Die Drucksache enthält zusätzlich – in kleinerer Schrifttype – den Fragetext. Moreover, trade developments tended to be procyclical, especially in downturns. visto il trattato sul funzionamento dell’Unione europea. The point was made that while deflation was not a likely outcome for now, it was also no longer a low probability event and warranted careful monitoring. In addition, the goods and services actually purchased during the lockdown and containment periods likely deviated from the expenditure weights assumed in the consumption baskets used in the HICP compilation. In this context, it was remarked that all expansionary monetary policy instruments contributed to a low interest rate environment. Gli Stati membri mettono in vigore le disposizioni legislative, regolamentari e amministrative necessarie per conformarsi alla presente direttiva entro e non oltre il 20 novembre 2021. The Governing Council would continue to expect monthly net asset purchases under the APP to run for as long as necessary to reinforce the accommodative impact of its policy rates, and to end shortly before it started raising the key ECB interest rates. Bollettino di aggiornamento sulle restrizioni di viaggio in Europa in seguito all'emergenza coronavirus, aggiornato al 3 giugno 2020. Like Like. Moreover, attention was drawn to complementary support provided on the prudential side aimed at easing conditions in the banking system. Prevailing market segmentation implied that monetary policy needed to act in a more targeted and flexible way to preserve policy transmission across the entire euro area. Sovereign bond market fragmentation had declined but spreads remained elevated. First, low interest rates might incentivise market participants to adopt excessive risk-taking behaviour, ultimately triggering risks to financial stability. Nonetheless, these readings indicated only a minor improvement compared with the speed at which the indicators had plummeted in the preceding two months. Shiva DX Cluster for SWL / BCL. In the services sector, in particular, workers and consumers might review not only their current but also their long-term income prospects, leaving consumption subdued for quite some time. Meanwhile, corporate fundamentals continued to deteriorate. Mai 2020 (BGBl. Tuttavia, gli Stati membri mettono in vigore le disposizioni legislative, regolamentari e amministrative necessarie per conformarsi alle modifiche degli allegati V e VI della direttiva 2000/54/CE, nella misura in cui riguardano l’agente biologico SARS-CoV‐2, entro il 24 novembre 2020. Gli Stati membri mettono in vigore le disposizioni legislative, regolamentari e amministrative necessarie per conformarsi alla presente direttiva entro il 24 novembre 2020. Daily Archives: 3. The Italian Festival is a major fundraiser for St. Leo's parish. connects to a ham radio dx cluster and repeat the dx spot to shiva clients, download priyom.org number station schedules. Juni 2020 übermittelt. Under the baseline, which had been revised substantially downwards relative to the March projections, annual output was projected to shrink by 8.7% in 2020, followed by positive growth rates of 5.2% in 2021 and 3.3% in 2022. The June projections signalled that output would decline steeply (by 13.0%) in the second quarter of 2020, after having already declined by 3.8% in the first quarter. 1 0 4 months ago. More broadly, there was a link between the quality of the policy responses and the degree to which the supply side of the economy could be damaged more permanently. ** In accordance with Article 284 of the Treaty on the Functioning of the European Union. With regard to the envisaged horizon of net purchases under the PEPP, members broadly concurred with the proposal put forward by Mr Lane to extend it until at least the end of June 2021, thus aligning it with the phase of the most severe impact of the pandemic-related restrictions on economic activity and the weakest inflation pressures in the period ahead. It was underlined that much of the uncertainty lay outside the economic sphere and related to the future course of the pandemic and its medical solution. In the first quarter of 2020, euro area real GDP had decreased by 3.8% quarter on quarter as a result of the coronavirus pandemic and the measures to contain it. Brent crude oil prices had increased by 62% since the April meeting, but continued to stand at low levels. The United Kingdom is still included in the 2020 DESI, and EU averages are calculated for 28 Member States. 21 Settembre 2020; 20 settembre 2020. 2020. Comments are disabled. It was remarked that the bank lending channel continued to perform well, which was important for monetary policy transmission given that the bulk of financial intermediation in the euro area operated through banks. Aggiornato al 02.06.2020 . Financial conditions had continued to ease in advanced and emerging market economies since the April monetary policy meeting, but remained substantially tighter than before the pandemic shock. The scores and rankings may thus have changed compared with previous editions. ABC-PhD is the multi-disciplinary Doctoral Program of the Department of Architecture, Built Environment and Construction Engineering of Politecnico di Milano. The steep decline of output in the second quarter that followed the decline in the first quarter was projected to be only partly reversed in the second half of the year. Like Like. Turning to price developments, headline inflation had dropped further from 0.3% in April to 0.1% in May (according to Eurostat’s flash estimate). It was important to note that without the vigorous