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Banka Qendrore Evropiane do hyj\u00eb n\u00eb nj\u00eb faz\u00eb t\u00eb re t\u00eb paparashikueshm\u00ebris\u00eb pasi afatet e 7 prej 26 vendos\u00ebsve st\u00eb normave t\u00eb interesit p\u00ebrfundojn\u00eb deri n\u00eb dhjetor, duke sh\u00ebnuar ndryshimin m\u00eb t\u00eb madh t\u00eb personelit q\u00eb nga viti 2019.<\/span><\/p>\n Ato p\u00ebrfshijn\u00eb an\u00ebtarin m\u00eb jet\u00ebgjat\u00eb t\u00eb panelit, Klaas Knot i Holand\u00ebs, s\u00eb bashku me disa ish-ministra t\u00eb Financave q\u00eb ishin veteran\u00eb t\u00eb kriz\u00ebs s\u00eb borxhit t\u00eb Evrop\u00ebs dhe ekspertiza e t\u00eb cil\u00ebve mund t\u00eb mungoj\u00eb nd\u00ebrsa buxhetet jan\u00eb tendosur s\u00ebrish dhe nj\u00eb luft\u00eb tregtare e udh\u00ebhequr nga SHBA-ja shpaloset n\u00eb horizont.<\/span><\/p>\n Pas rritjes m\u00eb t\u00eb keqe t\u00eb inflacionit n\u00eb eurozon\u00eb, edhe disa nga ata q\u00eb kan\u00eb sukses t\u00eb riem\u00ebrohen do p\u00ebrballen me sprova rraskapit\u00ebse. Martins Kazaks i Letonis\u00eb, i cili u konfirmua t\u00eb enjten edhe p\u00ebr pes\u00eb vite t\u00eb tjera, ishte n\u00eb harres\u00eb q\u00eb nga p\u00ebrfundimi i mandatit t\u00eb tij t\u00eb par\u00eb n\u00eb dhjetor, me politikan\u00ebt n\u00eb vendin baltik q\u00eb p\u00ebrpiqeshin – por n\u00eb fund d\u00ebshtuan – ta z\u00ebvend\u00ebsonin at\u00eb.<\/span><\/p>\n Nd\u00ebrsa nj\u00eb ndryshim rr\u00ebnj\u00ebsor i kursit nuk ka gjasa n\u00eb Frankfurt, rezultati \u00ebsht\u00eb se v\u00ebzhguesit e BQE-s\u00eb do ken\u00eb nj\u00eb detyr\u00eb m\u00eb t\u00eb v\u00ebshtir\u00eb dhe ekuilibri midis \u201cskifter\u00ebve dhe p\u00ebllumbave\u201d mund t\u00eb ndryshoj\u00eb. Ky nuk \u00ebsht\u00eb aspak nj\u00eb \u00e7ast i p\u00ebrshtatsh\u00ebm p\u00ebr BQE-n\u00eb, pasi tarifat e mundshme nga Presidenti Donald Trump p\u00ebr bllokun tregtar 20-vendesh k\u00ebrc\u00ebnojn\u00eb t\u00eb zhdukin pritshm\u00ebrit\u00eb tashm\u00eb t\u00eb pakta t\u00eb rritjes ekonomike.<\/span><\/p>\n \u201cK\u00ebto ndryshime vijn\u00eb n\u00eb koh\u00ebn m\u00eb t\u00eb keqe t\u00eb mundshme pasi BQE-ja do p\u00ebrballet me vendime t\u00eb v\u00ebshtira k\u00ebt\u00eb vit. Perspektiva ekonomike \u00ebsht\u00eb p\u00ebrkeq\u00ebsuar dhe mund t\u00eb p\u00ebrkeq\u00ebsohet edhe m\u00eb shum\u00eb me politikat e pritura t\u00eb Trump, nd\u00ebrsa n\u00eb t\u00eb nj\u00ebjt\u00ebn koh\u00eb inflacioni \u00ebsht\u00eb ende shum\u00eb i lart\u00eb\u201d<\/em>, tha Carsten Brzeski, kreu i k\u00ebrkimit makro n\u00eb ING.<\/span><\/p>\n “Nj\u00eb BQE me rreth shtat\u00eb an\u00ebtar\u00eb fillestar\u00eb mund t\u00eb jet\u00eb m\u00eb e prirur p\u00ebr t\u00eb b\u00ebr\u00eb gabime.”<\/em><\/span><\/p>\n Grupi m\u00eb i fundit i t\u00eb dh\u00ebnave nga eurozona p\u00ebrmbledh sfid\u00ebn e BQE-s\u00eb: Produkti i Brendsh\u00ebm Bruto papritur d\u00ebshtoi t\u00eb rritet n\u00eb fund t\u00eb 2024-\u00ebs, nd\u00ebrsa inflacioni i gaboi analist\u00ebt, duke u rritur n\u00eb janar.<\/span><\/p>\n Zyrtar\u00ebt mbeten t\u00eb sigurt se \u00e7mimet e konsumit do bien n\u00eb p\u00ebrputhje me objektivin prej 2% gjat\u00eb muajve t\u00eb ardhsh\u00ebm dhe planifikojn\u00eb t\u00eb vijojn\u00eb me leht\u00ebsimin monetar q\u00eb tashm\u00eb e ka sjell\u00eb norm\u00ebn e depozitave n\u00eb 2.75% nga 4% n\u00eb mesin e 2024.