3 giugno 2020

In the end, a broad consensus emerged among members around the proposal put forward by Mr Lane to expand the PEPP envelope by €600 billion in order to deliver the monetary conditions that could support a return to the pre-crisis inflation trajectory within the projection horizon. Aggiornato al 02.06.2020 . Click here to re-enable them. Ongoing monetary accommodation would likely prove necessary in order to support the macro-financial conditions conducive to making further progress towards the Governing Council’s inflation aim. » Bestenliste 12/2020 Umfangreicher Produktratgeber Die besten Modelle → Beste Angebote Alle Preis-Leistungs-Sieger Jetzt direkt weiterlesen. Downward pressure on sovereign bond yields had also contributed to easing funding conditions in euro area corporate bond markets, although they too remained relatively tight compared with the pre-pandemic period. I S. 1018) geändert worden ist, wird verordnet: Teil 1 – Allgemeine ... (3) Die Abstandsregel gilt nicht für Schulen, Kindertagesstätten und die weiteren in § 16 Absatz 1 genannten Einrichtungen. Prevailing market segmentation implied that monetary policy needed to act in a more targeted and flexible way to preserve policy transmission across the entire euro area. Mai 2020 (BGBl. mercoledì 3 giugno 2020 Elisir del Sole (M) Elisir della Luna (M) giovedì 4 giugno 2020 Cor Draconis (grezzo) Nugget (verde) venerdì 5 giugno 2020 Papiro Consacrato Cassa con Libri del pet sabato 6 giugno 2020 Rinforza Oggetto B Incanta Oggetto B domenica 7 giugno 2020 Cass. The size of the proposed envelope was calculated to make a significant contribution to offsetting the pandemic-related downward shift in the projected inflation path. In the first quarter of 2020, euro area real GDP had decreased by 3.8% quarter on quarter as a result of the coronavirus pandemic and the measures to contain it. Click to share on Twitter (Opens in new window) Click to share on Facebook (Opens in new window) Click to share via Email. SETTIMANA DAL 3 AL 9 GIUGNO 2020 0. Such flexibility was seen as most effective and efficient during periods of market stress. The Governing Council, therefore, strongly welcomed the European Commission’s proposal for a recovery plan dedicated to supporting the regions and sectors most severely hit by the pandemic, to strengthening the Single Market and to building a lasting and prosperous recovery. Before the pandemic shock, this set of measures had been configured to lift inflation towards the Governing Council’s policy aim over the medium term. Sleeper Incoming. An expansion of this amount was seen as providing a clear signal that the Governing Council was not satisfied with the medium-term inflation outlook of 1.3%. Information from surveys, high-frequency indicators and incoming hard data all pointed to a further significant contraction of real GDP in the second quarter. (3)  World Health Organization, Laboratory biosafety guidance related to coronavirus disease (COVID-19): interim guidance [Organizzazione mondiale della sanità, Linee guida sulla biosicurezza nei laboratori relative alla malattia da coronavirus (Covid-19): linee guida provvisorie], 19 marzo 2020, https://apps.who.int/iris/rest/bitstreams/1272450/retrieve. With regard to the envisaged horizon of net purchases under the PEPP, members broadly concurred with the proposal put forward by Mr Lane to extend it until at least the end of June 2021, thus aligning it with the phase of the most severe impact of the pandemic-related restrictions on economic activity and the weakest inflation pressures in the period ahead. Looking at this from a different perspective, it implied that at the current juncture the euro area could not rely on exports to offset weakness in domestic demand. This assessment was also broadly reflected in the June 2020 Eurosystem staff macroeconomic projections for the euro area. Eban. In any case, the Governing Council would conduct net asset purchases under the PEPP until it judged that the coronavirus crisis phase was over. This assessment was broadly reflected in the June 2020 Eurosystem staff macroeconomic projections for the euro area. Nell’elaborazione della presente direttiva la Commissione è stata assistita da esperti che rappresentano gli Stati membri e che hanno fornito un sostegno tecnico e scientifico. However, it was also noted that it could not be ruled out that unintended effects could increase over time and eventually outweigh the overall positive effects. Sono aperto al cambiamento, al nuovo che arriva . The exceptionally high pace of gross issuance in the investment grade corporate bond market had not decelerated, highlighting the continued high financing needs of companies, even as lockdown measures were gradually being eased. 