policy response (including an estimated 2.5 percentage point contribution to 2020 output from fiscal policy), the projected paths for output and inflation would be even lower. Both the highly accommodative pricing of the targeted longer-term refinancing operations (TLTRO III) and the collateral easing measures were providing strong incentives for banks to maintain credit flows to the real economy. The concern was raised that the lagged nature of the labour market response would eventually lead to a period of higher unemployment. Posted on 3/6/2020, 12:44 +2 Pensi mai che se la gente sapesse che sei veramente pazzo nessuno ti parlerebbe? Once the pandemic shock to the inflation path had subsided, the monetary stance could again be controlled by calibrating the Governing Council’s pre-crisis suite of policy instruments. Spreaker Spreaker. Navigation Path: Home›Media›Monetary policy accounts›25 June 2020. Wednesday, 3 June 2020 . Against this background, all members agreed that further monetary policy action was needed, in accordance with the Governing Council’s price stability objective. Compared with the March 2020 ECB staff macroeconomic projections, the outlook for real GDP growth had been revised substantially downwards by 9.5 percentage points in 2020 and revised upwards by 3.9 percentage points in 2021 and 1.9 percentage points in 2022. This was especially the case given the already low levels of the ECB’s policy rates and the crucial role of sovereign yields in determining the financing conditions of firms and households. #bauhinia #floraroma #floriterapia #australianbushfloweressences #divinazione. The point was also made that the combination of a very expansionary monetary policy with potentially unsound or unsustainable fiscal policies could undermine the foundation of a credible monetary policy. Willkommen bei WordPress. Due to the COVID-19 crisis, EuroPCom will look different this year: - On 29 June 2020, EuroPCom was for the first time organised virtually and consisted of a series of three webinars – see below for more details on the programme and on the right side for the handouts and recordings. At the same time, it was argued that the unwinding could lead to a saving rate below the pre-crisis rate if the involuntary savings made during the lockdown and containment periods were spent to meet pent-up demand. Le misure di cui alla presente direttiva sono conformi al parere del comitato istituito dall’articolo 17 della direttiva 89/391/CEE del Consiglio (6). Members underlined that the shape of the recovery would depend crucially on how consumption and investment evolved under the present uncertainties and whether the pandemic led to longer-lasting changes in the behaviour of economic agents. Some concern was expressed that the mild scenario might already be outdated. Environment Ministers will aim to reach a general approach on the European Climate Law reflecting the outcome of the discussions in the European Council of 10-11 December 2020. Ms Schnabel reviewed the financial market developments since the Governing Council’s monetary policy meeting on 29-30 April 2020. A drop in coronavirus (COVID-19) infection numbers and further large fiscal stimulus measures in other advanced economies had added to the improved sentiment. Overall, financial conditions had been broadly stable since the Governing Council’s April meeting, but remained significantly tighter than before the pandemic crisis. Porpora Dies ist dein erster Beitrag. Furti Account e Protezione dei Dati Personali: Leggimi, importante!! Catechesis on prayer-5. The envelope for the pandemic emergency purchase programme (PEPP) would be increased by €600 billion to a total of €1,350 billion. In this regard, recalibrating the PEPP was the most appropriate course of action, as expanding the PEPP and extending its horizon would be most effective for further easing the general monetary policy stance, maintaining favourable funding costs for the real economy and providing temporary support in response to the pandemic-related shock to the euro area economy and the path of inflation. It was argued that the proportionality assessment of any monetary policy measure had to consider, among other things, the degree to which the measure contributed to achieving the monetary policy objective, on the one hand, and possible unintended side effects, on the other hand. Looking at this from a different perspective, it implied that at the current juncture the euro area could not rely on exports to offset weakness in domestic demand. Al fine di fornire adeguati livelli di protezione ai lavoratori, dovrebbe essere anticipata anche la data di recepimento delle modifiche apportate a tali allegati relative all’esposizione al SARS-CoV‐2. All the major global indices had posted substantial gains since the Governing Council’s previous monetary policy meeting, further offsetting a large part of the losses recorded at the start of the coronavirus pandemic. Previous Post 2 giugno 2020 Next Post 4 giugno 2020 Related Posts 22 settembre 2020. The ECB’s composite indicator of systemic stress was consistent with these broad conclusions. It was underlined that the proposed extension of the PEPP was consistent with the Governing Council’s communication that net asset purchases would continue until the coronavirus crisis phase was over. 3 Giu 2020 #1; Cara community. Most recent indicators suggested some bottoming-out of the downturn in May as parts of the economy gradually reopened. Three spiritual values that have absolutely no place in the world of Dungeons 3. Monitoraggio Europa Infogestweb-Golia: gli aggiornamenti