Interview with el país

Find out how the ECB promotes safe and efficient payment and settlement systems, and helps to integrate the infrastructure for European markets.

The recovery – albeit modest – is robust. Which bank best interest rates We are growing and inflation is improving.


Interest rates on bank deposits Europe’s GDP has returned to its pre-crisis level, although this has taken seven and a half years. Corporation bank loan interest rates In the past four years Europe has created four million jobs and the rate of unemployment has dropped from 13% to 10%. Bank fd interest rates 2014 There are still big differences between countries, but fewer differences than before. Us bank interest rates on credit cards The main drivers behind this recovery have been low oil prices and our monetary policy. Indian bank interest rates on fixed deposits 2014 This recovery is stronger than past ones because it is based on the increase in consumption and domestic demand, and not only on exports. Latest bank interest rates The recovery in consumption is essentially due to rising real disposable income, and the major driver, now that the oil price effect is waning, is our monetary policy.

Indeed, political uncertainty is dominant. Current bank loan interest rates This year we have suffered a multitude of uncertainties: first there was the slowdown in China and the stagnation of world trade, then the Brexit referendum and the election in the United States. Bank account interest rates australia The key question is how much this political uncertainty is going to affect the economic recovery. What are bank savings interest rates So far we’ve seen that in the short-term the response to these uncertainties has been more muted than people expected. Corporation bank interest rates on recurring deposit We’ve seen markets reacting quite strongly in the immediate aftermath, but then they’ve recovered to the pre-event level.

Let’s look at it one step at a time. Bank interest rates in india All in all the banking sector, and perhaps more generally the financial sector, is stronger than it used to be before the crisis. What are bank interest rates But in the medium term it is not yet clear what the consequences of past, current and future political uncertainty will be. Corporate bank interest rates There will be consequences, that much is certain.

Which we have to assume. Fixed deposit interest rates in indian bank 2013 A lot depends on the shape of the final agreement and on how long negotiations on the final settlement will take.. Bankrate mortgage rates graph The longer the negotiations take, the longer the uncertainty. Federal bank fd interest rates 2014 It will be more difficult for investors and other economic agents in the UK to make decisions. Us bank interest rates car loan Now, the impact of course is going to be stronger on the UK than it is on the EU and on the euro area, but certainly the UK is a large economy, so it will have an effect here too..

The key question is whether and how this will affect our European values and how we will go about in protecting these values? The main concerns of EU citizens are now immigration, counter-terrorist security measures, defence and border protection. Fixed deposit interest rates in indian bank for senior citizens All of these are supranational affairs that require a common response. Best online bank interest rates European integration is the appropriate response, but this has become weaker in recent times, partly because of populist movements. Bank interest rates 2014 It is increasingly difficult to make progress with integration, but at the same time citizens want European policies on security and defence. Current bank interest rates in india That’s also a way to build Europe.

Could the impending Italian referendum and elections in other countries result in the same kind of turbulence we saw in the bond markets in 2012?

I can’t comment on future political events. Canara bank interest rates for fixed deposits What we know is we have an objective which is price stability and we have instruments to achieve that. Saraswat bank interest rates 2014 How can we best contribute to confidence and stability? Through fulfilling that mandate.

During your term in office, the ECB has saved the euro on two occasions. Interest rates on bank fixed deposits In 2012, with €1 trillion in liquidity and that phrase “whatever it takes”, and since 2014 with quantitative easing (QE), the asset purchase programme. Bank deposit interest rates calculator Will there be a third occasion?

I hope not. Current bank interest rates The crisis resulted in very difficult times for everyone. Highest bank interest rates canada We have hopefully learnt the lessons and the economic policy agenda has been designed on the basis of those lessons.

Our measures have been very effective. Typical bank savings interest rates The financial fragmentation between countries with stronger economies and vulnerable countries has been reduced greatly. Icici bank interest rates for fixed deposits There was a point in time when we lowered our interest rates and banks did not pass these on to their customers; now they do. South indian bank interest rates on fixed deposits 2014 There was a time when countries and private companies were paying tremendously different interest rates regardless of the different risk premia. All bank interest rates on fixed deposits 2013 A company with subsidiaries in two countries paid very different interest rates via each subsidiary, with exactly the same risk. Bank of india fixed deposit interest rates 2014 calculator We all agree that different rates should reflect different risks but in that case the rates were reflecting other factors. Lloyds bank interest rates on savings accounts That is no longer the case. Icici bank fd interest rates 2014 Credit provision collapsed and is now starting to grow again.

