En definitiva.....

Telegraph: Credibility of Eurozone Budget Rules At Stake, Warns Jens Weidmann

"We are ready to prepare for such a fat tail event", stressing that "quantitative easing is a theoretical concept" and that "there is a long way to go to any practical steps", arguing that there is also "conventional room to ease policy". Mersch, ECB.


"Further rate cuts not ruled out", but "other measures perhaps are more effective". ... "no sequencing" planned for ECB action, noting that the ECB is preparing "for all eventualities" despite seeing "no immediate need to act". Nowotny, ECB.

"We need to look again to see if the scenario we had in March has been changed and to what degree". Taking extraordinary measures "should not be decided lightly". No decision taken on QE, working groups "considering many hypotheses". Constancio, ECB.

ECB's Weidmann says he did not change his position on QE, noting that interpretations of a recent interview of his had been misleading.

French Finance Ministry Michel Sapin met with Wolfgang Schäuble in Berlin on Monday, promising to make "tough and brave" decisions to reform the French economy and lower the budget deficit. Mr. Sapin noted that "the way out of the crisis will be first of all for us to stick to our commitments and secondly through higher economic growth". He stressed that the core element of the government's strategy was to make French firms more competitive and that this goal could be achieved with "deep structural reforms, solid and healthy growth". Mr. Sapin indicated that he would discuss the balance between growth and expenditure savings with the Commission during the IMF/World Bank meetings in Washington this week. He added that introducing a financial transaction tax remains on the government's To Do list.
FRENCH PM SAYS ECB HAS A TIGHTER MONETARY POLICY THAN OTHER CENTRAL BANKS, WANTS TO ADDRESS THIS SUBJECT. FRENCH PM SAYS IN FAVOUR OF RESPECTING FRANCE'S BUDGET COMMITMENTS, BUT AGAINST AUSTERITY

En una encuesta hoy en Reuter de 59 economistas se obtienen dos importantes conclusiones:

1. La inflación habría tocado fondo en marzo en niveles de 0.5 %...y subirá en el futuro próximo
2. Menos del 30 % de probabilidad para que el ECB comience a comprar activos en el futuro

En datos económicos, hoy hemos conocido como el déficit público fue en Italia en 2013 del 2.8 % del PIB desde el 2.9 % del año anterior.

El sentimiento empresarial del Banco de Francia aumenta hasta 99 en marzo, tras la caída hasta 98 en febrero. El Banco de Francia espera un crecimiento del 0.2 % en el Q1.

En Grecia las exportaciones caen un 5.6 % anual en febrero (-7 % anual sin energía). Pero las importaciones suben un 16.4 % anual.

José Luis Martínez Campuzano
Estratega de Citi en España