Turning point after the Bank of England raised 15 basis points in rates and after the Fed confirmed the slight acceleration of tapering and that it will make money more expensive in the next 12 months, starting in March.
But the detail that struck the investment community on Thursday was the less belligerent attitude of the president of the European Central Bank (ECB), Christine Lagarde, with the adjective “transitory” applied to inflation.
However, “the heterogeneity of Europe will make the ECB still delay in withdrawing stimuli” and in making loans more expensive, analyzes the manager of Rreto Magnum Sicav, José Lizán, in the podcast on the closing of markets in finanzas.com.
In other words, if it were only for countries such as the Netherlands and Austria, which have recovered their economy in V, rates would already be rising. But the central axis – Italy, France and Germany – prefers to be more cautious and condescending with the economies of the south.
Spain still remains more than 5 points below pre-pandemic levels. And although the objective of the ECB is not to safeguard the growth of the members of the euro, it is true that, if it tightens accommodative policies ahead of time, the euro area can plunge into a “complete situation”, says Lizán.
And neither growth nor consumption is on par with that of other more dynamic areas, such as the United States. The reasons therefore persist “for the ECB to lag far behind the Bank of England and the Fed.”