Press Release

8 November 2013_ ECB  announces  details of refinancing  operations with settlement
in the period  from 9 July 2014 to 7 July  2015


The Governing Council of the European Central Bank  decided on 7 November 2013 to
continue conducting its main refinancing operations  ( MRO ) as fixed tender
procedures with full allotment for as long as necessary, and at least  until the end of the
6th maintenance  period of 2015 n 7  July  2015.This Procedure will also remain in use
for the Eurosystem's special-term refinancing  operations with a maturity of one
maintenance period,which will continue to be conducted for as long as needed,and at
least until the end of the second quarter of 2015. The fixed rate in these specil-term
refinancing operations will be the same as the  MRO  rate prevailing at the time.

Furthermore, the Governing Council has decided to conduct the three-month longer-term
refinancing operations  ( LTRO ) to be llotted on 30 July, 27 August, 24 September,29
October,26 November and 17 December 2014 and 28 January, 25 February, 25 March,
29 April,27 May and 24 June 2015 as fixed rate tender procedures with full allotment.
The rates in these  three-month operations  will be fixed at the average rate of the MROs
over the life of the respective  LTRO.


La reazione teutonica viene dal  Wirtschafts  Woche che titola " Tanz mit dem Bullen"
( la moneta facile delle banche centrali gonfia i prezzi delle azioni e aiuta i paesi in crisi).


HA  RAGIONE  LA  GERMANIA         infatti:

-l'inflazione allo 0,7% è troppo alta;

-il rischio deflazione non esiste;

-il rapporto Euro/Dollaro a 1,38 non deve preoccupare;

-il tasso di disoccupazione nell'Eurozona  al 12,-% non è al massimo storico;