expenditure more growth-friendly, including by prioritising high-quality investment, while enhancing resilience and ensuring debt as a share of GDP is on a sustainable path.”
That's the answer to your second question. But basically it's something I just said, I've been saying now for months: that to reap the full benefits – and I think I did say this even in the introductory statement today – to reap the full benefits of an extraordinarily accommodative monetary policy, one needs other policies.
Question: The first one is on the future work of the committees and the options they should look at. Does this include also the capital key, or would you argue that changes to the capital key are politically too sensitive to really discuss them?
The second question, also, is a follow-up on the discussion about the effectiveness of QE. At the start of the year you presented us some pretty precise figures about the effects on growth and inflation of the measures since mid-2014. I would assume that you have some updated figures, including the package in March 2016 and December 2015, so it would be great if you share them with us.
Draghi: The committees have full mandate. They will look at all the options that might be used to redesign the programme under the new constellation of interest rates, and then we will have, of course, a discussion in the Governing Council about issues like the one you mention and others as well. But for the time being they will examine – they will have a broad exam of all the options.
The second question: yes, indeed, we have numbers showing the impact of our monetary policy on growth and inflation over the forecast horizon. I think – but I should check – because I don't remember them exactly – I think it's 0.5% over the forecast horizon as far as growth is concerned, and I think it's 0.3% as far as inflation. Or – but we'll have to check that. Let me do this. I'll check and let you know after. Or it's 0.3% and 0.5% – it's either – over the forecast horizon, from now. I think we should be able to give you full figures in a moment.
Question: A lot of people hope that you consider the option of buying stocks, or even hope you consider the option of helicopter money. Do you so, and if not, do you rule that out?
The second one is, can you guarantee that for the average consumer the interest rate will remain positive?
Draghi: We haven't discussed either, so I can't answer the first question other than to say that we've not discussed them.
The average consumer is actually the one who is now being the main actor in the recovery. This recovery is based – and that's why it's firmer, more robust than other recoveries we've seen in the past – it's based on consumption. Domestic consumption. Differently from past recoveries that were based more on exports, and then as soon as external conditions changed, they waned.
So that's important, and of course the drivers of this recovery remain our very accommodative monetary policy – we in fact observe a continuation of growth in real disposable income, which of course feeds into consumption; the still relatively low oil prices; and what looks like a slightly more expansionary fiscal policy.
Question: You've been urging governments to act for some time, and I'm wondering if there's a sense that maybe they might now be a little more willing to act and that the ECB could encourage that willingness by not raising excessive expectations about future monetary policy measures, hence the tone today.
Draghi: The ECB can't be in a sort of – let me say, what the ECB can do is to basically flag what is needed for monetary policy to be even more effective than it is at the present time. And I think what I just read from the G20 is quite a powerful statement of commitment. The G20, just to make sure you know – it's not central bankers. It's governments. It's finance ministers. So they committed in their statement to use all policies – structural policies, fiscal policies, tax policy – and to make government expenditure more growth-friendly, which is something that all of you have heard me saying several times. To say, basically, that the composition of fiscal policy is as important if not more important than its size.
After all, before the financial crisis, we have seen several countries in the eurozone increasing their government expenditure, and really drawing very little benefit in terms of output growth and employment, showing perhaps that size is not the first thing one should look at, but rather how this money is being spent. And you heard me saying several times that a growth-friendly fiscal policy is one where taxes are lower, current government expenditure is lower, and investment is higher. And it's encouraging to read this press communiqué because it really means a collective commitment by the governments of the G20, of the world.
The Vice-President just gave me the figures here. It’s an accumulated upward impact on GDP growth of 0.6% over the projection horizon , marginally above the impact entailed in the June 2016 projections. In particular the September projection also entails a small impact on real GDP related to the corporate bond programme, which in the meantime has taken off the ground, and which led to a further stronger-than-expected narrowing of corporate bond spreads since June. For inflation, the cumulative impact is 0.4% over the projection horizon, in line with what was forecast in June. If you want to have the figures in 2015, then I'll provide you – I mean, I have the ones for June.
Question: You said before the options of buying shares, corporate shares, or even doing helicopter money, were not discussed at all. Would you subscribe to this formulation: “We didn't discuss it yet”? That's my first question.
