In particular, the expected pattern of the saving ratio was seen as a key issue, as was the extent to which a sharp spike owing to the lockdown would subsequently unwind as the economy gradually reopened. Discover euro banknotes and their security features and find out more about the euro. As regards the impact of the ECB’s monetary policy measures on households, there was ample evidence from numerous studies on the impact of low interest rates and asset purchases on household income. Against this background, members widely acknowledged the difficulties of preparing projections in view of the high degree of uncertainty that presently surrounded economic developments and clouded the outlook. 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. connects to a ham radio dx cluster and repeat the dx spot to shiva clients, download priyom.org number station schedules. In terms of timing, the lags in the transmission of monetary policy to inflation dynamics meant that it was important to take a significant step in addressing the increase in the inflation shortfall. Overall measures of underlying inflation had fallen somewhat since February, partly reversing the earlier gradual increases. 3 giugno 2020) From: Europa Grand Tour - il Podcast. The envelope for the pandemic emergency purchase programme (PEPP) would be increased by €600 billion to a total of €1,350 billion. Ucraina. Eventi Dicembre 2020 - Italia Eventi Dicembre 2020 - Anima. Allgemein By kp-admin 3. 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. Wahlperiode 22.06.2020 Die Antwort wurde namens der Bundesregierung mit Schreiben des Bundesministeriums des Innern, für Bau und Heimat vom 22. It was also recalled that the Treaty on the Functioning of the European Union had not only granted the ECB independence, assigned it the primary objective of price stability and prohibited monetary financing, it also required the ECB to adhere to the principle of an open market economy with free competition. This in turn would support the transmission of monetary policy to the interest rates applicable to households and businesses, to the extent that sovereign bond yields acted as a benchmark for the pricing of loans and market-based credit instruments. 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. The annual growth rate of loans to non-financial corporations rose further to 6.6% in April 2020, up from 5.5% in March, reflecting firms’ need to finance their ongoing expenditures and working capital in a context of rapidly declining revenues. First, the medium-term outlook for price stability was threatened by the fallout from the coronavirus crisis: in particular, the baseline in the new projections saw 0.3 and 0.6 percentage point downward revisions in the 2022 headline and core inflation rates respectively, with substantially larger revisions in the severe scenario. In the euro area, the pandemic and the associated containment measures were taking a toll on productive capacity and domestic demand. Tenuto conto delle prove scientifiche più recenti e dei dati clinici disponibili nonché dei pareri forniti da esperti che rappresentano tutti gli Stati membri, il SARS-CoV‐2 dovrebbe quindi essere classificato come patogeno per l’uomo del gruppo di rischio 3. Monitoraggio Europa Infogestweb-Golia: gli aggiornamenti di mercoledì 3 giugno 2020. Finally, it needed to be highlighted that monetary and fiscal policies were increasingly complementing each other in the current situation, where the additional monetary policy stimulus went hand in hand with the measures taken by euro area governments and European institutions to ensure sufficient healthcare resources and to provide support to affected companies, workers and households. At the same time, a question was raised on the impact of the ongoing, large-scale accumulation of monetary liquidity on risks to price stability over the medium term. 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 A giugno 2020 sono stati consegnati +600% di beni alimentari rispetto allo stesso periodo dell’anno precedente. Its history, mission, vision and main research lines, its management rules, courses and activities etc. In assessing the benefits and costs of asset purchases, the relevant benchmark was not the status quo, but a counterfactual situation in which policy accommodation through asset purchases had not been provided. 