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European Central Bank (ECB) has broken all available records when it comes to easing the monetary policy. Bond buying is continuing at a record pace of €80 billion, the interest rate is at record low of -0.4 percent and through ECB’s long-term refinancing operations (LTROs) the banks would be able to borrow at rates as low as negative.
Despite the central bank’s sincerest efforts, the deflation in many Euro area economies ate proving to be sticky. Data from Spain, released today, shows that the economy remains in deflationary territory for more than two years now. Spanish consumer prices sank by 0.7 percent on the year in July on an EU-harmonized basis, a deeper slide than the 0.6 percent rate that had previously been estimated.
Same can be seen in economies across the region.
- Deflation was visible in Italy (-0.1 percent), Greece (-1 percent), Netherlands (-0.3 percent), and Cyprus (-0.2 percent).
- Even inflation in Eurozone is very close to negative (+0.2 percent)
European Central Bank (ECB) has already introduced extraordinary levels of stimulus, perhaps now is the time for the fiscal policy to take over.