The second one: you outlined this bold statement of the G20, but the facts are there. According to the Ifo German institute, there will be a German current account surplus of €280 billion this year, so it's simply the world championship in this category. There are calls from Brussels and from Washington to Berlin to promote imports and to do more to support domestic demand, and then to contribute to less trade imbalances between countries. Would you join this call, especially to Germany, that could be maybe part of your message you will deliver to the deputies of Bundestag at the end of this month?
Draghi: First of all, I can't answer positively to the first question. Let's say we haven't discussed whether to discuss it yet or not. So it's just we haven't discussed it.
On the second question, clearly to be in line with the recommendations of the Commission, lower surpluses, or a lower surplus for the euro area, would be welcome. And certainly any action to this extent is to be welcomed. But I've always been a little puzzled by the idea that is sometimes conveyed with these words. It's not like we can lower the surplus if we push a button. It's not a planned economy. If an economy is naturally competitive, one can do economic policies that sort of get the benefit of this surplus and transform it into domestic aggregate demand, and I think that's the implicit recommendation.
And that could be said in different words. Countries that have fiscal space should use it, and countries that don't have fiscal space should instead focus – or should also focus, rather – on the composition as a primary fiscal tool. But it's not – I always was kind of puzzled thinking that you can lower the surplus and then you move around these aggregate demand components: no, it doesn't work that way.
Question: Earlier this week, Mr Schäuble said that there is too much liquidity in the market. Do you fear that there could be German opposition to the eventual extension of QE?
And when you say that some countries have margins to make investments, do you mean Germany especially? They presented the budget this week and they said they give a lot of money to refugees, and this is true, but do you think they could do more for investment in infrastructure or other measures to push growth?
Draghi: To your first question, I think Mr Schäuble was referring to world liquidity and not eurozone liquidity as such. But it's very difficult to estimate what's the adequate amount of world liquidity. It does depend on many other variables, one of which is the state of the economy, and of course for us what matters is price stability, because we have this in our mandate. So liquidity is, if we look at that from our central bank perspective, like the size of our balance sheet, just a monetary policy instrument that we have to use for reaching our objectives.
The second point is, as I said before, countries that have fiscal space should use it. Germany has fiscal space.
Question: Imbalances in the TARGET2 payment system have been rising quite significantly recently and in some cases they are reaching the level of the height of the euro crisis in 2011-2012, like in the claims of Germany and the liabilities of Italy. In a recent paper the Dutch national bank has attributed this to QE: liquidity created by the asset purchases by national central banks in the southern European euro area states flows – according to the Dutch national bank – to countries like Germany, the Netherlands, Luxembourg. And according to them this is because investors view these countries as less risky, and they say that this points to persistent fragmentation in the euro area. Do you share this analysis and are you at all worried about that?
Draghi: The answer is no, I don't share it, and I'm not worried. The reason why TARGET2 balances go up following our QE has much to do with the settlement of the claims that arise with the implementation of QE. To the extent that these claims are settled by intermediaries that then redeposit this money in Germany or in the Netherlands, you will naturally see TARGET2 balances going up, and that has nothing to do with fragmentation. In other words, it's a completely different phenomenon from what we observed in 2012 and 2011.
Question: The latest figures for wage growth in Germany have been the lowest for, I think, more than five years. How worried are you about that? And would it not be necessary to have much higher wages in Germany also to reduce the current account surplus and to better balance the current account in the eurozone?
And my second question is on the inflation target: there's now an ongoing discussion, or some economists propose that the ECB should target a level of nominal GDP instead of inflation. What do you think about that?
Draghi: We haven't really discussed the second point. And frankly, the reasons why it was chosen, a 2% target, many years ago, are still there, but we didn't have this discussion yet. I'm sorry, I added a “yet” too much. We didn't have that discussion.
Your first question is absolutely right. Wage determination is a result, an outcome of the interplay of forces. You have the employers and the employees. But what one can make today – what central banks, what economists can make – is an indisputable case for the benefits of having higher wage growth. In fact, because of oil prices, because of the big slack in labour market in the last few years, we had low inflation for a long time, and one of the questions we are asking ourselves is, “Is this protracted low inflation – has it filtered through wage negotiations somehow? Either because you have indexation mechanisms, because they're formal or informal, or through the negotiation process?” If that were true, we would be extremely concerned, and we are monitoring these developments very closely. But the case for higher wages is unquestionable.
Please see below in the paragraph starting with “The Vice-President…” for the impact of monetary policy measures adopted in December 2015 and in March 2016 on growth and inflation.
The estimates refer to the effects of monetary policy measures decided in December 2015 and March 2016 for the period 2016-2018.
