One of them was mentioned in hollow Tuesday

Little convinced by Irish rescue plan and European long-term crisis management measures, financial markets cling to a last hope this week: the European Central Bank (ECB). The institution, which will be announced this afternoon the decisions of the Board of Governors, has several fairly easy to implement tools.

One of them was mentioned in hollow Tuesday. Interviewed on the program of buyback sovereign, Jean-Claude Trichet, President of the ECB, did not close the door to an extension of the device. His refusal to say anything more was received as a promise. The euro therefore resumed 0.69 yesterday, 1,3129 dollar, and "peripheral" debt tensions eased: 10 years Irish rates is thawing of 40 points, to 8.95, those of the Portugal of 22.5 points, at 6.74, while the performance of the Spanish State borrowings decreased by 22 points, 5.28, at the end of session. Investors who short sold these obligations - i.e. without holding, in "bet" on their down - began to cover their positions by buying securities. They fear to be taken back by a possible offensive by the ECB.

Boudée German emission

Spreads from "peripheral" with the Germany, who beat new records in the beginning of the week, at the same time strengthened. Not only because the "good students" of the euro area have suffered of a renewed appetite for risk, but also because the German titles have once again been considered at a show.

Yesterday, market participants questioned the extent that could take the bond purchases program once extended. Since the launch of the device in may, the ECB has acquired 67 billion euros of securities. The Institute of issue had to be more active lately, on a background of Irish crisis and contagion fears. "I do not think that the ECB announces a costed objective, said Marco Valli in UniCredit. She was always reluctant to the idea of making public the details of his program. Point the Economist considère par also the ECB will launch in a huge offensive, not only because some members are opposed to this policy of bailouts, but also because There is also a risk of harming the credibility of the "good students". This is the reason why many experts do not believe that the ECB will conduct purchases of non-sterilized - titles that would inject liquidity in the markets, as some wish to. Until then, unlike the US Federal Reserve, the la BCE ECB withdrew with a hand liquidity that it gives the other (by buying loans of State).

The Central Bank is expected on an another key element of its policy: refinancing operations, in which it lends money to banks. "Until last week, the market was sure that she would today announce the end of the system of total allocation of the funds requested by the institutions for loans to 3 months and that she would return to real competitive auction, says Credit Switzerland. But such an action would strengthen the monetary tensions; why, it is possible that the ECB defer this decision. "This hope for a continuation of the generous terms on loans ranging from 1 week to 3 months yesterday promoted a clear relaxation of the CDS, which measure the risk of failure of the banks, and a relaxation in the interbank market. The shares of financial institutions have also jumped.