{"id":684050,"date":"2026-03-26T13:06:04","date_gmt":"2026-03-26T13:06:04","guid":{"rendered":"https:\/\/microscopemedia.com\/?p=684050"},"modified":"2026-03-26T13:06:04","modified_gmt":"2026-03-26T13:06:04","slug":"bce-este-pregatita-sa-majoreze-ratele-dobanzilor-daca-inflatia-creste-brusc-din-cauza-razboiului-din-iran-indecizia-nu-ne-va-paraliza","status":"publish","type":"post","link":"https:\/\/microscopemedia.com\/?p=684050","title":{"rendered":"BCE este preg\u0103tit\u0103 s\u0103 majoreze ratele dob\u00e2nzilor dac\u0103 infla\u021bia cre\u0219te brusc din cauza r\u0103zboiului din Iran: \u201eIndecizia nu ne va paraliza\u201d"},"content":{"rendered":"<div><img decoding=\"async\" src=\"https:\/\/microscopemedia.com\/wp-content\/uploads\/2026\/03\/bce-este-pregatita-sa-majoreze-ratele-dobanzilor-daca-inflatia-creste-brusc-din-cauza-razboiului-din-iran-indecizia-nu-ne-va-paraliza.webp\" class=\"ff-og-image-inserted\"><\/div>\n<p id=\"p-0\">Spre deosebire de alte ocazii, pre\u0219edinta BCE, Christine Lagarde, asigur\u0103 c\u0103 <strong>indecizia nu va paraliza institu\u021bia \u00een \u00eendeplinirea angajamentului s\u0103u \u201enecondi\u021bionat\u201d de a atinge o infla\u021bie de 2%<\/strong> pe termen mediu, potrivit <a href=\"https:\/\/www.20minutos.es\/lainformacion\/economia-y-finanzas\/bce-dispuesto-subir-tipos_6950662_0.html?utm_medium=social&amp;utm_campaign=noticias&amp;\" target=\"_blank\" rel=\"noopener\">20minutos<\/a>.<\/p>\n<p id=\"p-1\">\u00cen deschiderea seriei de conferin\u021be organizate la Frankfurt de Institutul pentru Stabilitate Monetar\u0103 \u0219i Financiar\u0103 de la Universitatea Goethe, fran\u021buzoaica a subliniat c\u0103 <strong><a href=\"https:\/\/www.mediafax.ro\/economic\/bce-ar-putea-majora-dobanzile-luna-viitoare-pe-fondul-inflatiei-generate-de-conflictul-din-orientul-mijlociu-23706885\">BCE<\/a> nu se afl\u0103 \u00een aceea\u0219i situa\u021bie ca acum patru ani, la \u00eenceputul invaziei ruse\u0219ti \u00een Ucraina, \u0219i are \u00een prezent o strategie conceput\u0103 pentru o lume cu o incertitudine mai mare<\/strong>, inclusiv op\u021biuni de r\u0103spuns gradual.<\/p>\n<p id=\"p-2\">\u00cen plus, <strong>spre deosebire de criza energetic\u0103 din 2021-2022, c\u00e2nd mai multe mecanisme au func\u021bionat simultan, ast\u0103zi exist\u0103 factori care indic\u0103 un impact mai mic<\/strong>, av\u00e2nd \u00een vedere c\u0103 efectul crizei actuale a fost, p\u00e2n\u0103 acum, mai mic; contextul macroeconomic actual este mai favorabil; iar politicile macroeconomice sunt mai pu\u021bin expansioniste.<\/p>\n<h2 id=\"chapter-0\">BCE are acum o agilitate sporit\u0103, men\u021bin\u00e2nd o abordare bazat\u0103 pe date<\/h2>\n<p id=\"p-3\">\u201eSuntem \u00eentr-o pozi\u021bie mai avantajoas\u0103 \u00een cazul \u00een care ar fi necesare m\u0103suri\u201d, a rezumat Lagarde, ad\u0103ug\u00e2nd \u00eens\u0103 c\u0103 \u201e\u00een acela\u0219i timp, exist\u0103 motive s\u0103 r\u0103m\u00e2nem vigilen\u021bi \u201d. \u201eDac\u0103 actuala criz\u0103 r\u0103m\u00e2ne sub control pe pie\u021bele energetice, impactul s\u0103u asupra infla\u021biei ar putea fi limitat. Dar dac\u0103 se intensific\u0103 sau persist\u0103, transmiterea infla\u021biei s-ar putea accelera\u201d, a avertizat ea.<\/p>\n<p id=\"p-4\">Astfel, de\u0219i <strong>BCE nu va ac\u021biona p\u00e2n\u0103 c\u00e2nd nu va avea suficiente informa\u021bii cu privire la amploarea \u0219i persisten\u021ba<\/strong> <strong>impactului crizei din Orientul Mijlociu<\/strong>, precum \u0219i la r\u0103sp\u00e2ndirea acesteia, Lagarde a declarat c\u0103 \u201eindecizia nu ne va paraliza: angajamentul nostru de a atinge o infla\u021bie de 2% pe termen mediu este necondi\u021bionat \u201d.