Source: ECB statement
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- IRCC, indicele de dobanda pentru creditele in lei ale persoanelor fizice, a scazut la 1,75%, dar nu va avea efecte imediate pe piata creditarii
- Istoricul ROBOR la 3 luni, in perioada 01.08.1995 - 31.12.2019
- ROBOR 3 luni (date statistice pe perioada 1995-2019, conform BNR)
- Normele metodologice pentru aplicarea taxei bancare, publicate de Ministerul Finantelor
- Noul ROBOR se va aplica automat la creditele noi si prin refinantare la cele in derulare
- Taxa bancara ar putea fi redusa de la 1,2% la 0,4% la bancile mari si 0,2% la cele mici, insa bancherii avertizeaza ca indiferent de nivelul acesteia, intermedierea financiara va scadea iar dobanzile vor creste
- Raiffeisen anunta ca activitatea bancii a incetinit substantial din cauza taxei bancare; strategia va fi reevaluata, nu vor mai fi acordate credite cu dobanzi mici
- Tariceanu anunta un acord de principiu privind taxa bancara: ROBOR-ul ar putea fi inlocuit cu marja de dobanda a bancilor
- Deficitul contului curent, in crestere cu peste 70% dupa primele trei luni ale anului
- Deficitul contului curent a crescut cu 56% in primele doua luni ale anului
- Deficitul contului curent - 815 milioane euro, dupa prima luna a anului
- Deficitul contului curent la 11 luni a depasit nivelul prognozat pentru intregul an
- Finantarea verde in Romania reprezinta doar 4% din totalul creditarii, arata o analiza a BNR
- Codul de procedura civila republicat, actualizat
- Protectia datelor personale: intrebari si raspunsuri frecvente publicate de ANSPDCP
- Cat este salariul minim net in 2022: 1.524 de lei
- OUG 50/2010 actualizata privind contractele de credit pentru consumatori
- OUG 52 din 2016 actualizata privind contractele de credit imobiliare si modificarea OUG 50/2010
- -1,57% din PIB deficit public dupa primele 5 luni din 2022
- Deficitul contului curent in crestere cu 84%. Datoria externa, redusa fata de finalul anului trecut
- Deficit comercial record in aprilie 2022, in crestere anuala cu 63%
- Vanzarile cu amanuntul, +5% in prima treime a anului, dar se profileaza un trend descendent
- Romania, cea mai slaba performanta la nivel regional in comert exterior pe T1 2022
- BNR propune Parlamentului plafonarea dobanzilor la creditele bancilor intre 1,5 si 4 ori peste DAE medie, in functie de tipul creditului; in cazul IFN-urilor, plafonarea dobanzilor nu se justifica
- Legile privind plafonarea dobanzilor la credite si a datoriilor preluate de firmele de recuperare se discuta in Parlament (actualizat)
- Legea privind plafonarea dobanzilor la credite nu a fost inclusa pe ordinea de zi a comisiilor din Camera Deputatilor
- Senatorul Zamfir, despre plafonarea dobanzilor la credite: numai bou-i consecvent!
- Parlamentul dezbate marti legile de plafonare a dobanzilor la credite si a datoriilor cesionate de banci firmelor de recuperare (actualizat)
- Reclamatii Credit Europe Bank - solutionarea alternativa a litigiilor
- Cei care amana ratele la credite vor plati ulterior dobanda la dobanda, adica mai mult
- Cardurile BCR sunt din material reciclat
- Unicredit: schimburile valutare la bancomate nu pot fi procesate
- Cum fac o reclamatie la BCR?
- Care banci si IFN-uri raporteaza clientii la Biroul de Credit
- Ce trebuie sa stim despre Biroul de Credit
- Care este procedura BCR de raportare a clientilor la Biroul de Credit
- Legalitatea prelucrarii datelor personale de catre Biroul de Credit
- Care sunt bancile si IFN-urile care-si raporteaza clientii la Biroul de Credit?
- Cum gasesc contul IBAN al ANAF in care platesc Declaratia Unica?