Surveys reveal that access to credit is no longer cited as a problem. Rd bank interest rates Three and a half years ago access to credit was cited by small and medium sized enterprises (SMEs) as the second factor that inhibited investment, and that problem has disappeared. Bank fd interest rates in india 2013 We have also seen that the spread between the rates at which large companies and SMEs borrow has fallen. Uco bank interest rates fixed deposits When the ECB buys bonds from large corporations, they are less reliant on bank funding and that frees up space on bank balance sheets to lend to SMEs.

We are monitoring financial stability risks, but we see no bubbles in the euro area. Bank deposit interest rates uk There are house price increases in Milan, Barcelona and some German cities, but they are selective and limited to specific areas. Present bank interest rates on fixed deposits In order to speak of bubbles there must be a hike in prices and strong increases in lending. Idbi bank fd interest rates for senior citizens We are not seeing that dynamic. Bank fixed deposit interest rates in india 2013 Lending is growing, but at rates of 3%, not at the 15% we saw before the crisis.

I disagree. Bank interest rates calculator india Although asset purchases mean asset prices rise, one should never forget that the single biggest cause of inequality is unemployment. Indian bank fd interest rates for senior citizens So if you look at the medium-term consequences of increasing employment and you match them against the short-term consequences of worsening inequality, the overall answer is no, QE doesn’t increase inequality.

We are aware that low interest rates affect the interest rate margins of some banks, but they also have positive effects on bank profitability by supporting the recovery, reducing loan losses and increasing the valuation of assets. Best interest rates on bank deposits We also cannot deny that some people, like pensioners without debt who rent their homes, may be hurt by low interest rates. Current bank interest rates uk The only honest answer that we can give them is that the low interest rates are essential for a full recovery, and when this is achieved interest rates will rise.

European growth is mediocre. Bank deposit interest rates ireland Unemployment stands at 10%. Axis bank fd interest rates for senior citizens Inflation is far from 2%. Bank interest rates list india With these figures, how can the ECB hawks even think of demanding the gradual withdrawal of unconventional measures, low interest rates and asset purchases?

This is for the Governing Council to decide and it will do so on December 8. Allahabad bank interest rates on fixed deposits 2013 Right now, our latest introductory statement says that we remain committed to preserving the very substantial degree of monetary accommodation which is necessary to secure a sustained convergence of inflation towards levels below, but close to, 2% over the medium term.

This is normal, especially in a context where monetary policy makes use of more instruments than in the past. Bank home loan interest rates in india 2013 We can deliver the appropriate stance by different combinations of instruments, for instance the amount of monthly purchases or the length of time over which they take place. Saraswat bank fd interest rates 2013 I won’t prejudge the debate on the various options.

For two years, since the speech you made in Jackson Hole, you have been preaching unsuccessfully to have your expansive monetary policy complemented by an expansive fiscal policy. All bank interest rates for fixed deposit Now Brussels is proposing a stimulus. Highest bank interest rates in usa Will you support the European Commission vis-à-vis the finance ministers?

We are still assessing the proposal. Bank of india fd interest rates 2013 calculator Fiscal policy should support the recovery but also comply with the rules of the Stability and Growth Pact, which have enough flexibility of interpretation to accommodate extraordinary factors and structural reforms. Bank interest rates for fixed deposit Compliance with well-designed rules is essential to create confidence in the markets and credibility for governments: only if there is trust between countries can we progress towards deeper integration.

Confidence has disappeared. Bank interest rates on savings The rules were never complied with. Bank interest rates on fixed deposits There have been many reforms yet the rules are still being breached. Saving bank interest rates Shouldn’t the rules be replaced with others?

Fiscal policy in the EU is basically a rules-based process and it is the Commission’s task to monitor compliance. Bank deposit interest rates nz Let’s take a step back. Bank loan interest rates comparison In monetary policy we have followed a different route: we have moved from a rules-based system to an institutions-based monetary integration system. Bank rate interest rates Which produces the best results? Judge for yourselves.

Well they can form an opinion on the ECB by judging us on how we comply with our mandate, price stability. All bank interest rates for personal loan And I would say in spite of the many crises of the last six, seven years, we continue to steer the ship towards this mandate, and we foresee that inflation will go back towards our objective of an inflation rate below but close to 2% by 2018/2019.