1 0 4 months ago. There was ample evidence that the euro area economy would have fared much worse without the policy stimulus from asset purchases. Loading... marengocri's other lessons. Piton. As regards the external environment, the outlook for global activity had been revised downwards significantly compared with the March 2020 ECB staff macroeconomic projections. While the ECB’s set of monetary policy measures, most notably the PEPP, had contributed to calming financial markets, real interest rates in the euro area had increased, thereby contributing to a tightening in the stance of monetary policy in the context of a subdued outlook for inflation. In addition, the point was made that the June projections did not cover the possibility that the crisis could spill over to the financial sector: if this were to happen, it would trigger a further deterioration in financial conditions and necessitate an even stronger monetary policy response. In general, the extent of the contraction and the recovery was seen to depend crucially on the duration and the effectiveness of the containment measures, the success of policies to mitigate the adverse impact on incomes and employment, and the extent to which supply capacity and domestic demand would be permanently affected. Compared with the March 2020 ECB staff macroeconomic projections, the outlook for real GDP growth had been revised substantially downwards by 9.5 percentage points in 2020 and revised upwards by 3.9 percentage points in 2021 and 1.9 percentage points in 2022. Milano, precipitò da un parapetto non a norma. Some concern was expressed that that model-based estimates of deflation risks surrounding the baseline scenario in the June 2020 projections had reached their highest levels since the December 2008 projections. connects to a ham radio dx cluster and repeat the dx spot to shiva clients, download priyom.org number station schedules. Overall, financial conditions had been broadly stable since the Governing Council’s April meeting, but remained significantly tighter than before the pandemic crisis. The revisions to the outlook for core inflation indicated an even larger deterioration, with core inflation projected to reach only 0.9% in 2022. This implied that all scenarios might turn out to be too optimistic for the latter part of the projection horizon if that was not the case. This was especially the case given the already low levels of the ECB’s policy rates and the crucial role of sovereign yields in determining the financing conditions of firms and households. The principal payments from maturing securities purchased under the PEPP would be reinvested until at least the end of 2022. Moreover, high economic uncertainty was triggering a shift towards money holdings for precautionary reasons. This easing had, however, been partially offset by deteriorating medium to long-term earnings growth expectations, consistent with a shift in expectations towards a more protracted impact of the crisis. See no evil, hear no evil, speak no evil. While to some extent related to the lower path of energy prices, the revisions also reflected lower price pressures on account of the sharp decline in real GDP and the associated significant increase in economic slack. Il lavoro propagativo riguardante il SARS-CoV-2 dovrebbe essere condotto in un laboratorio con livello di contenimento 3 a una pressione dell’aria inferiore a quella atmosferica.», Insert free text, CELEX number or descriptors. Not hosting it this month will definitely hurt - parish bills still must be paid. In this environment, the narrow monetary aggregate M1, encompassing the most liquid forms of money, continued to be the main contributor to broad money growth. Most recent indicators suggested some bottoming-out of the downturn in May as parts of the economy gradually reopened. Daily Archives: 3. L’allegato III della direttiva 2000/54/CE stabilisce l’elenco degli agenti biologici di cui è noto che possono causare malattie infettive nell’uomo, classificati secondo il livello del rischio di infezione. Piton. Shiva DX Cluster. Look at press releases, speeches and interviews and filter them by date, speaker or activity. It was argued that the pandemic could influence potential output in either direction. As regards the impact of the ECB’s monetary policy measures on households, there was ample evidence from numerous studies on the impact of low interest rates and asset purchases on household income. Incoming information confirmed that the euro area economy was experiencing an unprecedented contraction. It was underlined that the proposed extension of the PEPP was consistent with the Governing Council’s communication that net asset purchases would continue until the coronavirus crisis phase was over. For updates, stay connected to Little Italy here and across social media. Its history, mission, vision and main research lines, its management rules, courses and activities etc. Second, low interest rates prevailing over an extended period of time could strain the profitability, and hence the capitalisation, of banks. the share of bonds held by price-sensitive investors relative to total bond supply. Reinvestments of the principal payments from maturing securities purchased under the APP would continue, in full, for an extended period of time past the date when the Governing Council started raising the key ECB interest rates, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation. In