3 giugno 2020

It was argued that this would also allow time, in a manner that would not interfere with the broader monetary policy stance, to reduce possible deviations from the capital key that might arise during the net purchase phase. Empirical evidence suggested that monetary policy had contributed significantly to the fall in bond yields since the announcement of the pandemic emergency purchase programme (PEPP). In discussing recent developments in inflation expectations, members broadly shared the assessment provided by Mr Lane in his introduction that market-based indicators of longer-term inflation expectations had remained at depressed levels. Shiva DX Cluster. Ministers will discuss social protection in the Platform economy and how to implement the Commission’s Gender Equality Strategy 2020-2025. Willkommen bei WordPress. The external environment was characterised by a sharp downturn in global activity and trade, which implied a reduction in foreign demand for the euro area. Group: Moderatore Posts: 224,094 … Bollettino di aggiornamento sulle restrizioni di viaggio in Europa in seguito all'emergenza coronavirus, aggiornato al 3 giugno 2020. With regard to the calibration of the PEPP expansion, a range of preferences were expressed in favour of either a larger or smaller envelope. Piton; 3 Giu 2020; WishList di Metin2 - Natale 2020: Iscrizioni -> qui. This in turn would support the transmission of monetary policy to the interest rates applicable to households and businesses, to the extent that sovereign bond yields acted as a benchmark for the pricing of loans and market-based credit instruments. It was underlined that the proposed extension of the PEPP was consistent with the Governing Council’s communication that net asset purchases would continue until the coronavirus crisis phase was over. At the same time, a separate reinvestment strategy (distinct from the APP) was appropriate in view of the temporary and emergency nature of the PEPP. Reinvestments of the principal payments from maturing securities purchased under the APP would continue, in full, for an extended period of time past the date when the Governing Council started raising the key ECB interest rates, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation. The revisions to the outlook for core inflation indicated an even larger deterioration, with core inflation projected to reach only 0.9% in 2022. Similarly, it was recalled that the baseline projection assumed that there would be no adverse real-financial feedback loops. Il 3 giugno 2006 interviene in Piazza San Pietro durante l'incontro di Benedetto XVI coi movimenti ecclesiali. The steep decline of output in the second quarter that followed the decline in the first quarter was projected to be only partly reversed in the second half of the year. At the same time, some reservations were expressed about the precise timing and proposed scale of the expansion of the PEPP envelope to further boost monetary policy accommodation at the current meeting. With respect to communication on the outcome of the current Governing Council meeting, members broadly agreed with the proposals put forward by Mr Lane in his introduction. In any case, net asset purchases under the PEPP would be conducted until the Governing Council judged that the coronavirus crisis phase was over. Moreover, low interest rates were also challenging for earnings on the savings of households and insurance companies that aimed for certain nominal yields. This reinvestment strategy for the PEPP would avoid the risk of an unwarranted tightening of financial conditions at a time when the recovery from the pandemic shock was likely to remain incomplete. The United Kingdom is still included in the 2020 DESI, and EU averages are calculated for 28 Member States. The tighter financial conditions compared with pre-coronavirus levels, the unprecedented magnitude of the economic contraction, and the notable downward revisions to the outlook for growth and inflation entailed in the June projections were highlighted. Correlati. Daily Archives: 3. Attualmente non sono disponibili vaccini o cure efficaci, ma si stanno compiendo sforzi significativi a livello internazionale e finora è stato individuato un numero considerevole di vaccini candidati. 3. It was seen as particularly important in the current environment that monetary policy and fiscal action should act as complements in combating the economic fallout from the pandemic crisis. Its history, mission, vision and main research lines, its management rules, courses and activities etc. Continued exceptionally high levels of uncertainty were not seen as a valid reason to postpone a response that was required by the ECB’s price stability objective, but rather as calling all the more for decisive action. 