The euro area is made up of many different countries, which implies different fiscal policies in 19 countries. Federal bank interest rates on fd But if the crisis has clarified one thing it is that many Member States did not have sustainable fiscal positions. Highest bank interest rates uk There was no fiscal space to combat the crisis.

The United States has been more flexible with its own rules: its recovery took place earlier and has been much stronger. Indian overseas bank interest rates on fixed deposits 2014 Shouldn’t this also make us think of changing the rules?

The US institutional environment is completely different: it has a genuine federal budget; a fully integrated financial market and a very different society. Hdfc bank fd interest rates for senior citizens So it’s hard to compare. Current bank interest rates australia However, if your question is what makes the two crises different, then that is important because it forces us to think about the mistakes made before the crisis. Latest bank interest rates for car loan They would be the major input in how to design a programme for after the crisis.

One of the main reasons for the financial crisis was the blind deregulation that took place in the early 2000s and late 1990s. All bank interest rates list This led to the creation of toxic assets, to market opacity and to the excesses that triggered the global financial crisis and the recession. Fixed deposit interest rates in indian banks latest In the United States, the origin of the crisis was mainly financial. Best bank deposit interest rates in india It then spread to Europe – to its banks, to its governments, to a very indebted economy, to a banking sector that was also undercapitalised – and led to a credit crunch. Bank interest rates in india for home loan The damage was greater in Europe because underlying these symptoms was a competitiveness that had been in decline for years on account of a lack of structural reforms. Present bank interest rates This crisis taught us several lessons. Central bank of india interest rates 2013 One is that a fiscal space needs to be created so it can be used in the event of another crisis. Bank interest rates compare nz Whoever has such a space can use it; whoever doesn’t will only be able to alter the composition of the budget: less expenditure, lower taxes and more public investment well targeted to increase productivity for the country. All bank interest rates list 2015 The second lesson is that the banking sector must be strengthened: the highest quality capital, common equity tier 1 capital, has gone from 7% before the crisis to around 14% now. Saraswat bank fd interest rates 2014 And the third lesson is that reforms are needed to regain competitiveness, so that we are prepared if problems reoccur. Best bank interest rates on savings accounts Spain undertook reforms, and therefore its growth is striking and its rate of unemployment significantly lower than before.

Spain’s GDP is growing strongly, but unemployment is still at around 20%. Lloyds bank accounts interest rates Spain has the highest deficit in Europe after Greece. Fd interest rates in union bank of india Massive debt. Commercial bank interest rates Doesn’t this mean that Spain is still very vulnerable?

Spain is growing more than others, but it is still vulnerable. Td bank interest rates It has a high deficit and high public and private debt. All bank interest rates But what is important is that Europe is emerging from the crisis. Bank of interest rates on fixed deposit And Spain is coming out faster basically because it has undertaken more structural reforms.

The tailwinds have been there for everyone. Federal bank interest rates for fixed deposits It is certainly true also that monetary policy is a driver of the recovery, across the euro area.

In a country with a certain fatigue because of the cuts made and the two labour reforms and the financial and pension reforms, could another round of cuts to the tune of €5.5 billion – as has been demanded by Brussels – be counterproductive?

As I said before, fiscal policy could complement our monetary policy, together with structural reforms, in sustaining the recovery. Interest rates on bank deposits in india But this should be done in compliance with the existing rules and where the existing rules are being administered and monitored by the Commission.

If there is another crisis, we cannot rule out a new episode of turbulence in the banking sector, with weaknesses in several countries. Icici bank interest rates on fd Does the Bank Recovery and Resolution Directive [which lays down creditor ranking when their money is lost during a banking crisis] need to be strictly enforced? Should it be disregarded if there is a new financial crisis?

During the crisis, everyone was insisting that taxpayers must no longer pay any more for the mistakes of the financial sector and of the banks. All bank home loan interest rate list 2014 The outcome was the Bank Recovery and Resolution Directive. Bank loan interest rates philippines 2016 However, both the Directive and the rules on state aid leave room for interpretation by the Commission. Normal bank interest rates But let me say that the best protection against rules that require creditors to contribute to bank recoveries – something which is often associated with serious political and economic problems – is for all banks to have buffers in place in case there are problems, with assets that can be used easily to absorb losses. Highest bank interest rates That is key.

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