terms of the overall stance and given the scale and unique nature of the pandemic shock, the substantial downward shift in the inflation outlook would be better tackled through a targeted and temporary programme rather than a recalibration of the more standard policy tools. Hier sollte eine Beschreibung angezeigt werden, diese Seite lässt dies jedoch nicht zu. Over the medium term, weaker demand was expected to put downward pressure on inflation, which was expected to be only partially offset by upward pressures related to supply constraints. In overall macroeconomic terms, asset purchases had made a very significant positive contribution to both economic growth and inflation in the euro area. 30 giugno genova - Die preiswertesten 30 giugno genova unter die Lupe genommen. The point was also made that the June projections did not take into account the Commission’s recovery fund proposal or recently announced national fiscal measures, which could entail an upside risk to the economic outlook contained in the staff projections. With respect to communication on the outcome of the current Governing Council meeting, members broadly agreed with the proposals put forward by Mr Lane in his introduction. Gli Stati membri sono destinatari della presente direttiva. Download Embed. Overall, there was broad agreement that publishing a “mild” and a “severe” scenario alongside a most likely baseline projection was a reasonable way of reflecting the elevated risk and uncertainty. Against this background, it was underlined that allocating the Eurosystem’s purchases of public sector securities across jurisdictions using the ECB’s capital key as the benchmark was one of the safeguards helping to maintain incentives for sound fiscal policies. Dig deeper into the ECB’s activities and discover key topics in simple words and through multimedia. Correlati. Therefore, it was viewed as essential to embed safeguards in the design of the Eurosystem’s asset purchases, including a limits framework and the capital key as a benchmark, so as to mitigate the risk of monetary policy becoming dependent on countries’ fiscal policies. There was broad agreement among members to reiterate that the Governing Council would do everything necessary within its mandate and that it continued to stand ready to adjust all of its instruments, as appropriate, to ensure that inflation moved towards the Governing Council’s aim in a sustained manner. vista la direttiva 2000/54/CE del Parlamento europeo e del Consiglio, del 18 settembre 2000, relativa alla protezione dei lavoratori contro i rischi derivanti da un’esposizione ad agenti biologici durante il lavoro (1), in particolare l’articolo 19. At the same time, a question was raised on the impact of the ongoing, large-scale accumulation of monetary liquidity on risks to price stability over the medium term. In March, the Governing Council had decided to launch the PEPP “to counter the serious risks to the transmission mechanism and the outlook for the euro area posed by the outbreak and escalating diffusion of the coronavirus”. and adds spots based on list files. In this context, the importance of the flexible implementation of the PEPP was emphasised as a means to ensure the transmission of monetary policy across time, asset classes and jurisdictions. The ECB’s presence in the commercial paper market had helped firms reduce rollover risks, which in turn had also contributed to an increase in the issuance of longer-dated paper. Second, to extend the net purchase horizon of the PEPP to at least the end of June 2021. Therefore, with policy interest rates close to their effective lower bound, unconventional instruments were needed to provide the degree of monetary accommodation that was consistent with the ECB’s inflation aim. These could stem from factors including disruptions in supply chains, de-globalisation tendencies and regulatory restrictions in the context of containing the pandemic. With regard to the economic analysis, members generally agreed with the assessment of the current economic situation in the euro area and the outlook provided by Mr Lane in his introduction. Three key conclusions could be drawn on the basis of recent market developments. All the major global indices had posted substantial gains since the Governing Council’s previous monetary policy meeting, further offsetting a large part of the losses recorded at the start of the coronavirus pandemic. Juni 2020 übermittelt. All’articolo 2 della direttiva (UE) 2019/1833, il paragrafo 1 è sostituito dal seguente: «1. While euro area activity was expected to rebound in the third quarter as the containment measures were eased further, the overall speed and scale of the rebound remained highly uncertain. It was argued that, as a result, consumers’ perceptions could deviate substantially from what was recorded in the official statistics. Mi piace ricevuti 133 Punti 6,843 Messaggi 1,079 . Von den 50 hatten 8 … On the basis of spot and futures prices for oil, headline inflation was likely to decline somewhat further over the coming months and to remain