The ECB did not announce changes to its monetary policy last week. Draghi also gave no indication as to possible future action, as he often used to do, and has categorically refused to comment on any potential evolution of the QE program (purchase of stocks, bank bonds or even helicopter money).
The Swiss National Bank (SNB) left unchanged its monetary policy: the 3-month Libor remains between -1.25% and -0.25% while the deposit rate is at -0,75%. "The negative interest rate and the SNB’s willingness to intervene in the foreign exchange market are intended to make Swiss franc investments less attractive, thereby easing upward pressure on the currency", the SNB wrote in the note. For 2016 as a whole, the SNB now expects growth of approximately 1.5%.
The institute also reaffirms its intention to remain active on the currency market if necessary. The decision does not represent a surprise: they were expected by all experts polled by Reuters last week.
he EU countries should share sovereignty: it is the only way for men and women to make their voices heard in Europe in a global context; this is the key concept of the ECB Governor Mario Draghi, in a speech in Trento, where he received the Alcide De Gasperi prize, and he remember the need for the Old Continent will continue on the road to a stronger Union.
"National sovereignty – said Draghi – remains in many respects the key element of the government of each country. But for the challenges that transcend national boundaries the only way to preserve the sovereignty, is to make their voices heard in a global context, it is for us Europeans to share sovereignty within the European Union, which has functioned as a multiplier of our national strength ".
