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And kept the bank, which governs monetary policy for the 17 countries that use the euro, and stable prices at a meeting Thursday. But at a news conference later, the European Central Bank President Jean-Claude Trichet described by analysts a clear signal that the bank is ready to part ways with the Federal Reserve U.S. interest rates and raise levels of History of the last recession.
With inflation projected to break the threshold of the European Central Bank increased by 2% this year and next year, “strong vigilance is warranted” on prices, Trichet said, repeating the words used by the referring bank raised interest rates. He also acknowledged that the increase in April is “possible”, and the tough language in the world of encrypted Governors of central banks.
Which in turn is a stark, two years after the world’s major central banks were in agreement on the need to keep interest rates low to boost economic activity. Now, the world’s oil and higher prices for food commodities, and divisions between those banks and emerging markets.
And pushed the turmoil in the Middle East crude oil to above $ 100 a barrel, much lower than the record, but the rapid rise of prices, which were reached during the recent economic crisis. The United Nations Food and Agriculture Organization (FAO) said Thursday that its index of food prices reached a new high in February, with rising global demand and reduced cereal stocks are expected to pay higher costs throughout the year.
In the United States, have argued the Fed Chairman Ben Bernanke that the Fed must remain focused on economic growth – with low rates of interests and other expansionary policies are likely to remain in place until the unemployment rate drops less than 9 percent of the current.
An increase in European interest rates will not necessarily affect U.S. monetary policy, but it may increase pressure on the Fed to do the same if the prices rise too quickly begins in the United States. Unlike the ECB, the Fed has a mandate to support employment as well as to control inflation, the bank may find itself caught between two goals if the rate of unemployment in the United States remains high. A wider spread between U.S. interest rates and European countries also begin to affect investment decisions and exchange rates, the euro rose in value Thursday as the expected increase in the rate of Europe.
Bernanke said that he regarded the recent jump in commodity prices to be temporary, with little impact on broader measures of inflation in the prices and the consumer.
But with the caution of the new European Central Bank, much of the rest of the world take a different view.
Have been blamed on the part of the recent rise in prices on the short-term problems – political unrest in oil-producing Libya or bad weather for grain exporters such as Australia. But the trends over the longer term, demand is also at work. Asian and Latin American economies that grow quickly, and use more energy. The latest report from the Food and Agriculture based its estimates on the increased use of global grain on the need for the production of corn ethanol or for crops such as soybeans to feed livestock to meet rising demand for meat and dairy products in the developing world.
In the United Kingdom, and the inflation rate reached 4 percent in January – more than double the target level – is expected to rise more this year. Were raised by some of the latter before, raising taxes wide and designed to reduce the deficit in the budget of the country. But rising inflation and put upward pressure on the Bank of England to raise interest rates as well, although growth prospects in the country is weak.
Bank of England kept interest rates on stable prices of the Committee at its last meeting, but were divided vote. Analysts expect a rate hike later this year, the bank governor Mervyn King is the need to write letters to the government to explain what the Bank intends to do about inflation.
Many developing countries, including heavyweights such as China and Brazil, and several months in a new round of increases in interest rates to cool its economy. So I started some developed countries, particularly Australia and Canada, after raising the prices enjoyed a strong recovery in economic growth.
In the euro area, however, the prospect of higher interest rates complicate the already tangled situation. Priority of the European Central Bank to rein in inflation, and we are determined, affecting the major economic powers such as Germany to maintain this focus. German economy is growing strongly, and culture of financial conservative – set up by the inflation paralyze the nation suffered before the Second World War – The high prices of primitive sort of sin that leads to erosion of the value of wages and investments.
Elsewhere in the euro area, inflation is less of a concern – and it might even be welcome in economies that are struggling to stimulate growth. Greece, Ireland, Portugal and Spain in particular, did not come out fully from the recession. Could be an increase in borrowing costs undermine the chances of recovery.
In his statement, the European Central Bank showed that he understands this dilemma, and will continue to buy special bonds and other programs that you use to support the most vulnerable economies in the euro area.
But the language on interest rates, and analysts in London consultancy Capital Economics, wrote, was “clear.”http://www.humpunjabi.com