{"id":29614,"date":"2017-10-26T17:31:25","date_gmt":"2017-10-26T22:31:25","guid":{"rendered":"http:\/\/innovatori.space\/lat21\/?p=29614"},"modified":"2017-10-26T17:31:25","modified_gmt":"2017-10-26T22:31:25","slug":"el-banco-central-europeo-mantiene-el-control-de-la-politica-monetaria","status":"publish","type":"post","link":"https:\/\/l21.mx\/?p=29614","title":{"rendered":"El Banco Central Europeo mantiene el control de la pol\u00edtica monetaria"},"content":{"rendered":"<p>&nbsp;<\/p>\n<div id=\"attachment_29615\" style=\"width: 684px\" class=\"wp-caption alignleft\"><a href=\"http:\/\/l21.mx\/wp-content\/uploads\/2017\/10\/14586433272963.jpg\" data-rel=\"penci-gallery-image-content\" ><img fetchpriority=\"high\" decoding=\"async\" aria-describedby=\"caption-attachment-29615\" class=\"size-full wp-image-29615\" src=\"http:\/\/l21.mx\/wp-content\/uploads\/2017\/10\/14586433272963.jpg\" alt=\"\" width=\"674\" height=\"420\" srcset=\"https:\/\/l21.mx\/wp-content\/uploads\/2017\/10\/14586433272963.jpg 674w, https:\/\/l21.mx\/wp-content\/uploads\/2017\/10\/14586433272963-300x187.jpg 300w, https:\/\/l21.mx\/wp-content\/uploads\/2017\/10\/14586433272963-585x365.jpg 585w\" sizes=\"(max-width: 674px) 100vw, 674px\" \/><\/a><p id=\"caption-attachment-29615\" class=\"wp-caption-text\">Banco Central Europeo<\/p><\/div>\n<p>Como se esperaba, el BCE ha mantenido el nivel de sus tres tasas de inter\u00e9s y redujo el volumen de su programa de compra de activos (APP, por sus siglas en ingl\u00e9s).<\/p>\n<p>La tasa referencial est\u00e1 todav\u00eda en 0%, la tasa de facilidad para dep\u00f3sitos en -0.40% y la tasa marginal para cr\u00e9ditos en 0.25%. Dichas tasas se mantendr\u00e1n a este nivel mucho despu\u00e9s de que el Banco Central haya decidido detener su programa de compra de activos.<\/p>\n<p>Esto \u00faltimo se ha reducido a EUR 30 mil millones por mes a partir de enero de 2018 y hasta septiembre de 2018, excepto si el perfil de la inflaci\u00f3n no sigue la trayectoria que esperaba el banco central. En cuyo caso el programa podr\u00eda extenderse en volumen y \/o duraci\u00f3n. (este podr\u00eda ser el caso ya que el pron\u00f3stico del BCE para la tasa de inflaci\u00f3n es de solo 1.5% en el 2019 (la tasa principal de inflaci\u00f3n tambi\u00e9n se espera en 1.5%). Lo anterior es muy por debajo de la meta de casi 2%).<\/p>\n<p>La proyecci\u00f3n a futuro se queda igual:<\/p>\n<p>&nbsp;<\/p>\n<ol>\n<li>El BCE mantiene abierta la posibilidad de incrementar la cantidad comprada o extender el periodo de compra de activos.<\/li>\n<li>La tasa de inter\u00e9s se incrementar\u00e1 solamente mucho despu\u00e9s de la conclusi\u00f3n del programa de compra de activos. Es decir, Draghi no necesariamente dejar\u00e1 de aumentar las tasas de inter\u00e9s antes del t\u00e9rmino de su mandato en octubre de 2019.<\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<p>El BCE reinvertir\u00e1 todas las ganancias de su portafolio y ofrecer\u00e1 informaci\u00f3n sobre el perfil a 12 meses de dichas reinversiones cuando se considere necesario.<\/p>\n<p>El BCE no ha analizado la composici\u00f3n de su APP (entre bonos soberanos y corporativos) y Draghi ha dicho que el proceso de la APP era lo bastante flexible para gestionar las limitaciones t\u00e9cnicas que pudiera enfrentar (falta de bonos suficientes para comprar en Alemania), aunque no abund\u00f3 en dichas declaraciones. (El Banco Central ser\u00e1 capaz de combinar el APP y la reinversi\u00f3n con el fin de gestionar las limitantes).<\/p>\n<p>&nbsp;<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Como se esperaba, el BCE ha mantenido el nivel de sus tres tasas de inter\u00e9s&hellip;<\/p>\n","protected":false},"author":2,"featured_media":29615,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","_mbp_gutenberg_autopost":false,"footnotes":""},"categories":[4,23],"tags":[],"class_list":["post-29614","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-empresas-y-negocios","category-noticias"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>El Banco Central Europeo mantiene el control de la pol\u00edtica 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