subdued until the end of the year. 00:00. However, this was resulting in large increases in deficit and debt. Zwar habe der Vater der Beschwerdeführerin zu dem Personenkreis des Art. Turning to price developments, headline inflation had dropped further from 0.3% in April to 0.1% in May (according to Eurostat’s flash estimate). Read about the ECB’s monetary policy instruments and see the latest data on its open market operations. The DESI was re-calculated for previous years to reflect the changes in the choice of indicators and corrections made to the underlying data. Third, the low interest environment might give rise to scenarios in which banks financed inefficient firms, which implied a misallocation of resources and could ultimately lead to a decrease in overall productivity in the economy. At the same time, the envelope should be understood as a ceiling, which implied that in the event of significant upside surprises to the outlook, the full envelope would not need to be used. (4)  Pilastro europeo dei diritti sociali, novembre 2017, https://ec.europa.eu/commission/priorities/deeper-and-fairer-economic-and-monetary-union/european-pillar-social-rights_it. In turn, preserving jobs was the most important factor in determining incomes and the financial security of individuals and families in the euro area. Net purchases under the asset purchase programme (APP) would continue at a monthly pace of €20 billion, together with the purchases under the additional €120 billion temporary envelope until the end of the year. In this context, it was observed that to date financial markets had remained fairly resilient and rebounded rather rapidly, also reflecting the swift and forceful monetary policy response so far. The global (excluding the euro area) composite output Purchasing Managers’ Index (PMI) had extended the losses registered in the first quarter, declining to a historical low in April before recovering somewhat in May. (2)  Direttiva (UE) 2019/1833 della Commissione, del 24 ottobre 2019, che modifica gli allegati I, III, V e VI della direttiva 2000/54/CE del Parlamento europeo e del Consiglio per quanto riguarda gli adattamenti di ordine strettamente tecnico (GU L 279 del 31.10.2019, pag. Improvements on the debt funding side for firms had been accompanied by improvements in equity markets. Shiva DX Cluster for SWL / BCL. In assessing the benefits and costs of asset purchases, the relevant benchmark was not the status quo, but a counterfactual situation in which policy accommodation through asset purchases had not been provided. In the services sector, in particular, workers and consumers might review not only their current but also their long-term income prospects, leaving consumption subdued for quite some time. del 3 giugno 2020. che modifica l’allegato III della direttiva 2000/54/CE del Parlamento europeo e del Consiglio per quanto riguarda l’inserimento del SARS-CoV-2 nell’elenco degli agenti biologici di cui è noto che possono causare malattie infettive nell’uomo e che modifica la direttiva (UE) 2019/1833 della Commissione . Not hosting it this month will definitely hurt - parish bills still must be paid. The envelope for the pandemic emergency purchase programme (PEPP) would be increased by €600 billion to a total of €1,350 billion. As a result, fiscal and monetary policy in the euro area were starting to act as complements, thereby effectively containing tail risks. First, the ECB’s monetary policy measures, together with the Franco-German recovery fund proposal which was subsequently broadly taken up in the package proposed by the European Commission, had reduced downside tail risks for the euro area. Historical experience suggested that such loops would draw out the recovery and imply a worse outlook than that entailed in the baseline. La direttiva 2000/54/CE stabilisce norme per la protezione dei lavoratori contro i rischi che derivano o possono derivare per la loro sicurezza e salute dall’esposizione agli agenti biologici durante il lavoro, ivi comprese norme per la prevenzione di tali rischi. Juli 2020, in dem u. a. die Frage gestellt wurde: „Wie viele der Festgenommenen sind Deutsche ohne Migrationshintergrund?“ Die Kriminalpolizei ermittelte bis Ende Juli 2020 schließlich 50 Verdächtige, davon 28 aus Stuttgart selbst und 16 aus dem Umland. Empirical evidence suggested that monetary policy had contributed significantly to the fall in bond yields since the announcement of the pandemic emergency purchase programme (PEPP). 