Meo tem a porta aberta a saídas voluntárias até ao final do mês

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NEW YORK (MNI) – European Central Bank Vice President Vitor
Constancio Friday discussed the ECB’s experience with unconventional
monetary policy measures in a speech presented as part of the University
of Chicago’s Booth School of Business’s U.S. Monetary Policy Forum.
In terms of the overall use of non-conventional measures and
reserves, he stressed that “to go back to normal implementation of
monetary policy and be able to steer the short term money market rate
closer to the policy rate, there is the need to absorb excess liquidity
and bring total reserves close to required reserves,” Constancio said.
The ECB Vice Chair noted that the ECB is “already in a situation
where excess liquidity has been practically normalized.”
He maintained that global central banks would likely use short-term
interest rates as the “instrument of choice” in directing monetary
policy, with unconventional measures used only in “boom and bust
situations.”
Unconventional measures can “distort relative prices and have
distributional implications by benefiting particular economic agents,”
he said.
Constancio stressed that in normal times, central banks “should
continue to operate only in the money market.”
He outlined the various measures taken by other global central
banks and contrasted this with the steps taken by the ECB, noting while
other central banks opted for quantitative easing, the ECB did not.
“The ECB’s measures were concentrated on liquidity provision and
increased intermediation, with the two programs to improve the
transmission of monetary policy (SMP) and repair the functioning of one
market segment (Covered bonds).
“No quantitative easing was used,” he said.
Constancio noted that “fiscal policy and other measures” has
contributed to the recovery seen in the eurozone.
He spoke of the problems the ECB had in controlling the overnight
market rate, with the EONIA rate at times nearing the level of the
deposit facility rate.
“An alternative way to steer EONIA would be to increase the deposit
facility rate and reduce the ‘corridors’ but that would not be market
friendly as it would restrict money market activity with possible
negative consequences for the future,” Constancio said.
“The problem then is to regain control of the overnight market
rate,” he said.

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