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The mathematician of the Complutense University of Madrid, José-Vidal Ruiz Varela, argues that Europe must raise its borrowing limit, leaving its deflationary policy.

LONDON Consumer price inflation across the 17 countries that use the euro
held steady in June compared with May, despite a bigger than expected slowdown
in the pace of German price rises, data showed Friday.
The European Union's official statistics agency Eurostat said the flash
estimate of the annual consumer price index in the euro zone rose 2.4% on the
year in June, the same pace increase reported in May
That was higher than expected as economists surveyed by Dow Jones Newswires
last week predicted a slowdown to 2.3%.
The June euro zone inflation outcome reflects a mixed picture across the euro
zone, according to early indicators from Germany, Spain, Belgium and Italy
In
Germany the CPI rose 1.7% in June, down from a 2.0% increase in May, while
Belgian inflation also eased to levels last seen around two years ago
In Spain
inflation held steady, rising 1.9% in June and the Italian CPI rose unexpectedly
to 3.3% in June from 3.2% a month earlier
The steady pace of inflation between May and June will likely mean the
European Central Bank will continue to keep interest rates on hold at 1.0% until
they can be sure of an ongoing retreat in the pace of inflation over the coming
months
However, inflation is now much closer to the central bank's target rate
of around 2% and still gives them enough scope to introduce any additional
policy measures aimed at improving growth in a region where gross domestic
product was flat in the first three months of the year and is widely expected to
have contracted in the second quarter
And, if inflation does show a further slowdown in the coming months, then the
ECB may be more inclined to cut interest rates from the current 1%, and there
has been growing evidence that some members of the governing council are
becoming less averse to that option
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