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http://www.ecb.int/press/key/date/2007/html/sp070907.en.html
Me quedo con las conclusiones...
Resumiendo, que los indicadores actuales no les valen, que necesitan más. Y que estarán alerta (nada de "monitor very closely" o "strong vigilance"), pero que parece que los tipos (que no el euribor) van a estar una temporadita parados, en espera de como se comportan los precios y la inflación en el medio plazo.
Sin acritud, ¿a cuántos de vosotros se os atragantó ayer la comida? Porque claramente vuestras apuestas eran un +0.25, y después de esperar tanto tiempo, ha tenido que ser decepcionante.
Me quedo con las conclusiones...
Concluding remarks
In retrospect, market expectations have aligned well with our intentions. They have internalised the principle that the withdrawal of accommodation is conditional on the evolution of our analysis. It is not been predicated on any single short-term indicator of the macroeconomic state. In the last few months, the ECB has not measured the state of the economy by the strength or weakness of any particular piece of incoming news. It has continued to extract the macroeconomic trend from the wealth of cumulative evidence accruing – from month to month – from the economic and the monetary side.
As I said yesterday, on behalf of the Governing Council, our monetary policy stance is still on the accommodative side and the medium term outlook for price stability remains subject to upside risks. I said that at the same time, the financial market volatility and reappraisal of risk of recent weeks have led to an increase in uncertainty. Given this high level of uncertainty, it is appropriate to gather additional information and to examine new data before drawing further conclusions for monetary policy in the context of our medium term oriented monetary policy strategy. That being said, our “constant steady alertness”, and determination to act in the future whenever it is necessary makes no doubt in the mind of observers.
By acting in a firm and timely manner we will ensure that risks to price stability over the medium term do not materialise and that medium term inflation expectations remain firmly anchored in line with price stability.
Particularly in times of high financial market volatility this continued solid anchoring of inflation expectations is one of the most precious assets on which we can draw to rebuild and consolidate the confidence which ultimately will itself permit the return to a normal functioning of the financial markets.
I thank you for your attention.
Resumiendo, que los indicadores actuales no les valen, que necesitan más. Y que estarán alerta (nada de "monitor very closely" o "strong vigilance"), pero que parece que los tipos (que no el euribor) van a estar una temporadita parados, en espera de como se comportan los precios y la inflación en el medio plazo.
Sin acritud, ¿a cuántos de vosotros se os atragantó ayer la comida? Porque claramente vuestras apuestas eran un +0.25, y después de esperar tanto tiempo, ha tenido que ser decepcionante.