<\/p>\n<p id=\"p-5\">\u00cen acest sens, \u201egardianul euro\u201d a subliniat c\u0103 <strong>BCE<\/strong> are acum o agilitate sporit\u0103, men\u021bin\u00e2nd o abordare bazat\u0103 pe date, de la o reuniune la alta, f\u0103r\u0103 a se angaja \u00een prealabil asupra vreunei traiectorii a ratei dob\u00e2nzii, astfel \u00eenc\u00e2t s\u0103 nu fie blocat\u0103 \u00eentr-un mediu \u00een care perspectivele se pot schimba rapid, \u00een timp ce \u00een 2022 orient\u0103rile anticipative i-au limitat flexibilitatea de ac\u021biune. \u201eAcum, suntem preg\u0103ti\u021bi, dac\u0103 este necesar, s\u0103 ne modific\u0103m politica la orice reuniune\u201d, a remarcat Lagarde.<\/p>\n<h2 id=\"chapter-1\">Efectele vor depinde de evolu\u021bia pie\u021belor de materii prime<\/h2>\n<p id=\"p-6\">Pe de alt\u0103 parte, pentru Lagarde, o diferen\u021b\u0103 cheie o reprezint\u0103 \u0219i abordarea riscurilor adoptat\u0103 \u00een strategia de politic\u0103 monetar\u0103, inclusiv utilizarea diferitelor scenarii ca instrument de anticipare a riscurilor \u00een cazul schimb\u0103rilor condi\u021biilor de mediu, ceea ce implic\u0103 o monitorizare exhaustiv\u0103 a indicatorilor ce pot semnala \u00een avans magnitudinea \u0219i <strong>momentul apari\u021biei efectelor indirecte \u0219i de runda a doua.<\/strong><\/p>\n<p id=\"p-7\">Potrivit pre\u0219edintei BCE, acest lucru va depinde de evolu\u021bia pie\u021belor de materii prime, dar \u0219i \u201ede modul \u00een care este distribuit\u0103 povara \u0219ocului \u201d, care trebuie absorbit\u0103 de lucr\u0103tori, \u00eentreprinderi \u0219i guverne. Astfel, a\u0219a cum s-a \u00eent\u00e2mplat \u00een 2022, dac\u0103 companiile \u00ee\u0219i majoreaz\u0103 pre\u021burile de v\u00e2nzare \u00een mod dispropor\u021bionat, acest lucru ar putea declan\u0219a un r\u0103spuns similar din partea lucr\u0103torilor. Prin urmare, <strong>BCE va monitoriza \u00eendeaproape a\u0219tept\u0103rile privind pre\u021burile de v\u00e2nzare \u0219i indicatorii salariali.<\/strong><\/p>\n<p id=\"p-8\">\u00cen acela\u0219i timp, <strong>Lagarde a reiterat c\u0103 r\u0103spunsul fiscal va fi crucial, deoarece, \u00een timp ce implementarea unor m\u0103suri guvernamentale specifice<\/strong> poate contribui la atenuarea impactului prin reducerea cererii de energie \u0219i compensarea gospod\u0103riilor cu venituri mici, \u201em\u0103surile ample \u0219i cu domeniu de aplicare nelimitat pot cre\u0219te excesiv cererea \u0219i pot consolida transmiterea costurilor\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Spre deosebire de alte ocazii, pre\u0219edinta BCE, Christine Lagarde, asigur\u0103 c\u0103 indecizia nu va paraliza institu\u021bia \u00een \u00eendeplinirea angajamentului s\u0103u \u201enecondi\u021bionat\u201d de a atinge o infla\u021bie de 2% pe termen &hellip; <a href=\"https:\/\/microscopemedia.com\/?p=684050\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":684051,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/microscopemedia.com\/index.php?rest_route=\/wp\/v2\/posts\/684050"}],"collection":[{"href":"https:\/\/microscopemedia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/microscopemedia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/microscopemedia.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/microscopemedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=684050"}],"version-history":[{"count":0,"href":"https:\/\/microscopemedia.com\/index.php?rest_route=\/wp\/v2\/posts\/684050\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/microscopemedia.com\/index.php?rest_route=\/wp\/v2\/media\/684051"}],"wp:attachment":[{"href":"https:\/\/microscopemedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=684050"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/microscopemedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=684050"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/microscopemedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=684050"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}