54). Al fine di fornire adeguati livelli di protezione ai lavoratori, dovrebbe essere anticipata anche la data di recepimento delle modifiche apportate a tali allegati relative all’esposizione al SARS-CoV‐2. In discussing recent developments in inflation expectations, members broadly shared the assessment provided by Mr Lane in his introduction that market-based indicators of longer-term inflation expectations had remained at depressed levels. On euro area activity, members stressed the exceptional uncertainty surrounding the outlook for the euro area in the present circumstances. Version: 1.0.12 Last modified: Wed Nov 25 2020 04:36:00 GMT-0800 (Pacific Standard Time) In this regard, recalibrating the PEPP was the most appropriate course of action, as expanding the PEPP and extending its horizon would be most effective for further easing the general monetary policy stance, maintaining favourable funding costs for the real economy and providing temporary support in response to the pandemic-related shock to the euro area economy and the path of inflation. Sovereign bond market fragmentation had declined but spreads remained elevated. Third, and as a consequence, the latest easing of financial conditions in the euro area in part hinged on the contribution of fiscal and monetary policy to mitigating fragmentation risks across markets and jurisdictions. ** In accordance with Article 284 of the Treaty on the Functioning of the European Union. This would put downward pressure on wage growth that would come on top of the deceleration that had already started before the pandemic crisis. Learn more about how we use cookies, We are always working to improve this website for our users. Group: Moderatore Posts: 224,094 … Mr Dombrovskis, Commission Executive Vice-President **, Ms Senkovic, Secretary, Director General Secretariat, Mr Smets, Secretary for monetary policy, Director General Economics, Mr Winkler, Deputy Secretary for monetary policy, Senior Adviser, DG Economics, Ms Graeff, Director General Communications, Ms Rahmouni-Rousseau, Director General Market Operations, Mr Sousa, Deputy Director General Economics, Mr Rostagno, Director General Monetary Policy. However, it was still uncertain whether the funds provided by the ECB’s lending operations would reach those sectors of the euro area economy where liquidity was most urgently needed, such as small and medium-sized enterprises. Navigation Path: Home›Media›Monetary policy accounts›25 June 2020. Finally, it needed to be highlighted that monetary and fiscal policies were increasingly complementing each other in the current situation, where the additional monetary policy stimulus went hand in hand with the measures taken by euro area governments and European institutions to ensure sufficient healthcare resources and to provide support to affected companies, workers and households. According to Eurostat’s flash estimate, euro area annual HICP inflation had decreased to 0.1% in May, down from 0.3% in April, mainly on account of lower energy price inflation. Dear Brothers and Sisters, Good morning, There is a voice that suddenly resonates in Abraham’s life. Si è tenuto conto della necessità di mantenere i livelli di protezione esistenti per i lavoratori che sono o possono essere esposti ad agenti biologici a causa del proprio lavoro e di garantire che le modifiche tengano conto soltanto degli sviluppi scientifici in questo ambito che richiedono adattamenti di ordine strettamente tecnico sul luogo di lavoro. This assessment was also reflected in the June 2020 Eurosystem staff projections, which entailed a substantial downward revision of the inflation outlook in the baseline scenario, with headline inflation expected to average 0.3% in 2020, 0.8% in 2021 and 1.3% in 2022. Posted on 3/6/2020, 12:44 +2 Pensi mai che se la gente sapesse che sei veramente pazzo nessuno ti parlerebbe? Members also agreed to emphasise in the communication that two main factors called for further policy action: first, the pandemic-related downward revision to the inflation outlook on the back of lower energy prices and a significant increase in economic slack, which posed a threat to the Governing Council’s medium-term price stability objective; and, second, the unwarranted tightening of financial conditions in an economic environment that instead required easier financial conditions. In this context, it was not only the nominal return on an individual asset that was relevant for overall retirement provisions, but also the overall real return on all assets that people held in their portfolios over their lifetime. A voice that invites him to undertake a journey that he knows is absurd: a voice that spurs him to uproot himself from his homeland, from his family roots, in order to move toward a new, different future. The June 2020 staff projections also entailed a substantial downward revision of the inflation outlook in the baseline scenario, with headline inflation expected to average 0.3% in 2020, 0.8% in 2021 and 1.3% in 2022. Eventi Dicembre 2020 - Italia Eventi Dicembre 2020 - Anima. visto il trattato sul funzionamento dell’Unione europea. Discover euro banknotes and their security features and find out more about the euro. In considerazione dei dati clinici ed epidemiologici attualmente disponibili concernenti le caratteristiche del virus, come le modalità di trasmissione, le caratteristiche cliniche e i fattori di rischio per l’infezione, è opportuno aggiungere con urgenza il SARS-CoV‐2 all’allegato III della direttiva 2000/54/CE al fine di continuare a garantire un’adeguata protezione della salute e della sicurezza dei lavoratori sul luogo di lavoro.

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