ECB Press Conference – 2 August 2012.

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Inflation should decline below 2% in 2013., growth remains weak and instability persists in the financial markets. Bond Markets dysfunctions were discussed, risk premium fears are unacceptable and Draghi explains what to do reduce these unacceptable risk premium rate and which are the necessary conditions to be accomplished. New policies are under design. EU GDP was flat in Q2, global growth is going down. Oil Prices are expected to grow in the future.

“Any ‘effort’ in the secondary market will be done in the short term of the yield curve.” (!) Banking license to the ESM will be given by the Governments not the ECB. “Spain has achieve significant progress…”. ECB is not pre-committed to sterilize or not any heterodoxical money expansion. The EU and ECB are ready to do whatever it takes in order that the Euro prevail. “The ‘Euro is irreversible’ means you can not go back to Lira, F-Franc, D-Mark, Drachma etc. It is simple not possible”.

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