The European Central Bank (ECB) has
kept eurozone interest rates unchanged at 0.75% for the eighth month in a
row.
Rates have remained at the same level since the ECB cut rates from 1% in July
last year.
The ECB's president, Mario Draghi, said they had discussed a rate cut, but
the consensus was to leave them as they were.
Many analysts do not expect the ECB to alter rates from their current record
low until next year at the earliest.
The decision matched that of the Bank of England, which on Thursday also
decided to keep its interest rate unchanged at 0.5%.
Latest figures for inflation for the 17-nation eurozone showed a fall from
2.2% to 2% in January.
The European Commission has estimated inflation in the eurozone will fall to
1.8% this year. Its target for inflation is "close to, but below 2%". Widespread austerity and weakening economies have left consumers with little
free cash to spend, depressing retailers' ability to increase prices. Some analysts thought that the drop could leave the European Central Bank
(ECB) room to cut interest rates at the March meeting. Mr Draghi said: "We have discussed the possibility of doing it [cutting
rates]. So there was discussion.
"The prevailing consensus was to leave the rates unchanged."
Risks.
At a news conference on Thursday afternoon, the president of the ECB, Mario
Draghi, said that the eurozone's economy would start to stabilise this year and
would pick up in the second half, although downside risks remained.
He said growth could return in 2014, although the forecast range was wide,
between 0% and 2% growth.
The range for inflation next year was also wide, with expectations of price
rises of between 0.6% and 2%.
Mr Draghi said the need to cut costs would hold back recovery: "Necessary
balance sheet adjustments in the public and private sectors will continue to
weigh on economic activity.
Later in 2013, economic activity should gradually recover, supported by a
strengthening of global demand and our accommodative monetary policy
stance."
Bond yields, the implied price governments pay for borrowing, narrowed
slightly, with German prices rising and Italian, Spanish and French falling,
suggesting markets saw the current policy as helpful to the eurozone as a
whole.
Mr Draghi said he did not think Italy's recent inconclusive elections - which
rocked markets - were unduly unsettling, as markets "understand that we live in
democracies" and that the initial negative reaction was overdone.
He said Italy had already carried out cuts to reduce the deficit and that
would "continue on automatic pilot".
He added that a year ago, the turmoil resulting from the ballot would have
been worse.
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Beating the expectations of most analysts, the US economy added 236,000 new jobs in February as the unemployment rate edged down to 7.7%, its lowest level since December 2008. The figures cheered US stock markets, with the Dow Jones Industrial Average rising 67.58 points, or 0.5%, to 14,397.07 – its sixth-straight daily gain, and a new record high.
Italy was downgraded by ratings agency Fitch, amid continuing uncertainty over whether its squabbling politicians will be able to form a government after last month's inconclusive election.
Germany added to the eurozone's woes after a survey showed production stagnated in February. In the UK official figures showed construction output dived in January by more than first thought.
Several analysts have argued that a spate of good news from the US means a sustained recovery is under way. It was the 29th consecutive month that the US added jobs. On average, 183,000 jobs were added each month in 2012, with about 195,000 a month on average in the past three months.
The Obama administration said the figures showed that the economy was strengthening. "While more work remains to be done, today's employment report provides evidence that the recovery that began in mid-2009 is gaining traction," said Alan Krueger, chairman of the Council of Economic advisers. But he cautioned that the reference period for the surveys was before sequester budget cuts began.
Guvernul a decis în luna decembrie a anului trecut, prin ordonanţă de urgenţă, să desfiinţeze autorităţile de supraveghere din domeniul financiar, cu excepţia celor care ţin de BNR, astfel că atribuţiile şi tot personalul Comisiei Naţionale a Valorilor Mobiliare, Comisiei de Supraveghere a Asigurărilor şi Comisia de Supraveghere a Sistemului de Pensii Private vor fi preluate până cel târziu în luna martie de către o nouă instituţie - Autoritatea de Supraveghere Financiară.
la acel moment, Guvernul a stabilit că noua structură va începe să funcţioneze până la 15 martie 2013, termen propus ulterior spre amânare de comisia juridică a Camerei Deputaţilor, până la 15 aprilie 2013.
În nota de fundamentare a actului normativ, Guvernul a motivat caracterul de urgenţă invocând disfuncţionalităţile constatate, mai ales în ultima perioadă, în activitatea desfăşurată în sectorul pieţei de capital şi cel al asigurărilor, care impun adoptarea unor măsuri de ordin legislativ pentru asigurarea eficientizării activităţii de supraveghere sectorială realizată în afara ariei de competenţă a băncii centrale.
La acel moment, guvernatorul Băncii Naţionale a României, Mugur Isărescu, a declarat că unificarea autorităţilor de supraveghere a pieţei financiare nebancare este recomandată de către Banca Centrală Europeană, mai ales în state în care adâncimea acestei pieţe este mică.
Regardless of the finery of labour force participation discussion, the non-farm payroll number in the US confirms a steadily growing economy! That has not happened due to any austerity policy; in fact, the prospect of sequester mandated or negotiated spending cuts will affect growth if front loaded! We in the UK can see the wonders our economy is witnessing on the back of one dimensional no-growth austerity policy of the Coalition! With official projections of doubling of the debt burden by the next election it would seem that we have bargained for an all pain no gain policy!
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