05:23. In this environment, overall funding conditions in euro area sovereign bond markets had eased further, as reflected in a downward shift of the euro area GDP-weighted sovereign yield curve, which remained, however, above its pre-crisis level. Il SARS-CoV-2 può causare gravi malattie umane nella popolazione infetta, presentando un serio rischio in particolare per i lavoratori anziani e quelli con una patologia soggiacente o una malattia cronica. As regards the impact of the ECB’s monetary policy measures on households, there was ample evidence from numerous studies on the impact of low interest rates and asset purchases on household income. Porpora The June projections signalled that output would decline steeply (by 13.0%) in the second quarter of 2020, after having already declined by 3.8% in the first quarter. Previous Post 2 giugno 2020 Next Post 4 giugno 2020 Related Posts 22 settembre 2020. In considerazione dei dati clinici ed epidemiologici attualmente disponibili concernenti le caratteristiche del virus, come le modalità di trasmissione, le caratteristiche cliniche e i fattori di rischio per l’infezione, è opportuno aggiungere con urgenza il SARS-CoV‐2 all’allegato III della direttiva 2000/54/CE al fine di continuare a garantire un’adeguata protezione della salute e della sicurezza dei lavoratori sul luogo di lavoro. 3 giugno 2020. Calendario Giugno 2020 - Communio e Sodalitas. However, this was resulting in large increases in deficit and debt. Third, and as a consequence, the latest easing of financial conditions in the euro area in part hinged on the contribution of fiscal and monetary policy to mitigating fragmentation risks across markets and jurisdictions. The prayer of Abraham. 1 0 4 months ago. Third, to announce that maturing principal payments from securities purchased under the PEPP would be reinvested until at least the end of 2022 and that, in any case, the future roll-off of the PEPP portfolio would be managed to avoid interference with the desired monetary stance. In the end, a broad consensus emerged among members around the proposal put forward by Mr Lane to expand the PEPP envelope by €600 billion in order to deliver the monetary conditions that could support a return to the pre-crisis inflation trajectory within the projection horizon. Group: Member Posts: 40,685 Location: Under the Iron Sea Status: SPEEDRIVER. Therefore, with policy interest rates close to their effective lower bound, unconventional instruments were needed to provide the degree of monetary accommodation that was consistent with the ECB’s inflation aim. ©2020 Residenza … Zwei waren Frauen. Both the manufacturing and services sectors were severely affected, and the pandemic had taken a toll on the productive capacity of the euro area economy as well as on domestic demand. Overall, financial conditions had been broadly stable since the Governing Council’s April meeting, but remained significantly tighter than before the pandemic crisis. The DESI 2020 reports are based on 2019 data. ORARIO BATTELLI DAL 3 GIUGNO AL 14 GIUGNO 2020 Edizione 18/05/2020 Linea DESENZANO - PESCHIERA - RIVA DEL GARDA 30 20 52 22 32 54 56 24 58 34 36 26 60 N. Corsa Note Note It was recalled that the decision to implement a large-scale asset purchase programme in January 2015 had been taken in response to two major challenges, namely strong disinflationary headwinds in the aftermath of the financial and sovereign debt crises in the euro area and the global phenomenon of declining equilibrium (or “natural”) interest rates that ultimately determined the degree of accommodation that a given level of policy rates would deliver. La pandemia di Covid‐19, una nuova malattia da coronavirus, ha colpito tutti gli Stati membri dall’inizio del 2020 e sta causando gravi perturbazioni in tutti i settori e servizi, con ripercussioni dirette sulla salute e la sicurezza di tutti i lavoratori ovunque nell’Unione. Accordingly, it had to be stressed that additional monetary policy action was needed to ensure the necessary degree of monetary accommodation and a smooth transmission of monetary policy across sectors and jurisdictions, in order to support the swift recovery of economic activity to pre-coronavirus levels and to safeguard medium-term price stability. Bearbeite oder lösche ihn und beginne mit dem Schreiben! With respect to the earnings situation of banks, the low interest rate environment had reduced their interest rate margins, but the positive impact of asset purchases on the broader economy had in turn supported banks’ balance sheets. In addition, there were downside risks to the outlook, as well as rising risks of disinflation and even deflation. Eventi Dicembre 2020 - Italia Eventi Dicembre 2020 - Anima . Overall, the balance of risks around the baseline projection for growth was seen as to the downside. Use, Other sites managed by the Publications Office, World Health Organization, Laboratory biosafety guidance related to coronavirus disease (COVID-19): interim guidance, http://data.europa.eu/eli/dir/2020/739/oj, Portal of the Publications Office of the EU. Bearbeite oder lösche ihn und beginne mit dem Schreiben! Incoming information confirmed that the euro area economy was experiencing an unprecedented contraction. This assessment was broadly reflected in the June 2020 Eurosystem staff macroeconomic projections for the euro area. 22 Settembre 2020; 21 settembre 2020 . In order to ensure sustainable public finances, the countries participating in the monetary union had adopted common budgetary rules and a budgetary surveillance procedure. There was broad agreement among members to reiterate that the Governing Council would do everything necessary within its mandate and that it continued to stand ready to adjust all of its instruments, as appropriate, to ensure that inflation moved