Governatives

The board of the European Central Bank left to stand the cost of money: the main rate thus remains at a record low of 0.00%, the rate on bank deposits to -0.40% and the marginal lending facility at 0.25%. "They will remain at these levels or lower for a long time, certainly beyond the end of our plan of purchases in 2017," says the president of the ECB, Mario Draghi that no plans at present the dell’helicopter money hypothesis: "Before all, there are technical and legal difficulties, but the truth is that we have never discussed it. "

Standard & Poor’s announced that he had confirmed its judgment on the merits of Japan’s sovereign credit issuer, ‘A +’ long-term and ‘A-1’ short on, with prospects that remain stable.

In a note dedicated to today’s decision the agency estimates that the gross domestic product per capita will remain in a range 32.000- $ 35,000 per year until the close of the fiscal year 2019, ie until 31 March 2020.

Google is abusing its dominant position. The EU Commission for Competition, Margrethe Vestager does not mince words and points the finger at the American giant: "A year ago – he says – we announced the opening of an investigation on Google and Android, today we can say that its practices they are contrary to European law in terms of free competition ". In fact for Brussels on Google behavior denies consumers a wide selection of apps and services and prevents innovation of the other competitors, in violation of EU rules.

Iraq is carrying out the project to issue government bonds worth 2 billion dollars in the next three months, focusing on international aid that will lower the costs of borrowing, said Ali al-Alak, governor of the Iraqi Central Bank, in an interview yesterday in Baghdad reported by Reuters.
Iraq – said the governor – hopes that the yield decreases to 5% from 11% initially requested by investors. There is in fact a precedent that had scuppered a similar attempt: October 2015 Baghdad had canceled a dollar bond issue Americans for not paying a yield of 11 percent. This time the operation – which should be handled by some banks including Standard Chartered, Deutsche Bank and Citi – would result in a plan devised in December 2015, cost cutting should be possible thanks to successes against the Islamic State and the ‘aid to central Bank and international Monetary Fund. A 5% return which would have even less than that paid by Greece for its bonds (ranging 9-12%).

Severe judgment by the European Court of Auditors concerning the work of the EU Commission: lack of rigor and consistency in the practical application of the excessive deficit procedure, in particular as regards the monitoring of structural reforms, focusing more on the legal aspects than on ‘ effective implementation of reforms.

The reference is to the EDF procedure (excessive deficit procedure) governing compliance with the rules on deficits and debt of EU countries.

Governed by Article 126 of the Stability Pact, the procedure provides for the satisfaction of a dual criteria – deficit and debt of EU countries must not be greater than 3% and 60% of gross domestic product. Otherwise, the ‘corrective arm’ of the fixed repayment terms precise procedure for the correction of the public finances.

Christine Lagarde, via Twitter, responded publicly to the applications received. At the end of the IMF and World Bank work, the general manager of the Fund is entrusted to the popular social network to explain the IMF recipes. On the possibility that Britain bait by the European Union, Lagarde reiterated that creates ” uncertainty ”: ” We have already revised down its UK growth forecasts, there is already uncertainty ” and there will also after the pending referendum for the definition of relations between Great Britain and Europe. An uncertainty which has a ” impact ” on the economy but also on the European English, dealing with the political crisis and social refugees. ” It ‘a global humanitarian issue that, if not managed well, can worsen. If managed well can lead ” economic benefits declared the number one of the IMF. ” In Europe need more cooperation, serves a real banking union ”.

Italian Economy Minister Pier Carlo Padoan defends the government estimates the country’s economy. And in testimony before the House Budget Committee, it stressed that the "recovery will increase and with it employment. The public finances improved, the tax burden falls" through "a strict fiscal policy and expansionary measures and structural reforms" that continue despite the worsening of the international and geopolitical "framework" of which our forecasts take into account. "

The minister recalled that "in 2015 after three consecutive years of contraction, the Italian economy returned to growth in 2016 and the recovery will continue and be strengthened. In the first quarter of the growth appears to have regained momentum."

The return on Argentine international markets after 15 years of "forced exile" was a success. Buenos Aires has placed on the bond market, resulting in $ 15 billion of loans with offers that have exceeded 65 billion dollars.
Argentina does not issued government bonds since the public finances in 2001 did collapse, triggering a default 100 billion of debt. In an environment of low interest rates and the search for yield on Argentina’s debt it has obviously attracted the attention, it being possible to provide a return to attractive investment for many investors, even institutional.