En estos dos puntos se ha apoyado el Presidente del ECB para augurar tipos de interés en niveles actuales o más bajos en el futuro.
De hecho, reitera que el ECB estará vigilante sobre los riesgos sobre la estabilidad de la inflación....claramente elevados.
Y reitera que tienes muchos instrumentos con los que actuar en caso necesario.

Por otro lado, reitera que la política monetaria no lo es todo. Pero es mucho. En el primer caso, advierte sobre la necesidad de reformas para aumentar la productividad y mejorar el crecimiento potencial. De esta forma se llevaría a un crecimiento más sostenible y resistente.  Y sin olvidarnos de las medidas fiscales, que deberían combinar la recuperación económica dentro de una estrategia de ajuste fiscal a plazo.

¿Otras ideas? No se ha hablado sobre el "helicopter money", pero sí sobre el debate de algunos miembros del Gobierno alemán sobre la política monetaria. Considera en este sentido que los tipos de interés reales en la zona EUR son más altos que 20/30 años atrás. Considera que los riesgos desde el Brexit limitados. Es fundamental que no se cuestione la independencia del ECB.

¿Proceso para comprar deuda corporativa?
*       Outright purchases of investment-grade euro-denominated bonds issued by non-bank corporations established in the euro area will be carried out by six Eurosystem national central banks (NCBs): Nationale Bank van België / Banque Nationale de Belgique, Deutsche Bundesbank, Banco de España, Banque de France, Banca d'Italia, and Suomen Pankki/Finlands Bank. Each NCB will be responsible for purchases from issuers in a particular part of the euro area. The ECB will coordinate the purchases.
*       The purchases will be conducted in the primary and secondary markets, but no primary market purchases will involve debt instruments issued by entities that qualify as public undertakings.
*       Debt instruments will be eligible for purchase, provided they fulfil all the following criteria:
*       they are eligible as collateral for Eurosystem credit operations, based on the requirements defined in the Guideline on the implementation of the Eurosystem monetary policy framework (ECB/2014/60);
*       they are denominated in euro;
*       they have a minimum first-best credit assessment of at least credit quality step 3 (rating of BBB- or equivalent) obtained from an external credit assessment institution according to Guideline ECB/2014/60;
*       they have a minimum remaining maturity of six months and a maximum remaining maturity of 30 years at the time of purchase;
*       the issuer is a corporation established in the euro area, defined as the location of incorporation of the issuer. Corporate debt instruments issued by corporations incorporated in the euro area whose ultimate parent is not based in the euro area are also eligible for purchase under the CSPP, provided they fulfil all the other eligibility criteria;
*       the issuer of the debt instrument:
o       is not a credit institution,
o       does not have any parent undertaking (as defined in Article 4(15) of the Capital Requirements Regulation) which is a credit institution (as defined in Article 2 (14) of Guideline ECB/2014/60),
o       is not an asset management vehicle (as defined in the Bank Recovery and Resolution Directive and Single Resolution Mechanism Regulation) or a national asset management and divestment fund established to support financial sector restructuring and/or resolution.
*       Purchases under the CSPP will be conducted with counterparties that are eligible for the Eurosystem's monetary policy operations or counterparties that are used by the Eurosystem for the investment of its euro-denominated portfolios.
*       The Eurosystem will apply an issue share limit of 70% per international securities identification number (ISIN) on the basis of the outstanding amount. However, in specific cases a lower issue share limit will apply, e.g. for securities issued by public undertakings, which will be dealt with in a manner consistent with their treatment under the PSPP.

José Luis Martínez Campuzano
Estratega de Citi en España