towards the Governing Council’s aim in a sustained manner. Al fine di fornire adeguati livelli di protezione ai lavoratori, dovrebbe essere anticipata anche la data di recepimento delle modifiche apportate a tali allegati relative all’esposizione al SARS-CoV‐2. Monitoraggio Europa Infogestweb-Golia: gli aggiornamenti di mercoledì 3 giugno 2020. Hence, the challenges of a low interest rate environment mainly arose from the structural factors driving the decline of interest rates, while monetary policy had only contributed to these effects and was clearly not the main factor behind them. * Members not holding a voting right in June 2020 under Article 10.2 of the ESCB Statute. In its public communication, the Governing Council needed to confirm that the incoming information indicated an unprecedented contraction of the euro area economy; highlight that the projections entailed a substantial downward revision to both the level of economic activity and the inflation outlook over the whole projection horizon, while the baseline was surrounded by an exceptional degree of uncertainty; emphasise that additional monetary policy action had become necessary to ensure the necessary degree of monetary accommodation and a smooth transmission of monetary policy across sectors and jurisdictions, in order to safeguard medium-term price stability; explain that its decision to recalibrate the PEPP was in response to the pandemic-related negative revision to the projected inflation path and would further ease the general monetary policy stance, supporting the funding costs of the real economy; stress that the PEPP also allowed the Governing Council to counter risks to the smooth transmission of monetary policy through the flexible implementation of the purchases over time, across asset classes and among jurisdictions; and reiterate that the Governing Council would do everything necessary within its mandate and continued to stand ready to adjust all of its instruments, as appropriate, to ensure that inflation moved towards its aim in a sustained manner. Su tale base la Commissione potrebbe riesaminare, se necessario, la classificazione nei gruppi di rischio stabilita tramite l’adozione della presente direttiva. It was also recalled that price measurement issues could be an additional source of uncertainty in the current environment. The size of the proposed envelope was calculated to make a significant contribution to offsetting the pandemic-related downward shift in the projected inflation path. Members therefore strongly welcomed the European Commission’s proposal for a recovery plan dedicated to supporting the regions and sectors most severely hit by the pandemic, to strengthening the Single Market and to building a lasting and prosperous recovery. Pubblicato il 8 giugno 2020 18 giugno 2020 da lauro mortolini. However, the point was also made that, while the balance of demand and supply effects was disinflationary in the shorter term, the medium term might see rising inflationary pressures. Third, the low interest environment might give rise to scenarios in which banks financed inefficient firms, which implied a misallocation of resources and could ultimately lead to a decrease in overall productivity in the economy. In response to the pandemic-related downward revision to inflation over the projection horizon, the PEPP expansion would further ease the general monetary policy stance, supporting funding conditions in the real economy, especially for businesses and households. are available from the linked pages. Reference was made to the strong increase in food prices, which suggested that perceived inflation could currently be higher than measured inflation, possibly feeding through to expectations. Discover more about working at the ECB and apply for vacancies. The easing of credit conditions would help viable businesses continue to operate and retain as many workers as possible. The empirical evidence on the effects of the low interest rate environment on retirement provisions was also unclear. With regard to the economic analysis, members generally agreed with the assessment of the current economic situation in the euro area and the outlook provided by Mr Lane in his introduction. The baseline was surrounded by an exceptional degree of uncertainty. At the same time, it was emphasised that improved sentiment in financial markets should not lead to complacency. Moreover, attention was drawn to complementary support provided on the prudential side aimed at easing conditions in the banking system. On euro area activity, members stressed the exceptional uncertainty surrounding the outlook for the euro area in the present circumstances. The scores and rankings may thus have changed compared with previous editions. This was especially the case given the already low levels of the ECB’s policy rates and the crucial role of sovereign yields in determining the financing conditions of firms and households. Against this background, Mr Lane emphasised that two main factors called for further policy action at the current meeting. This had been reflected by PMI business expectations in the manufacturing and services sectors reaching record lows in March and April, before bouncing back somewhat in May. Click to share on Twitter (Opens in new window) Click to share on Facebook (Opens in new window) Click to share via Email. All the major global indices had posted substantial gains since the Governing Council’s previous monetary policy meeting, further offsetting a large part of the losses recorded at the start of the coronavirus pandemic. In this context, it was stressed that while the output gap might overstate the amount of slack, the unemployment gap would understate it, as statistically recorded unemployment was being kept artificially low by temporary employment schemes. Download Embed. In this context, it was also highlighted that so far there was no convincing evidence that the low interest rates had contributed to so-called zombie lending. 