IX Open Internacional d'escacs
Vila de Salou
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As expected, the ECB left its interest rate policy unchanged at its August meeting last week, with the main refi rate remaining at 0. 5%. No discussion took place on cutting interest rates, but there was a unanimous decision by the governing council to confirm its forward guidance of the previous month. In July, the council provided forward guidance on interest rate policy for the first time, Adidas Flux Pattern stating that it expects the key ECB interest rates to "remain at present or lower levels for an extended period of time". From a monetary policy perspective, the Black Adidas Zx Flux With Gold Bottom
economy contracted again in the opening quarter of this year. The pace of GDP decline, though, did moderate, with output shrinking by 0. 3% after its 0.
consecutive quarterly declines. This is a double dip recession, after the very severe recession of 2008 09. It has seen the unemployment rate, which had stabilised at around 10% in 2010, rise steeply over the past two years to above 12%. .
6% fall in final quarter 2012. This mainly reflected a stabilisation in consumer spending, which was flat after five Adidas Flux Olive
council retains an easing bias, emphasised by the forward guidance that rates are set to remain at present or lower levels for quite some time. However, after last week's meeting, this bias appears to be weaker, given the fact there was no discussion this month on cutting interest rates further. The weaker easing bias is also reflected in the fact that the ECB has taken on board the improving trends in macro data in recent months, noting that it tentatively confirms their expectation of a 'stabilisation in economic activity'.
The prospect of another rate cut will depend on how the economy evolves over the coming months and if it deviates from expectations for a modest recovery in activity. The eurozone economy faltered badly over the course of 2011, with the economy going back into recession in the final quarter of the year. It continued to contract right throughout 2012, with a particularly sharp fall in output in the final quarter of last year. The eurozone Adidas Zx Flux 3d
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