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. Furti Account e Protezione dei Dati Personali: Leggimi, importante!! More recently, euro area bond spreads had declined and equity prices, which were one driver of overall financial conditions, had rebounded. Nel marzo 2020 l’Organizzazione mondiale della sanità ha pubblicato linee guida sulla biosicurezza nei laboratori concernenti il nuovo coronavirus e l’esame di campioni clinici di pazienti affetti da SARS-CoV‐2 (3). Eventi Dicembre 2020 - Italia Eventi Dicembre 2020 - Anima . It doesn't send to ham radio dx cluster any spot nor it can receive any spot. In particular, the upward pressure on average sovereign yields had contributed to higher corporate and bank bond yields and a decline in equity valuations, especially for bank stocks. 116 Abs. 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. However, it was still uncertain whether the funds provided by the ECB’s lending operations would reach those sectors of the euro area economy where liquidity was most urgently needed, such as small and medium-sized enterprises. 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. Three key conclusions could be drawn on the basis of recent market developments. La Commissione continuerà a seguire da vicino la situazione riguardante la pandemia di Covid‐19, compresi lo sviluppo di un possibile vaccino e la disponibilità di ulteriori prove e dati scientifici e tecnologici concernenti il SARS-COV‐2. Mi piace ricevuti 131 Punti 6,816 Messaggi 1,076. Piton Rulez. To do this, we use the anonymous data provided by cookies. Willkommen bei WordPress. Hier sollte eine Beschreibung angezeigt werden, diese Seite lässt dies jedoch nicht zu. Essi comunicano immediatamente alla Commissione il testo di tali disposizioni. While the ECB’s set of monetary policy measures, most notably the PEPP, had contributed to calming financial markets, real interest rates in the euro area had increased, thereby contributing to a tightening in the stance of monetary policy in the context of a subdued outlook for inflation. Improvements on the debt funding side for firms had been accompanied by improvements in equity markets. It required a judgement as to whether other policy measures were available that were as effective and efficient while offering a better balance between intended and unintended effects. connects to a ham radio dx cluster and repeat the dx spot to shiva clients, download priyom.org number station schedules. This easing had, however, been partially offset by deteriorating medium to long-term earnings growth expectations, consistent with a shift in expectations towards a more protracted impact of the crisis. Second, financial conditions for the euro area as a whole were significantly tighter compared with the period before the pandemic, whereas the growth and inflation outlook called for easier financial conditions. Survey data and real-time indicators for economic activity had shown some positive signs as the containment measures were gradually eased. Bearbeite oder lösche ihn und beginne mit dem Schreiben! 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. Giugno 2020. At the same time, it was reiterated that, in line with the design features of the PEPP, the capital key remained the relevant benchmark for the allocation of purchases across jurisdictions. Members broadly agreed with the arguments put forward by Mr Lane in his introduction that the PEPP was the most effective and efficient tool for providing additional monetary accommodation in the current environment, reflecting its dual role in supporting both the monetary policy stance and the transmission of the stance to all parts of the euro area economy in the current stressed market conditions. Overall, financial conditions had been broadly stable since the Governing Council’s April meeting, but remained significantly tighter than before the pandemic crisis. This assessment was also broadly reflected in the June 2020 Eurosystem staff macroeconomic projections for the euro area. There was now ample evidence from an exhaustive literature showing that asset purchase programmes in general and the PSPP in particular had proven effective in achieving their intended effects on the euro area economy and thereby in maintaining price stability. Nell’allegato III della direttiva 2000/54/CE, nella tabella relativa ai VIRUS (Ordine «Nidovirales», Famiglia «Coronaviridae», Genere «Betacoronavirus») è inserita la seguente voce tra «Sindrome respiratoria acuta grave da coronavirus (virus SARS)» e «Sindrome respiratoria medio-orientale da coronavirus (virus MERS)»: «Sindrome respiratoria acuta grave da coronavirus 2 (SARS-CoV-2) (1), (1)  In linea con l’articolo 16, paragrafo 1, lettera c), il lavoro di laboratorio diagnostico non propagativo riguardante il SARS-CoV-2 dovrebbe essere condotto in una struttura in cui si utilizzano procedure equivalenti almeno al livello di contenimento 2. Il SARS-CoV-2 può causare gravi malattie umane nella popolazione infetta, presentando un serio rischio in particolare per i lavoratori anziani e quelli con una patologia soggiacente o una malattia cronica. The