- Declaratia unica se depune pana la 25 mai, inclusiv
- Datoria publica, trecuta de 50% din PIB pe date operative: care sunt consecintele
- Noi programe de finantare: IMM Prod, Rural Invest, Garant Construct, Innovation
- Programul Noua casa 2022: care sunt conditiile de creditare
- Decizia Curtii de Apel Bucuresti in procesul dintre Raiffeisen Banca pentru Locuinte si Curtea de Conturi
- Vodafone, obligata de judecatori sa despagubeasca un abonat caruia a refuzat sa-i repare un telefon stricat sau sa-i dea banii inapoi (decizia instantei)
- Taxa de reziliere a abonamentului Vodafone inainte de termen este ilegala (decizia definitiva a judecatorilor)
- ANAF trebuie sa plateasca BCR Leasing dobanzi fiscale de 6,7 milioane lei, pentru obligatii suplimentare de plata a TVA anulate de justitie
- Clauzele abuzive din contractele de credit nu au termen de prescriptie, deci pot fi constatate oricand, chiar si dupa plata creditelor, a decis CJUE
- Eurostat: Romania, țara din UE cu cele mai mici prețuri la consumator în 2021
- Inflatia a urcat la 14,5% in mai 2022, in pofida celui mai mic avans al preturilor din ultimele trei luni
- Care este valoarea CASS (Contributia la Asigurari Sociale de Sanatate) pentru Declaratia Unica 2022?
- PIB-ul din T1 2022, estimat in crestere cu 6,5%, o surpriza majora!
- Termeni si conditii de utilizare Google AdSense Online
- ROBOR la 3 luni a scazut cu aproape un punct, dupa masurile luate de BNR; cu cat se reduce rata la credite?
- In ce mall din sectorul 4 pot face o simulare pentru o refinantare?
- Programul IMM Invest continua si in 2021
- Garantiile de stat pentru credite acordate de FNGCIMM au crescut cu 185% in 2020
- Programul IMM invest se prelungeste pana in 30 iunie 2021
- Firmele pot obtine credite bancare garantate si subventionate de stat, pe baza facturilor (factoring), prin programul IMM Factor
- Programul IMM Leasing va fi operational in perioada urmatoare, anunta FNGCIMM
- INS: Veniturile romanilor au crescut anul trecut cu 10%. Banii de mancare, redistribuiti cu precadere spre locuinta, transport si haine
- Inflatia anuala - 13,76% in aprilie 2022 si va ramane cu doua cifre pana la mijlocul anului viitor
- Deficitul bugetar, deja 0,72% din PIB in februarie 2022
- Datoria publica, majorata la 48,9% din PIB in 2021
- Dobanda pe termen lung a obligatiunilor romanesti a crescut la 5,60% in februarie 2022
- Rata dobanzii pe termen lung pentru Romania, in crestere la 2,96%
- BCE recomanda bancilor sa nu plateasca dividende
- Modul de functionare a relaxarii cantitative (quantitative easing – QE)
- Dobanda la euro nu va creste pana in iunie 2020
- BCE trebuie sa fie consultata inainte de adoptarea de legi care afecteaza bancile nationale
- Bancile romanesti detin cele mai multe titluri de stat din Europa
- Guidelines on legislative and non-legislative moratoria on loan repayments applied in the light of the COVID-19 crisis
- The EBA reactivates its Guidelines on legislative and non-legislative moratoria
- EBA publishes 2018 EU-wide stress test results
- EBA launches 2018 EU-wide transparency exercise
- Depozitele bancare garantate de FGDB au crescut cu 13 miliarde lei
- Depozitele bancare garantate de FGDB reprezinta doua treimi din totalul depozitelor din bancile romanesti
- Peste 80% din depozitele bancare sunt garantate
- Depozitele bancare nu intra in campania electorala
- FGDB explica modul de aplicare a procedurii de recapitalizare interna a unei banci cu depozitele negarantate ale clientilor (bail-in)
- O firma care a facut un schimb valutar gresit s-a inteles cu banca, prin intermediul CSALB
- Rolul Centrului de Solutionare Alternativa a Litigiilor in domeniul Bancar (CSALB) in sustinerea stabilitatii financiare
- CSALB recomanda bancilor sa nu mai claseze cererile incomplet documentate pentru solutionarea amiabila a litigiilor
- CSALB: bancile s-au impacat in acest an cu 445 de clienti nemultumiti, care au primit concesii in valoare de 1,2 milioane euro
- In ce conditii te poate ajuta banca, atunci cand ai o problema cu creditul - sfaturi de la CSALB
- FMI: criza COVID-19 se transforma in criza economica si financiara in 2020, suntem pregatiti cu 1 trilion (o mie de miliarde) de dolari, pentru a ajuta tarile in dificultate; prioritatea sunt ajutoarele financiare pentru familiile si firmele vulnerabile
