Capstone Forex Trading Online: Lagarde parliament testimony

 

2019-12-03 10:43      from:CAPSTONE    author:Jack

Capstone Forex Trading Online: Lagarde parliament testimony speech, ECB will resolutely achieve inflation target
 
European Central Bank President Lagarde said on Monday that the European Central Bank is "determined" to restore price stability in the euro zone, while emphasizing that the forthcoming strategic assessment will adopt an open mind.
 
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Paul Lagarde made his first testimony after he became president of the European Parliament. In her opening statement, she said: "The ECB's loose policy stance has been a key driver of domestic demand during the economic recovery, and this position has not changed."
 
"It's too soon to start debating the exact scope, direction, and timetable of the policy assessment, because the management committee has not yet fully discussed it," she said. "But I can confirm that strategic evaluation will follow two principles: comprehensive analysis and open thinking."
 
The European Central Bank has adopted ultra-easy monetary policies such as negative interest rates, quantitative easing and long-term bank loans. Lagarde acknowledges that these policies have side effects and will use this assessment to better understand how long-term trends will affect factors that the central bank can control.
 
In spite of the European Central Bank's continuous injection of liquidity into the financial system for many years, the inflation rate has not yet recovered to the target level of just below 2%. In addition, the European Central Bank is increasingly worried that monetary policy may threaten financial stability, so more and more officials, including Lagarde's former Draghi, have called for the government to support the economy with fiscal policies.
 
Many questions in this hearing will focus on climate change. The European Central Bank is under increasing pressure to play a greater role in this area.
 
A group of radical activists and scholars recently proposed in an open letter to Lagarde to exclude bonds issued by environmentally polluting companies from quantitative easing. The Bundesbank president Weidmann warned against such drastic measures. Lagarde agreed with Weidman's point of view, but the European Central Bank will still try to integrate climate change issues with policy operations, economic analysis and banking supervision.
 
She also revealed that she has seen the author of this open letter. A participant who asked not to be named said that part of the discussions focused on how to involve civil society in policy assessments, and Lagarde also pointed out that her first task was to involve the management committee.
 
Speaking at a parliamentary hearing, Mr. Lagarde said that the primary task of the European Central Bank is to stabilize prices and the secondary task is to support the EU's general economic policies, which can include climate change issues. European Commission President Ursula von der Leyen has promised to make Europe the world's first climate-free continent by 2050, while the Green Party has made significant progress in recent parliamentary elections.
 
According to informed officials, in this policy review, which was implemented for the first time since 2003, European Central Bank policymakers may fine-tune inflation targets, but it is difficult to make major changes.
 
Ultimately, the target may be set at 2%, because some directors worry that the current ambiguous target may lead to too weak inflation. A person familiar with the matter, who spoke on condition of anonymity, said that more radical changes in the way in which prices are measured and stabilized could be made.
 
"We must ask ourselves, this is the definition of 2003. Given the changes in structural trends, the definition of price stability and the goals that constitute the task of price stability are still valid." Lagarde said.


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