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In The Ecb's Hawks Against Doves Clash

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By Author: Italo Zanotti
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The rates in the eurozone will remain stationary at 1% to board the European Central Bank today, an appointment that central bankers should take stock of the fragile recovery and on the Greek crisis that threatens to widen. Economists expect the cost of borrowing in the countries of the euro remains stuck at 1% for the tenth consecutive month. And it is indeed likely that the European Central Bank accounts to leave them at that level until the end of 2010: even the Fed has promised rates still for long. The bankers will discuss dell'Eurotower of "exit strategy" that is, the gradual withdrawal of unprecedented measures taken in the last two years to reactivate the system of credit. Even the Fed has given the signal that the U.S. is now to absorb the huge liquidity that has flooded the banking system. But the European Central Bank must also deal with a banking system still wary of lending to households and enterprises. Tomorrow, the ECB President Jean-Claude Trichet is expected to again call on lenders to give them more loans and strengthen their balance sheets. New measures of real "exit strategy" after the close on the auctions ...
... of liquidity to 12 months decided last December, could arrive in March, when the hands of the weekly auctions will Eurotower which currently allows unlimited liquidity. But the dovish ECB, which require caution in coming from the monetary stimulus, must deal with the "hawks" such as the German member of the board German Axel Weber, who called for an acceleration in Davos. Upon learning the 'doves' are still some important arrows. Among these, a recovery that Trichet continues to define "accident" and fragile. Germany, before the eurozone economy, could be returned to the stagnant growth. Unemployment is over 10% in Europe weighed on consumption, pale even in December. And then there's the crisis of Greece, which could expand to Spain, Portugal and others, warned yesterday as the EU Commissioner for Economic Affairs, Joaquin Almunia. After the verdict is positive (with reservations) the European Union on anti deficiency in Athens today in Frankfurt must take stock of that too.
Spain is at risk for the economy gurus
Greece wobbly but especially in the Spain of Socialist Prime Minister Jose Luis Zapatero to worry about the gurus of the world economy. Last Monday the 2008 Nobel Prize Paul Krugman. In his blog hosted by the New York Times warned that the "main problem" for the eurozone is not required to Greece, but Spain: until a few years ago had budget surpluses, now has a heavy deficit, due to the collapse its economy. Heavy words, parallel to those given in recent days in Davos by another guru of the global economy, Nouriel Roubini, the American economist known for being one of the few to predict the global crisis in Spain, he said, for ' high deficit, the explosion of unemployment, is a possible threat to the cohesion of the euro area, more than Greece, Portugal or Ireland.
Photo: Jean-Claude Trichet.

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