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Dien, dicen…siguen diciendo. Tomen nota
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    <strong>Artículo publicado en <a href="http://www.lacartadelbolsa.com">La Carta de la Bolsa</a> el Martes, 21 de Octubre en la sección: Al Día</strong>
    <h3 class="titulo_articulo">Dien, dicen…siguen diciendo. Tomen nota</h3>
    José Luis Martínez Campuzano
    <p>
	ECB vs. Buba.<br />
	Comisión Europea vs. Gobierno italiano (o podría ser también el francés).<br />
	Gobierno alemán frente al francés (o al contrario).</p>
<p>
	Y mientras los mercados financieros entre todo este cruce de comentarios y rumores.<br />
	Pero, hoy al menos, reaccionando bien. Mañana, veremos.</p>
<p>
	Bloomberg reports that Bundesbank board member Nagel played down the significance of a European Central Bank plan to buy asset-backed securities and covered bonds, noting that "in the past months, the ABS market and the covered-bond market haven't been the market segments where I had the impression that support was urgently needed." However Nagel also added that "I don't want to create a false impression: ABS papers naturally play a very important role in the financing of banks.</p>

    <p>
	" Nagel said that "we have to wait what the purchase programs will bring in terms of volumes in the next couple of weeks and months," as only then "we know how much we can buy in both segments, then there will be a kind of a reconsideration about whether something additional is necessary." However, Nagel also noted that with both the European ABS and covered-bond markets smaller than in the US, it is "difficult to gain what is necessary to go back" to the start-2012 ECB balance sheet size through such purchases. Nagel also noted that "monetary policy cannot fix the structural issues of this region" and that "politics is in the driving seat, not monetary policy." Regarding the German economy, Nagel said that "the second half of the year could be disappointing" in Germany, with the third quarter "probably rather subdued."</p>
<p>
	ECB Vice President Vitor Constancio indicated at an event in London on Monday that "we are in a situation of low inflation and low growth in the euro zone, monetary policy needs to be very accommodative", adding that we need to "extend the scope of macro-prudential instruments we have been given". Mr. Constancio noted that credit growth was "still falling" across the euro area, stressing the need to keep this development in mind instead of focusing too much on "whatever froth you think" exists in euro zone markets.</p>
<p>
	Italian daily La Repubblica reported on Monday that the European Commission will request more "technical information" about PM Renzi's decision to postpone to 2017 a plan for Italy to have a balanced budget, according to Bloomberg. The newspaper notes that the request is set to arrive by Wed Oct 22 and is unlikely to lead to a rejection. On Sunday, Italian Economy Minister Pier Carlo Padoan had indicated in an interview with RAI state television that "we're in contact with the Commission. On the 29th the Commission will express its assessment" according to Reuters. The newswire quoted an unnamed EU official arguing that "any opinion issued by the European Commission on Oct. 29, that is within two weeks of the presentation of a euro zone country's draft budget plans, would be in order to request a modification of the programme".</p>
<p>
	Bloomberg reports that German and French cabinet members pledged to boost investment and speed up economic reforms after talks in Berlin between France's Finance Minister Sapin and Economy Minister Macron and their German counterparts, Finance Minister Schäuble and Economy Minister Gabriel. Sapin said that Germany and France aim to present "very precise" investment plans on December 1, while France will try to cut its deficit. Macron said that euro area economic growth is "too low," so both nations "need to act", adding that "Germany has more capacity to invest than France" but that at the end of the day "what's good for Germany is good for France." Schäuble said that "we have presented our French colleagues what our German position is, what we want to do in Germany and what we can envisage for Europe," which was how to bolster investment activity "within the framework of our finance policy." Schäuble and Sapin agreed that the outlook for the Eurozone economy had deteriorated and that it was up to each government to decide on the specifics of the policy response. Sapin noted that the French government would like "investment to be stronger on a European level", noting that "France faces considerable tasks to cut public spending." Gabriel said that "bashing" each other is not the policy response needed and that Germany sees infrastructure, energy-efficiency, and broadband as focus areas for the investment plans.</p>
<p>
	José Luis Martínez Campuzano<br />
	Estratega de Citi en España</p>

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