The ECB begins the purchase of assets and low types before the brake of the recovery

The European Central Bank (ECB) has reduced this Thursday by surprise, the interest rates of 0.15 % to 0.05 %, which brings the price of money levels in unknown to date. However, more important than it is to be launched the purchase of assets in October, according to has announced its chairman, Mario Draghi. The objective of this program for the purchase of debt that emulates the QE us in a small way, is "to encourage the credit to the real economy", strengthen the economic activity and tackle the recent doubts about recovery, threatened by the risk that inflation will continue at levels too low more time of what is bearable. With these same goals, the institute issuer already low rates to 0.15 % in June and announced that the bar reabria free of liquidity to the banking, although now subject to the granting of credit.




The program for the purchase of debt will cover a "wide range" of financial assets, mainly securitisations (ABS) and other guaranteed bonds. Draghi has not wanted to provide figures on what will be the scale of the plan. "It is very difficult to quantify", has justified before revealing that in the governing council of the ECB have been bandied about several figures. "Some of them have been filtering", has been awarded the italian economist in reference to Reuters, before the press had published that its amount will reach 500,000 million euros. "The measures have been taken to anchor inflation forecasts", has defended Draghi at the press conference after the council after recognizing that the growth rate of prices remain well below their target (2 %) for a long time. Before the journalists, the Italian economist has shown its confidence in that the purchase of assets will serve to relax the conditions of credit. "But this will not work if you do not continue the reforms", has warned after arguing that the inflation has been worse than expected in August. The harmonized CPI of the euro zone fell in the month at one-tenth of a point to 0.3 %, and the ECB envisaged that end of the year in a meager 0.6 % when until now i was expecting a 0.7 %. In 2015 it will be 0.9 % and in 2016, at 1.4 %. Draghi has also explained which will help to boost exports and will underpin a recovery that, according to the revised forecast today, it will be even more anemic than expected with a GDP growth of 0.9 % in 2014, one tenth less. In 2015 the growth will be in a 1.6 %, well below its previous forecasts, and there is forward until 2016 to see the first improvement with a rebound in GDP of 1.9 %, a tenth more.