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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.

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viernes, 21 de septiembre de 2012

German government adviser sees muted 2013 growth

German economic growth is likely to be muted next year, German government economic adviser Lars Feld says, in the advance release of an article in the weekly Euro am Sonntag                               
"I don't see especially dynamic growth," he is quoted as saying, noting the economy is lacking the necessary momentum                               
Feld adds that he can't rule out growth of below 1% in 2013
That is more pessimistic than the German government's projected gross domestic product growth of 1.6% for next year                               
Feld also criticized the European Central Bank's proposal to buy unlimited amounts of sovereign bonds with maturities of up to three years of countries that have adopted European Stability Mechanism conditions, or those of the ESM's forerunner, the European Financial Stability Facility
The ECB calls the plan the Outright Monetary Transactions program                               
Such action would increase the risk of inflation, Feld says
While the ECB has the adequate tools to combat inflation, OMT bond buys would make it "very, very difficult for the ECB to intervene to the right degree at the right time," Feld says

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