ECB’s monetary policy was providing considerable support to corporate credit markets, including the commercial paper market, helping firms manage their cash flow needs. Asset purchases had lowered relevant market interest rates throughout the euro area, which translated into lower bank lending rates and higher lending volumes and, ultimately, into higher growth and inflation outcomes. Such flexibility was seen as most effective and efficient during periods of market stress. (agg. In their exchange of views on the inflation outlook, members recalled the considerable uncertainty about the net effect of rising slack and lower demand on the one side, and the possible longer-term adverse impact on aggregate supply capacity on the other side. 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. In any case, net asset purchases under the PEPP would be conducted until the Governing Council judged that the coronavirus crisis phase was over. 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. Einzelheiten sind in den Nutzungsbedingungen beschrieben. 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. 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. The scores and rankings may thus have changed compared with previous editions. As expressed in the preamble to the PEPP legal act: “It is also clear that this situation hampers the transmission of the monetary policy impulses and adds severe downside risks to the relevant inflation outlook. Nell’elaborazione della presente direttiva la Commissione è stata assistita da esperti che rappresentano gli Stati membri e che hanno fornito un sostegno tecnico e scientifico. 3 giugno 2020. 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). The pandemic crisis was affecting not only activity in individual countries but also international trade, and downward revisions to foreign demand for the euro area were larger than those to global activity. In this context, it was not only the nominal return on an individual asset that was relevant for overall retirement provisions, but also the overall real return on all assets that people held in their portfolios over their lifetime. This implied that all scenarios might turn out to be too optimistic for the latter part of the projection horizon if that was not the case. Home; Listen; Create; Plans & Pricing; Search; Login Sign up; Dove e come possiamo viaggiare in Europa nel post covid? In the current stressed market conditions, asset purchases (together with the TLTRO III programme) were the most effective and efficient tools for adding monetary accommodation. Previous Post 2 giugno 2020 Next Post 4 giugno 2020 Related Posts 22 settembre 2020. 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. The ECB’s composite indicator of systemic stress was consistent with these broad conclusions. Spreaker Spreaker. See no evil, hear no evil, speak no evil. Moreover, low interest rates were also challenging for earnings on the savings of households and insurance companies that aimed for certain nominal yields. - On 7 and 8 December 2020, EuroPCom will continue as a physical event, a virtual one or a mix of both. Vari Stati membri e Stati dell’EFTA nonché altri paesi terzi hanno iniziato ad adottare misure riguardanti la classificazione del SARS-CoV‐2 nel gruppo di rischio 3. Der Ankündigung vorausgegangen war ein Antrag der CDU-Gemeinderatsfraktion vom 3. At the same time, it was emphasised that improved sentiment in financial markets should not lead to complacency. It was also broadly aligned with the horizons of the other monetary policy measures taken by the Governing Council in response to the pandemic. Version: 1.0.12 Last modified: Wed Nov 25 2020 04:36:00 GMT-0800 (Pacific Standard Time) However, it was generally felt that not acting at the present meeting could trigger a further tightening of financial conditions, to the detriment of the economic recovery. 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. Strong money growth also reflected bank credit creation, which was driven to a large extent by acute liquidity needs in the economy. This reinvestment strategy for the PEPP would avoid the risk of an unwarranted tightening of financial conditions at a time when the recovery from the pandemic shock was likely to remain incomplete. Giugno 2020 1 Comment. Der Ankündigung vorausgegangen war ein Antrag der CDU-Gemeinderatsfraktion vom 3. For updates, stay connected to Little Italy here and across social media. Therefore, with policy interest rates close to their effective lower bound, unconventional instruments were needed to provide the degree of monetary accommodation that was consistent with the ECB’s inflation aim. Accordingly, the downward revision to the inflation outlook, together with the further downside