- FMI cere BNR sa intareasca politica monetara iar Guvernului sa modifice legea pensiilor
- FMI: majorarea salariilor din sectorul public si legea pensiilor ar trebui reevaluate
- IMF statement of the 2018 Article IV Mission to Romania
- Jaewoo Lee, new IMF mission chief for Romania and Bulgaria
- Clientii First Bank pot face plati prin Google Pay
- First Bank anunta rezultatele financiare din prima jumatate a anului 2021
- First Bank are o noua aplicatie de mobile banking
- Cetatenii americani din Romania pot incasa cecurile de asistenta financiara pentru COVID-19 doar la First Bank
- First Bank finalizeaza achizitia Bank Leumi Romania
- BERD este ingrijorata de investigatia autoritatilor din Republica Moldova la Victoria Bank, subsidiara Bancii Transilvania
- BERD dezvaluie cat a platit pe actiunile Piraeus Bank
- ING Bank si BERD finanteaza parcul logistic CTPark Bucharest
- EBRD hails Moldova banking breakthrough
- Banca Transilvania and EBRD become majority shareholders of Victoriabank in Moldova
- Federal Reserve anunta noi masuri extinse pentru combaterea crizei COVID-19, care produce pagube "imense" in Statele Unite si in lume
- Federal Reserve urca dobanda la 2,25%
- Federal Reserve decided to maintain the target range for the federal funds rate at 1-1/2 to 1-3/4 percent
- Federal Reserve majoreaza dobanda de referinta pentru dolar la 1,5% - 1,75%
- Federal Reserve issues FOMC statement
- BEI a redus cu 31% sprijinul acordat Romaniei in 2018
- Romania implements SME Initiative: EUR 580 m for Romanian businesses
- European Investment Bank (EIB) is lending EUR 20 million to Agricover Credit IFN
- Comisioanele BRD pentru MyBRD Mobile, MyBRD Net, My BRD SMS
- Termeni si conditii contractuale ale serviciului You BRD
- Recomandari de securitate ale BRD pentru utilizatorii de internet/mobile banking
- CEC Bank - Ghid utilizare token sub forma de card bancar
- Cinci banci permit platile cu telefonul mobil prin Google Pay
- BET AeRO, primul indice pentru piata AeRO, la BVB
- Laptaria cu Caimac s-a listat pe piata AeRO a BVB
- Banca Transilvania plateste un dividend brut pe actiune de 0,17 lei din profitul pe 2018
- Obligatiunile Bancii Transilvania se tranzactioneaza la Bursa de Valori Bucuresti
- Obligatiunile Good Pople SA (FRU21) au debutat pe piata AeRO
- Cele mai mici preturi din Europa sunt in Romania
- State aid: Commission refers Romania to Court for failure to recover illegal aid worth up to €92 million
- Comisia Europeana publica raportul privind progresele inregistrate de Romania in cadrul mecanismului de cooperare si de verificare (MCV)
- Infringements: Commission refers Greece, Ireland and Romania to the Court of Justice for not implementing anti-money laundering rules
- Council of the European Union statement on Bulgaria path towards ERM II participation
- Productia industriala din aprilie 2022, sub nivelul din urma cu sase ani
- Inflatia industriala a scazut, dar transmiterea in preturile la consumator continua
- Puterea de cumparare a salariului mediu - pe plus in T1 2022, in pofida inflatiei
- Deficitul comercial, majorat cu 34% in T1 2022, dupa ce importurile lunare au trecut pragul de 10 miliarde euro
- ”Inflatia industriala”, majorata la peste 51%, dupa un avans de sapte procente in martie 2022
- Asigurari de viata: crestere de 18% in 2021
- Dosarele de dauna City Insurance se pot depune la FGA (Fondul de Garantare a Asiguratilor)
- Transilvania Broker de Asigurare ofera comsionul digital
- Doar 1,8 milioane de locuinte dintre cele peste 9 milioane sunt asigurate
- Regulile privind incheierea asigurarii auto RCA online
- Clientii ING Bank trebuie sa-si actualizeze aplicatia Home Bank pana in 20 martie
- Obligatiunile Rockcastle, cel mai mare proprietar de centre comerciale din Europa Centrala si de Est, intermediata de ING Bank
- ING Bank transforma departamentul de responsabilitate sociala intr-unul de sustenabilitate
- ING Bank anunta rezultatele financiare la 9 luni 2021: creditarea si profitul cresc substantial
- Cum se face o reclamatie la ING Bank?
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