A cura di @Temp.

Mohammed El Erian per Bloomberg analizza le potenziali implicazioni della fine delle politiche accomodative delle banche centrali nelle economie occidentali.

The ECB’s Oct. 25 announcement that its governing council still intends to stop large-scale asset purchases, known as quantitative easing or QE, at the end of the year occurred in the context of what central bankers acknowledge is an increasing list of threats to their economies. At a news conference after the central bank’s policy meeting, ECB President Mario Draghi said the risks include an uncertain trade regime, pressures in emerging markets, politics and the budgetary confrontation between Italy and the European Union. And by stating that the “ECB mandate does not involve financing government’s deficit,” Draghi emphasized the implicit message that neither governments nor markets can continue to rely on regular, large and predictable liquidity injections to offset their own problems.