risks captured in the severe scenario, called for a temporary phase of additional asset purchases, in order to deliver the monetary conditions that could support a return to the pre-crisis inflation trajectory within the projection horizon. At the same time, some reservations were expressed about the precise timing and proposed scale of the expansion of the PEPP envelope to further boost monetary policy accommodation at the current meeting. A partial recovery in risk asset prices was attributable to an improvement in risk sentiment. Le disposizioni adottate dagli Stati membri contengono un riferimento alla presente direttiva o sono corredate di tale riferimento all’atto della pubblicazione ufficiale. Get an overview of what the European Central Bank does and how it operates. This document is an excerpt from the EUR-Lex website, Commission Directive (EU) 2020/739 of 3 June 2020 amending Annex III to Directive 2000/54/EC of the European Parliament and of the Council as regards the inclusion of SARS-CoV-2 in the list of biological agents known to infect humans and amending Commission Directive (EU) 2019/1833, Direttiva (UE) 2020/739 della Commissione del 3 giugno 2020 che modifica l’allegato III della direttiva 2000/54/CE del Parlamento europeo e del Consiglio per quanto riguarda l’inserimento del SARS-CoV-2 nell’elenco degli agenti biologici di cui è noto che possono causare malattie infettive nell’uomo e che modifica la direttiva (UE) 2019/1833 della Commissione, OJ L 175, 4.6.2020, p. 11–14 (BG, ES, CS, DA, DE, ET, EL, EN, FR, HR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV), ELI: http://data.europa.eu/eli/dir/2020/739/oj, DIRETTIVA (UE) 2020/739 DELLA COMMISSIONE, che modifica l’allegato III della direttiva 2000/54/CE del Parlamento europeo e del Consiglio per quanto riguarda l’inserimento del SARS-CoV-2 nell’elenco degli agenti biologici di cui è noto che possono causare malattie infettive nell’uomo e che modifica la direttiva (UE) 2019/1833 della Commissione. Group: Member Posts: 40,685 Location: Under the Iron Sea Status: SPEEDRIVER. Zwei waren Frauen. With regard to the calibration of the PEPP expansion, a range of preferences were expressed in favour of either a larger or smaller envelope. Risks of fiscal dominance could arise, in which monetary policy might be pressured to refrain from raising interest rates even if this was required to fulfil the monetary policy mandate. Calendario Giugno 2020 - Communio e Sodalitas. (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. 3 Giu 2020 #1; Cara community. Il rigoroso rispetto e l’applicazione delle disposizioni nazionali che recepiscono le norme dell’Unione in materia di salute e sicurezza sul lavoro sono, più che mai, di massima importanza. A voice that invites him to undertake a journey that he knows is absurd: a voice that spurs him to uproot himself from his homeland, from his family roots, in order to move toward a new, different future. Accordingly, these should constitute guiding principles. Hallo Welt! 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. 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. § 3 Mund-Nasen-Bedeckung (1) Eine nicht-medizinische Alltagsmaske oder eine vergleichbare Mund-Nasen-Bedeckung muss getragen werden 1. bei der Nutzung des öffentlichen und … Hallo und Herzlich Willkommen hier bei uns. Mi piace ricevuti 131 Punti 6,816 Messaggi 1,076. The Italian Festival is a major fundraiser for St. Leo's parish. Bauhinia. 1 0 4 months ago. Incoming data confirmed that the global economy had fallen into an unprecedented recession in the first half of the year. Aggiornato al 02.06.2020 . 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. Browse the ECB’s reports, publications and research papers and filter them by date or activity. The scores and rankings may thus have changed compared with previous editions. The United Kingdom is still included in the 2020 DESI, and EU averages are calculated for 28 Member States. 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 You are here: Home. Strong money growth reflected bank credit creation, which was driven to a large extent by the acute liquidity needs in the economy. At the same time, a call was made for further strong and timely efforts to prepare and support the recovery. Dies ist dein erster Beitrag. Against this background, the PEPP was a measure which was proportionate to counter the serious risks to price stability, the monetary policy transmission mechanism and the economic outlook in the euro area, which are posed by the outbreak and escalating diffusion of COVID-19.”. 