L'Europa secondo Draghi

PARIGI – I banchieri centrali sono spesso fieri di essere noiosi. Non Mario Draghi, però. Due anni fa, nel luglio 2012, il presidente della Banca centrale europea colse tutti di sorpresa annunciando che avrebbe fatto "tutto il possibile" per salvare l'euro. L'effetto delle sue parole fu incredibile. Questo agosto, Draghi ha usato l'incontro annuale dei principali banchieri centrali a Jackson Hole, nel Wyoming, per lanciare una bomba simile.

Questa volta, il discorso di Draghi è stato più analitico ma non per questo meno audace. In primo luogo, ha preso posizione nel dibattito attuale su come rispondere alla stagnazione dell'eurozona. Draghi ha sottolineato che, oltre alle riforme strutturali, è necessario sostenere la domanda aggregata, e che il rischio di fare troppo poco in tal senso supera nettamente il rischio di fare troppo.

In secondo luogo, Draghi ha confermato che la Bce è pronta a fare la sua parte per aumentare la domanda aggregata, e ha menzionato gli acquisti di asset, o quantitative easing, quale strumento imprescindibile in un contesto dove le aspettative di inflazione sono scese al di sotto dell'obiettivo ufficiale del 2%.

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.

required

Log in

http://prosyn.org/WXNpqBm/it;
  1. Chris J Ratcliffe/Getty Images

    The Brexit Surrender

    European Union leaders meeting in Brussels have given the go-ahead to talks with Britain on post-Brexit trade relations. But, as European Council President Donald Tusk has said, the most difficult challenge – forging a workable deal that secures broad political support on both sides – still lies ahead.

  2. The Great US Tax Debate

    ROBERT J. BARRO vs. JASON FURMAN & LAWRENCE H. SUMMERS on the impact of the GOP tax  overhaul.


    • Congressional Republicans are finalizing a tax-reform package that will reshape the business environment by lowering the corporate-tax rate and overhauling deductions. 

    • But will the plan's far-reaching changes provide the boost to investment and growth that its backers promise?


    ROBERT J. BARRO | How US Corporate Tax Reform Will Boost Growth

    JASON FURMAN & LAWRENCE H. SUMMERS | Robert Barro's Tax Reform Advocacy: A Response

  3. Murdoch's Last Stand?

    Rupert Murdoch’s sale of 21st Century Fox’s entertainment assets to Disney for $66 billion may mark the end of the media mogul’s career, which will long be remembered for its corrosive effect on democratic discourse on both sides of the Atlantic. 

    From enabling the rise of Donald Trump to hacking the telephone of a murdered British schoolgirl, Murdoch’s media empire has staked its success on stoking populist rage.

  4. Bank of England Leon Neal/Getty Images

    The Dangerous Delusion of Price Stability

    Since the hyperinflation of the 1970s, which central banks were right to combat by whatever means necessary, maintaining positive but low inflation has become a monetary-policy obsession. But, because the world economy has changed dramatically since then, central bankers have started to miss the monetary-policy forest for the trees.

  5. Harvard’s Jeffrey Frankel Measures the GOP’s Tax Plan

    Jeffrey Frankel, a professor at Harvard University’s Kennedy School of Government and a former member of President Bill Clinton’s Council of Economic Advisers, outlines the five criteria he uses to judge the efficacy of tax reform efforts. And in his view, the US Republicans’ most recent offering fails miserably.

  6. A box containing viles of human embryonic Stem Cell cultures Sandy Huffaker/Getty Images

    The Holy Grail of Genetic Engineering

    CRISPR-Cas – a gene-editing technique that is far more precise and efficient than any that has come before it – is poised to change the world. But ensuring that those changes are positive – helping to fight tumors and mosquito-borne illnesses, for example – will require scientists to apply the utmost caution.

  7. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

    Order now