di mercoledì 3 giugno 2020. Mercoledì 3 Giugno 2020 « Older Newer ... Posted on 3/6/2020, 12:42 +2 "The mind is its own place, and in itself can make a Heav'n of Hell, a Hell of Heav'n." März 2020 um 02:10; Abrufstatistik Der Text ist unter der Lizenz Creative Commons Namensnennung – Weitergabe unter gleichen Bedingungen 3.0 Unported verfügbar; zusätzliche Bedingungen können gelten. Fifth, to continue reinvesting, in full, the principal payments from maturing securities purchased under the APP for an extended period of time past the date when it started raising the key ECB interest rates, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation. Gli Stati membri sono destinatari della presente direttiva. For updates, stay connected to Little Italy here and across social media. Giugno 2020. See no evil, hear no evil, speak no evil. (2)  Direttiva (UE) 2019/1833 della Commissione, del 24 ottobre 2019, che modifica gli allegati I, III, V e VI della direttiva 2000/54/CE del Parlamento europeo e del Consiglio per quanto riguarda gli adattamenti di ordine strettamente tecnico (GU L 279 del 31.10.2019, pag. Video conference of employment and social policy ministers, 3 December 2020. In the first quarter of 2020, euro area real GDP had decreased by 3.8%, quarter on quarter, although strict containment measures were only in place from mid-March in most countries. It had to be acknowledged, however, that the asset purchases under the PSPP had contributed to these potential issues, but only to the extent that they lowered interest rates below the natural interest rate. On the basis of current and futures prices for oil, headline inflation was likely to decline somewhat further over the coming months and to remain subdued until the end of the year. Therefore, it was viewed as essential to embed safeguards in the design of the Eurosystem’s asset purchases, including a limits framework and the capital key as a benchmark, so as to mitigate the risk of monetary policy becoming dependent on countries’ fiscal policies. Overall measures of underlying inflation had fallen somewhat since February, partly reversing the earlier gradual increases. With regard to the monetary analysis, members widely agreed with the assessment provided by Mr Lane in his introduction that strong growth in broad money (M3) reflected a shift towards money holdings for precautionary reasons in the context of elevated uncertainty. According to Eurostat’s flash estimate, euro area annual HICP inflation had decreased to 0.1% in May, down from 0.3% in April, mainly on account of lower energy price inflation. Group: Member Posts: 40,685 Location: Under the Iron Sea Status: SPEEDRIVER. Over the medium term, weaker demand would put downward pressure on inflation, which would only be partially offset by upward pressures related to supply constraints. With regard to the potential interactions between monetary policy and fiscal policy, a clear focus on the primary objective of maintaining price stability, combined with safeguards which ensure the respect of the prohibition of monetary financing, was viewed as essential to the lasting success and credibility of monetary policy, and ultimately to acceptance and trust in the euro as a common currency. Giugno. È stato inoltre consultato il comitato consultivo tripartito per la sicurezza e la salute sul luogo di lavoro in merito agli adattamenti di ordine strettamente tecnico della direttiva 2000/54/CE nel contesto della pandemia di SARS-CoV‐2. It was also remarked that increasing the size and duration of asset purchases would contribute to containing overall uncertainty, thereby supporting the recovery of the euro area economy. Piton. 3 giugno 2020) From: Europa Grand Tour - il Podcast. It doesn't send to ham radio dx cluster any spot nor it can receive any spot. Looking ahead, incoming economic and financial data and subsequent projection rounds would provide essential guidance as to whether the pandemic-related negative shock to inflation dynamics had been sufficiently contained. The easing of credit conditions would help viable businesses continue to operate and retain as many workers as possible. Piton Rulez. For instance, notwithstanding increased production and distribution costs associated with public health and safety measures, total factor productivity could increase, for example due to the improvements in digitalisation prompted by the crisis. In discussing recent developments in inflation expectations, members broadly shared the assessment provided by Mr Lane in his introduction that market-based indicators of longer-term inflation expectations had remained at depressed levels. Global volatility too had abated across various market segments, in part owing to the effective liquidity backstop provided by central banks worldwide. In this vein, the PEPP could provide additional protection against the risks of fragmentation across market segments that might obstruct the smooth transmission of monetary policy. In any case, net asset purchases under the PEPP would be conducted until the Governing Council judged that the coronavirus crisis phase was over. mercoledì 3 giugno 2020. This assessment was also reflected in the June 2020 Eurosystem staff projections, which entailed a substantial downward revision of the inflation outlook in the baseline scenario, with headline inflation expected to average 0.3% in 2020, 0.8% in 2021 and 1.3% in 2022. Le modalità del riferimento sono stabilite dagli Stati membri. 