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. At the same time, the annual growth rate of loans to households decreased to 3.0% in April, from 3.4% in March, amid containment measures, declining confidence and a deteriorating labour market. Meanwhile, corporate fundamentals continued to deteriorate. Mai 2020 (BGBl. In this environment, the narrow monetary aggregate M1, encompassing the most liquid forms of money, continued to be the main contributor to broad money growth. § 3 Mund-Nasen-Bedeckung (1) Eine nicht-medizinische Alltagsmaske oder eine vergleichbare Mund-Nasen-Bedeckung muss getragen werden 1. bei der Nutzung des öffentlichen und … 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." Al fine di garantire sufficienti capacità e la continuità del lavoro essenziale svolto dai laboratori diagnostici in tutta l’Unione, è opportuno che ciò venga precisato nell’allegato III della direttiva 2000/54/CE. L’Unione si adopera per mantenere i suoi standard elevati al fine di garantire un’adeguata protezione della salute dei lavoratori, particolarmente importante nel contesto di una crisi sanitaria mondiale. The DESI was re-calculated for previous years to reflect the changes in the choice of indicators and corrections made to the underlying data. Like Like. 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. Its history, mission, vision and main research lines, its management rules, courses and activities etc. 2 GG gehört. In terms of the overall stance and given the scale and unique nature of the pandemic shock, the substantial downward shift in the inflation outlook would be better tackled through a targeted and temporary programme rather than a recalibration of the more standard policy tools. mercoledì 3 giugno 2020 Elisir del Sole (M) Elisir della Luna (M) giovedì 4 giugno 2020 Cor Draconis (grezzo) Nugget (verde) venerdì 5 giugno 2020 Papiro Consacrato Cassa con Libri del pet sabato 6 giugno 2020 Rinforza Oggetto B Incanta Oggetto B domenica 7 giugno 2020 Cass. In turn, preserving jobs was the most important factor in determining incomes and the financial security of individuals and families in the euro area. The point was also made that the June projections did not take into account the Commission’s recovery fund proposal or recently announced national fiscal measures, which could entail an upside risk to the economic outlook contained in the staff projections. With regard to the monetary policy transmission mechanism, it was noted that the decline in risk-free rates had not been transmitted in full to the broader set of asset prices and yields affecting the financial conditions faced by the real economy. Calendario Giugno 2020 - Italia. SETTIMANA DAL 25 AL 29 MAGGIO 2020 0. 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. Spreaker Spreaker. These measures had acted as a stabilising force during this exceptional period. Letzte Änderung dieser Seite: 25. With respect to communication on the outcome of the current Governing Council meeting, members broadly agreed with the proposals put forward by Mr Lane in his introduction. In overall macroeconomic terms, asset purchases had made a very significant positive contribution to both economic growth and inflation in the euro area. 05:23. The point was also made that economic outcomes were highly dependent on the success of policy interventions, for instance in preventing acute liquidity shortages among firms from turning into widespread insolvencies. 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. Empirical evidence suggested that monetary policy had contributed significantly to the fall in bond yields since the announcement of the pandemic emergency purchase programme (PEPP). 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. It was seen as particularly important in the current environment that monetary policy and fiscal action should act as complements in combating the economic fallout from the pandemic crisis. Read about the ECB’s monetary policy instruments and see the latest data on its open market operations. 03. Overall, the incoming data pointed to a further significant contraction of real GDP in the second quarter. Second, low interest rates prevailing over an extended period of time could strain the profitability, and hence the capitalisation, of banks. Ms Schnabel reviewed the financial market developments since the Governing Council’s monetary policy meeting on 29-30 April 2020. At the same time, it was stressed that, in view of the cut-off date, neither the positive impact of the European Commission’s proposed recovery fund nor that of the additional fiscal stimulus announced in the largest euro area economy had been taken into account in the staff projections. Net purchases under the asset purchase programme (APP) would continue at a monthly pace of €20 billion, together with the purchases under the additional €120 billion temporary envelope until the end of the year.