The European Central Bank has chosen the way of a "quantitative easing" to stop the crisis and push the growth.
The general aim of this operation is that, buying 60 billion Euros of public debt per month, ECB could reduce the value of Euro, facilitating the export and also the access to the bank credit. This decision should increase the inflation tax and bring benefits to all the economy.
The Us Federal Reserve adopted this decision already in 2008, why in Europe did we have to wait till now?
The answer is quite obvious: the resistance of Germany. From Berlin, the austerity and the internal reforms were the ways to reduce the National debts and improve their economies, without considering the social (and then also political) effects.
That is why the media reaction to the decision of the ECB has not been positive in Germany. At the opposite, in the rest of Europe the operation has been considered necessary and with positive effects for everybody.
It is impossible to predict which will be the real effect of this decision. But we can draw two considerations. First, this choise is the first wide and robust action of the ECB, as indepent Istitution of the European framework. Second, the economic policy adoped till yesterday must be dismessed because it didn't work.
Euro can be an advantage just if the economic policy can represents and help all the Countries. It is impossible to be under a unique currency and adopting only the German perspective. In the last years we have seen the contraposition between Berlin and the rest of Europe. It seemed that Angela Merkel imposed her strategy to exit from the crisis. But today something is changing: the elctions in Greece and Spain could modify the political scenario in Europe. Over all Mario Draghi won a match against the austerity and maybe he represents the strongest opponent to Germany in the European arena.
The announcement, made by the President Mario Draghi, has been received successfully by the investors and by the most part of the European Countries, except for Germany and the block of Nordics.
The general aim of this operation is that, buying 60 billion Euros of public debt per month, ECB could reduce the value of Euro, facilitating the export and also the access to the bank credit. This decision should increase the inflation tax and bring benefits to all the economy.The Us Federal Reserve adopted this decision already in 2008, why in Europe did we have to wait till now?
The answer is quite obvious: the resistance of Germany. From Berlin, the austerity and the internal reforms were the ways to reduce the National debts and improve their economies, without considering the social (and then also political) effects.
That is why the media reaction to the decision of the ECB has not been positive in Germany. At the opposite, in the rest of Europe the operation has been considered necessary and with positive effects for everybody.
It is impossible to predict which will be the real effect of this decision. But we can draw two considerations. First, this choise is the first wide and robust action of the ECB, as indepent Istitution of the European framework. Second, the economic policy adoped till yesterday must be dismessed because it didn't work.
Euro can be an advantage just if the economic policy can represents and help all the Countries. It is impossible to be under a unique currency and adopting only the German perspective. In the last years we have seen the contraposition between Berlin and the rest of Europe. It seemed that Angela Merkel imposed her strategy to exit from the crisis. But today something is changing: the elctions in Greece and Spain could modify the political scenario in Europe. Over all Mario Draghi won a match against the austerity and maybe he represents the strongest opponent to Germany in the European arena.
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