03. Home; Listen; Create; Plans & Pricing; Search; Login Sign up; Dove e come possiamo viaggiare in Europa nel post covid? Download Embed. Piton Rulez. Dies ist dein erster Beitrag. It was underlined that much of the uncertainty lay outside the economic sphere and related to the future course of the pandemic and its medical solution. Improvements on the debt funding side for firms had been accompanied by improvements in equity markets. With regard to price developments, there was broad agreement with the assessment presented by Mr Lane in his introduction. Eban. Milano, precipitò da un parapetto non a norma. Le modalità del riferimento sono stabilite dagli Stati membri. Second, to extend the net purchase horizon of the PEPP to at least the end of June 2021. The point was also made that economic outcomes were highly dependent on the success of policy interventions, for instance in preventing acute liquidity shortages among firms from turning into widespread insolvencies. Furti Account e Protezione dei Dati Personali: Leggimi, importante!! Furthermore, the value of a timely response was compounded by the importance of avoiding a sustained unanchoring of inflation expectations, in view of the downside risks faced and the near-term prospect of a sustained phase of very low inflation outcomes. Piton. 21 Settembre 2020; 20 settembre 2020. Over the medium term, weaker demand was expected to put downward pressure on inflation, which was expected to be only partially offset by upward pressures related to supply constraints. The June 2020 staff projections also entailed a substantial downward revision of the inflation outlook in the baseline scenario, with headline inflation expected to average 0.3% in 2020, 0.8% in 2021 and 1.3% in 2022. Per facilitarne la consultazione, tutte le informazioni sono state suddivise per Stato di competenza. However, it was generally felt that not acting at the present meeting could trigger a further tightening of financial conditions, to the detriment of the economic recovery. Juli 2020, in dem u. a. die Frage gestellt wurde: „Wie viele der Festgenommenen sind Deutsche ohne Migrationshintergrund?“ Die Kriminalpolizei ermittelte bis Ende Juli 2020 schließlich 50 Verdächtige, davon 28 aus Stuttgart selbst und 16 aus dem Umland. Nell’elaborazione della presente direttiva la Commissione è stata assistita da esperti che rappresentano gli Stati membri e che hanno fornito un sostegno tecnico e scientifico. Therefore, it was viewed as essential to embed safeguards in the design of the Eurosystem’s asset purchases, including a limits framework and the capital key as a benchmark, so as to mitigate the risk of monetary policy becoming dependent on countries’ fiscal policies. It was also recalled that the Treaty on the Functioning of the European Union had not only granted the ECB independence, assigned it the primary objective of price stability and prohibited monetary financing, it also required the ECB to adhere to the principle of an open market economy with free competition. Furti Account e Protezione dei Dati Personali: Leggimi, importante!! Sovereign bond market fragmentation had declined but spreads remained elevated. Video conference of employment and social policy ministers, 3 December 2020. 05:23. Mercoledì 3 Giugno 2020 « Older Newer ... Posted on 3/6/2020, 12:42 +2 "The mind is its own place, and in itself can make a Heav'n of Hell, a Hell of Heav'n." Hallo und Herzlich Willkommen hier bei uns. In the first quarter of 2020, euro area real GDP had decreased by 3.8% quarter on quarter as a result of the coronavirus pandemic and the measures to contain it. It was also broadly aligned with the horizons of the other monetary policy measures taken by the Governing Council in response to the pandemic. Juli 2020, in dem u. a. die Frage gestellt wurde: „Wie viele der Festgenommenen sind Deutsche ohne Migrationshintergrund?