Detail After the Fall; Central Banks Under Scrutiny (1)   Oleh:  [s.n] Jenis: Article from Bulletin/Magazine Dalam koleksi: The Economist (http://search.proquest.com/) vol. 395 no. 8683 (May 2010), page 74. Topik: Central Banks; Monetary Policy; Inflation; Bond Markets Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.63 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel It is meant to be an example of European unity, but in response to the euro zone's fiscal crisis the European Central Bank (ecb) is having a fight on several national fronts. Even as the bank's dealers were pushing cash into the bond markets of selected euro-zone countries, its president, Jean-Claude Trichet, was trying to reassure Germans that the ECB had not lost its inflation-fighting zeal or its independence. To back up that claim, the central bank conducted a special auction of one-week deposits on May 18th to "sterilise", or soak up, the EUR 16.5 billion ($20.4 billion) of cash it had created by buying bonds. Banks offered almost ten times what was required, which meant the ECB had to pay an interest rate of just 0.28%. The exercise was largely cosmetic given how much liquidity the ECB supplies to banks. But appearances count. "It's as if the ECB has sinned and has to do penance," says Julian Callow at Barclays Capital. How did it get into such a pickle? In part because flaws in the construction of the euro left Trichet with little choice: there was no other institution in place to help individual countries in crisis. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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