3 giugno 2020

Essi comunicano immediatamente alla Commissione il testo delle disposizioni di cui al primo comma. This assessment was also broadly reflected in the June 2020 Eurosystem staff macroeconomic projections for the euro area. For updates, stay connected to Little Italy here and across social media. Piton. Overall these arguments pointed to protracted weakness in the inflation outlook. The ECB’s monetary policy was providing considerable support to corporate credit markets, including the commercial paper market, helping firms manage their cash flow needs. 116 Abs. connects to a ham radio dx cluster and repeat the dx spot to shiva clients, download priyom.org number station schedules. The Governing Council continued to expect monthly net asset purchases under the APP to run for as long as necessary to reinforce the accommodative impact of its policy rates, and to end shortly before it started raising the key ECB interest rates. The scores and rankings may thus have changed compared with previous editions. It had to be acknowledged, however, that the asset purchases under the PSPP had contributed to these potential issues, but only to the extent that they lowered interest rates below the natural interest rate. In this vein, the PEPP could provide additional protection against the risks of fragmentation across market segments that might obstruct the smooth transmission of monetary policy. In order to ensure sustainable public finances, the countries participating in the monetary union had adopted common budgetary rules and a budgetary surveillance procedure. and adds spots based on list files. Il rigoroso rispetto e l’applicazione delle disposizioni nazionali che recepiscono le norme dell’Unione in materia di salute e sicurezza sul lavoro sono, più che mai, di massima importanza. Global volatility too had abated across various market segments, in part owing to the effective liquidity backstop provided by central banks worldwide. 17 December 2020 Environment Council. To do this, we use the anonymous data provided by cookies. 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. A drop in coronavirus (COVID-19) infection numbers and further large fiscal stimulus measures in other advanced economies had added to the improved sentiment. Monitoraggio Europa Infogestweb-Golia: gli aggiornamenti di mercoledì 3 giugno 2020. - On 7 and 8 December 2020, EuroPCom will continue as a physical event, a virtual one or a mix of both. Therefore, the associated side effects of low rates were not a distinguishing feature of asset purchases, such as under the PSPP or the PEPP, but were a factor pertaining to all policy instruments that contributed to a low interest rate environment. Von den 50 hatten 8 … Gli Stati membri mettono in vigore le disposizioni legislative, regolamentari e amministrative necessarie per conformarsi alla presente direttiva entro il 24 novembre 2020. The United Kingdom is still included in the 2020 DESI, and EU averages are calculated for 28 Member States. With regard to the monetary analysis, members widely agreed with the assessment provided by Mr Lane in his introduction that strong growth in broad money (M3) reflected a shift towards money holdings for precautionary reasons in the context of elevated uncertainty. 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. You are here: Home. Giugno 2020. 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. From the outset, purchases under the public sector purchase programme (PSPP) of securities with maturities of between two and thirty years had been aimed at lowering market interest rates that are relevant for the real economy and inflation developments. Watch Queue Queue Regarding fiscal policies, an ambitious and coordinated fiscal stance remained critical, in view of the sharp contraction in the euro area economy. Willkommen bei WordPress. ©2020 Residenza … Some concern was expressed that the mild scenario might already be outdated. (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. In the euro area, the pandemic and the associated containment measures were taking a toll on productive capacity and domestic demand. Group: Moderatore Posts: 224,094 … 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. Overall, there was broad agreement among members that while different weights might be attached to the benefits and side effects of asset purchases, the negative side effects had so far been clearly outweighed by the positive effects of asset purchases on the economy in the pursuit of price stability. In addition, it had to be stressed that conducting purchases in a flexible manner over time, across asset classes and among jurisdictions allowed the Governing Council to effectively stave off risks to the smooth transmission of monetary policy. È stato inoltre consultato il comitato consultivo tripartito per la sicurezza e la salute sul luogo di lavoro in merito agli adattamenti di ordine strettamente tecnico della direttiva 2000/54/CE nel contesto della pandemia di SARS-CoV‐2. 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. Historical experience suggested that such loops would draw out the recovery and imply a worse outlook than that entailed in the baseline. Catechesis on prayer-5. Posted on 3/6/2020, 12:44 +2 Pensi mai che se la gente sapesse che sei veramente pazzo nessuno ti parlerebbe? At the same time, it was recalled that all scenarios assumed that an effective medical solution would become available by mid-2021. 1. Viste le circostanze eccezionali, gli Stati membri sono invitati ad attuare la presente direttiva prima del termine di recepimento, ove possibile. Release of the next monetary policy account foreseen on Thursday, 20 August 2020. 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. Fiscal developments, and in particular the news relating to a more ambitious European fiscal response to the crisis, had reinforced the effectiveness of the ECB’s measures. Mercoledì 3 Giugno 2020 « Older Newer ... Posted on 3/6/2020, 12:42 +2 "The mind is its own place, and in itself can make a Heav'n of Hell, a Hell of Heav'n." Allgemein By kp-admin 3. (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. Given the scale and unique nature of the shock, it was better to tackle the substantial downward shift in the inflation outlook through a targeted and temporary programme (the PEPP), rather than a recalibration of the existing policy package. 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. 3 Giu 2020 #1; Cara community. 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. 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. The Governing Council expected the key ECB interest rates to remain at their present or lower levels until it had seen the inflation outlook robustly converge to a level sufficiently close to, but below, 2% within its projection horizon, and such convergence had been consistently reflected in underlying inflation dynamics. The pandemic crisis was affecting not only activity in individual countries but also international trade, and downward revisions to foreign demand for the euro area were larger than those to global activity. Daily Archives: 3. 54). Hence, the challenges of a low interest rate environment mainly arose from the structural factors driving the decline of interest rates, while monetary policy had only contributed to these effects and was clearly not the main factor behind them. Survey data and real-time indicators for economic activity had shown some positive signs as the containment measures were gradually eased. 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. Prevailing uncertainties and some indications of a bottoming-out of economic and financial conditions were seen to argue for a more cautious approach. The point was made that while deflation was not a likely outcome for now, it was also no longer a low probability event and warranted careful monitoring. In any case, the Governing Council would conduct net asset purchases under the PEPP until it judged that the coronavirus crisis phase was over. In particular, the expected pattern of the saving ratio was seen as a key issue, as was the extent to which a sharp spike owing to the lockdown would subsequently unwind as the economy gradually reopened.

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