“ Die Kriminalpolizei ermittelte bis Ende Juli 2020 schließlich 50 Verdächtige, davon 28 aus Stuttgart selbst und 16 aus dem Umland. Mercoledì 3 Giugno 2020 « Older Newer ... Posted on 3/6/2020, 12:42 +2 "The mind is its own place, and in itself can make a Heav'n of Hell, a Hell of Heav'n." Hallo Welt! This would put downward pressure on wage growth that would come on top of the deceleration that had already started before the pandemic crisis. More recently, euro area bond spreads had declined and equity prices, which were one driver of overall financial conditions, had rebounded. High uncertainty and heightened risk aversion would weaken the transmission of policy rate cuts to the market reference rates that mattered for the pricing of credit to households and firms, especially in the context of a temporary shock. In addition, the goods and services actually purchased during the lockdown and containment periods likely deviated from the expenditure weights assumed in the consumption baskets used in the HICP compilation. § 3 Mund-Nasen-Bedeckung (1) Eine nicht-medizinische Alltagsmaske oder eine vergleichbare Mund-Nasen-Bedeckung muss getragen werden 1. bei der Nutzung des öffentlichen und … Juni 2020 übermittelt. visto il trattato sul funzionamento dell’Unione europea. The Governing Council would continue to expect monthly net asset purchases under the APP to run for as long as necessary to reinforce the accommodative impact of its policy rates, and to end shortly before it started raising the key ECB interest rates. From the outset, purchases under the public sector purchase programme (PSPP) of securities with maturities of between two and thirty years had been aimed at lowering market interest rates that are relevant for the real economy and inflation developments. This related to difficulties with collecting price data and increased recourse to imputations. In this context, the importance of the flexible implementation of the PEPP was emphasised as a means to ensure the transmission of monetary policy across time, asset classes and jurisdictions. Prevailing market segmentation implied that monetary policy needed to act in a more targeted and flexible way to preserve policy transmission across the entire euro area. Die Drucksache enthält zusätzlich – in kleinerer Schrifttype – den Fragetext. by Benjamin Rauscher, Game Director, Realmforge Studios • Jun 17, 2020 @ 3:00pm. Some concern was expressed that that model-based estimates of deflation risks surrounding the baseline scenario in the June 2020 projections had reached their highest levels since the December 2008 projections. In any case, the Governing Council would conduct net asset purchases under the PEPP until it judged that the coronavirus crisis phase was over. 00:00. (agg. At the same time, the envelope should be understood as a ceiling, which implied that in the event of significant upside surprises to the outlook, the full envelope would not need to be used. Eventi Dicembre 2020 - Italia Eventi Dicembre 2020 - Anima. This would align the Governing Council’s minimum purchase horizon with the phase of the most severe pandemic-related restrictions on economic activity and the weakest inflation pressures. See no evil, hear no evil, speak no evil. and adds spots based on list files. SETTIMANA DAL 3 AL 9 GIUGNO 2020. by marengocri. The interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility would remain unchanged at 0.00%, 0.25% and -0.50% respectively. It was thus seen as important to continuously assess the effectiveness and efficiency of the monetary policy measures, their transmission channels and their benefits and costs. La direttiva (UE) 2019/1833 ha modificato anche gli allegati V e VI della direttiva 2000/54/CE, che stabiliscono le misure e i livelli di contenimento per i laboratori, i servizi veterinari e l’industria. In general, the extent of the contraction and the recovery was seen to depend crucially on the duration and the effectiveness of the containment measures, the success of policies to mitigate the adverse impact on incomes and employment, and the extent to which supply capacity and domestic demand would be permanently affected. Given the scale and unique nature of the shock, it was better to tackle the substantial downward shift in the inflation outlook through a targeted and temporary programme (the PEPP), rather than a recalibration of the existing policy package. Labour market conditions were rapidly deteriorating and a sizeable decline in euro area trade was expected for the second quarter of 2020. While survey-based indicators of inflation expectations had declined somewhat over the short and medium term, longer-term expectations had been less affected (despite remaining near historical lows). Comments are disabled. A drop in coronavirus (COVID-19) infection numbers and further large fiscal stimulus measures in other advanced economies had added to the improved sentiment. Moreover, trade developments tended to be procyclical, especially in downturns. Al fine di garantire sufficienti capacità e la continuità del lavoro essenziale svolto dai laboratori diagnostici in tutta l’Unione, è opportuno che ciò venga precisato nell’allegato III della direttiva 2000/54/CE. Survey data and real-time indicators for economic activity had shown some positive signs as the containment measures were gradually eased. SETTIMANA DAL 27 APRILE AL 1 MAGGIO 2020 0 Description: N/A. Overall these arguments pointed to protracted weakness in the inflation outlook. L’allegato III della direttiva 2000/54/CE stabilisce l’elenco degli agenti biologici di cui è noto che possono causare malattie infettive nell’uomo, classificati secondo il livello del rischio di infezione. Conformemente alla nota introduttiva 6 di tale allegato, l’elenco dovrebbe essere modificato per tenere conto delle conoscenze più recenti riguardo agli sviluppi scientifici ed epidemiologici che hanno determinato notevoli cambiamenti, compresa l’esistenza di nuovi agenti biologici.

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