03. Giugno 2020 1 Comment. Zwei waren Frauen. With regard to the economic analysis, members generally agreed with the assessment of the current economic situation in the euro area and the outlook provided by Mr Lane in his introduction. Hallo Welt! In this context, it was observed that to date financial markets had remained fairly resilient and rebounded rather rapidly, also reflecting the swift and forceful monetary policy response so far. It was also noted that expanding the size of the PEPP by €600 billion would help support the smooth transmission across all jurisdictions of the euro area. At the same time, it was noted that the low interest rate environment in which central banks had to navigate was associated with a number of challenges. First, the ECB’s monetary policy measures, together with the Franco-German recovery fund proposal which was subsequently broadly taken up in the package proposed by the European Commission, had reduced downside tail risks for the euro area. At the same time, it was recalled that all scenarios assumed that an effective medical solution would become available by mid-2021. La direttiva (UE) 2019/1833 ha modificato anche gli allegati V e VI della direttiva 2000/54/CE, che stabiliscono le misure e i livelli di contenimento per i laboratori, i servizi veterinari e l’industria. Over the medium term, weaker demand was expected to put downward pressure on inflation, which was expected to be only partially offset by upward pressures related to supply constraints. The members of the Governing Council subsequently finalised the introductory statement, which the President and the Vice-President would, as usual, deliver at the press conference following the end of the current Governing Council meeting. Ongoing monetary accommodation would likely prove necessary in order to support the macro-financial conditions conducive to making further progress towards the Governing Council’s inflation aim. Financial investment grade commercial paper rates had come down notably in recent weeks from their peaks, while non-financial commercial paper rates had stabilised. In March, the Governing Council had decided to launch the PEPP “to counter the serious risks to the transmission mechanism and the outlook for the euro area posed by the outbreak and escalating diffusion of the coronavirus”. ORARIO BATTELLI DAL 3 GIUGNO AL 14 GIUGNO 2020 Edizione 18/05/2020 Linea DESENZANO - PESCHIERA - RIVA DEL GARDA 30 20 52 22 32 54 56 24 58 34 36 26 60 N. Corsa Note Note 54). Porpora Overall, there was broad agreement among members that while different weights might be attached to the benefits and side effects of asset purchases, the negative side effects had so far been clearly outweighed by the positive effects of asset purchases on the economy in the pursuit of price stability. Allgemein By kp-admin 3. In this context, it was also highlighted that so far there was no convincing evidence that the low interest rates had contributed to so-called zombie lending. (6)  Direttiva 89/391/CEE del Consiglio, del 12 giugno 1989, concernente l’attuazione di misure volte a promuovere il miglioramento della sicurezza e della salute dei lavoratori durante il lavoro (GU L 183 del 29.6.1989, pag. In terms of the overall monetary stance, the PEPP provided a temporary additional source of accommodation, which operated alongside the more standard suite of policy instruments (the level of the ECB policy rates; the APP; forward guidance; and the TLTRO III programme). At the same time, a number of arguments were made in favour of a smaller expansion of the PEPP, which would allow more time to assess the evolution of the economic situation and the medium-term outlook for price stability. Le disposizioni adottate dagli Stati membri contengono un riferimento alla presente direttiva o sono corredate di tale riferimento all’atto della pubblicazione ufficiale. ORARIO BATTELLI DAL 3 GIUGNO AL 14 GIUGNO 2020 Edizione 18/05/2020 Linea DESENZANO - PESCHIERA - RIVA DEL GARDA 30 20 52 22 32 54 56 24 58 34 36 26 60 N. Corsa Note Note Strong money growth reflected bank credit creation, which was driven to a large extent by the acute liquidity needs in the economy. Home; Listen; Create; Plans & Pricing; Search; Login Sign up; Dove e come possiamo viaggiare in Europa nel post covid? Moreover, the institutional set-up also relied on market discipline for sound fiscal policies, while monetary policy needed to observe the prohibition of monetary financing. Von den 50 hatten 8 … Moreover, it was also regarded as important to set issue and issuer limits ensuring that Member States continued to finance themselves primarily through the bond market. Allgemein By kp-admin 3. The United Kingdom is still included in the 2020 DESI, and EU averages are calculated for 28 Member States. However, the point was also made that, while the balance of demand and supply effects was disinflationary in the shorter term, the medium term might see rising inflationary pressures. We are always working to improve this website for our users. In this context, it was stressed that while the output gap might overstate the amount of slack, the unemployment gap would understate it, as statistically recorded unemployment was being kept artificially low by temporary employment schemes. These measures had acted as a stabilising force during this exceptional period. In this environment, asset purchases were more efficient at easing funding conditions and thereby the lending rates that mattered for the real economy. are available from the linked pages. The global (excluding the euro area) composite output Purchasing Managers’ Index (PMI) had extended the losses registered in the first quarter, declining to a historical low in April before recovering somewhat in May.