<\/span><\/p>\n “Kur an\u00ebtar\u00ebt e rinj i bashkohen K\u00ebshillit Drejtues, nuk \u00ebsht\u00eb menj\u00ebher\u00eb e qart\u00eb se \u00e7far\u00eb p\u00ebrfaq\u00ebsojn\u00eb ata dhe ata shpesh ngurrojn\u00eb t\u00eb japin sinjale n\u00eb fillim,”<\/em> tha Jari Stehn, kryeekonomist evropian n\u00eb Goldman Sachs.<\/span><\/p>\n “M\u00eb pak udh\u00ebzime e b\u00ebjn\u00eb m\u00eb sfidues parashikimin e sakt\u00eb.”<\/em><\/span><\/p>\n Jose Luis Escriva i Spanj\u00ebs \u00ebsht\u00eb nj\u00eb rast i till\u00eb. Pasi mori rolin e tij n\u00eb shtator, ai u p\u00ebrmbajt nga t\u00eb b\u00ebrit deklarata publike p\u00ebr disa koh\u00eb, megjith\u00eb njohurit\u00eb e tij t\u00eb gjera t\u00eb politik\u00ebs monetare si economist, si n\u00eb Bank\u00ebn Qendrore t\u00eb Spanj\u00ebs ashtu edhe n\u00eb BQE.<\/span><\/p>\n Shum\u00eb analist\u00eb argumentojn\u00eb se trajektorja e tanishme n\u00eb r\u00ebnie p\u00ebr kostot e huamarrjes \u00ebsht\u00eb e qart\u00eb dhe pavar\u00ebsisht qarkullimit, vijim\u00ebsia n\u00eb BQE \u00ebsht\u00eb e garantuar, ve\u00e7an\u00ebrisht pasi asnj\u00eb nga ndryshimet e personelit nuk do prek\u00eb Bordin e fuqish\u00ebm Ekzekutiv.<\/span><\/p>\n “BQE-ja \u00ebsht\u00eb e mbrojtur mir\u00eb p\u00ebrsa i p\u00ebrket vendimmarrjes dhe pavar\u00ebsis\u00eb,”<\/em> tha Anatoli Annenkov, ekonomist n\u00eb Societe Generale.<\/span><\/p>\n \u201cN\u00eb k\u00ebt\u00eb kuptim, institucioni \u00ebsht\u00eb m\u00eb i r\u00ebnd\u00ebsish\u00ebm se personi.\u201d<\/em><\/span><\/p>\n Megjithat\u00eb, pas uljes s\u00eb tarifave “autopilot” n\u00eb janar dhe mars, ekonomisti i lart\u00eb i HSBC Fabio Balboni mendon se “gj\u00ebrat mund t\u00eb nxehen n\u00eb pranver\u00eb” nd\u00ebrsa \u201cskifter\u00ebt dhe p\u00ebllumbat\u201d nxitojn\u00eb p\u00ebr nj\u00eb pozicion.<\/span><\/p>\n Nj\u00eb debat q\u00eb duket se do shtohet \u00ebsht\u00eb mbi t\u00eb ashtuquajtur\u00ebn norm\u00eb asnjan\u00ebse, e cila as nuk kufizon dhe as nuk nxit rritjen ekonomike. Pik\u00ebpamjet ndryshojn\u00eb se ku \u00ebsht\u00eb ky nivel teorik, me politik\u00ebb\u00ebr\u00ebsit gjithashtu n\u00eb mosmarr\u00ebveshje n\u00ebse duhet t\u00eb shkojn\u00eb posht\u00eb tij.<\/span><\/p>\n Kjo i b\u00ebn t\u00eb r\u00ebnd\u00ebsishme animet e mundshme n\u00eb peshore, me kat\u00ebr nga shtat\u00eb an\u00ebtar\u00ebt e K\u00ebshillit Drejtues – duke p\u00ebrfshir\u00eb Knotin dhe Robert Holzmann t\u00eb Austris\u00eb \u2013 q\u00eb jan\u00eb t\u00eb prirur t\u00eb anojn\u00eb ndaj \u00a0skifter\u00ebve. Ky i fundit do z\u00ebvend\u00ebsohet nga Ministri i Ekonomis\u00eb, Martin Kocher, i cili rrall\u00ebher\u00eb komenton politik\u00ebn monetare, p\u00ebrtej lavd\u00ebrimit t\u00eb p\u00ebrpjekjeve t\u00eb BQE-s\u00eb p\u00ebr t\u00eb luftuar inflacionin.<\/span><\/p>\n Rishikimi gjithashtu mund t\u00eb ngadal\u00ebsoj\u00eb reagimet e BQE-s\u00eb, n\u00ebse Trump do \u00e7onte p\u00ebrpara k\u00ebrc\u00ebnimet e tij tregtare kund\u00ebr Bashkimit Evropian. T\u00eb tjer\u00ebt q\u00eb mund t\u00eb shkojn\u00eb drejt largimit jan\u00eb Mario Centeno i Portugalis\u00eb, nj\u00eb ish-president i Eurogrupit dhe Olli Rehn i Finland\u00ebs, i cili ishte Komisioner p\u00ebr bllokun gjat\u00eb kriz\u00ebs s\u00eb tij t\u00eb borxhit sovran. Ky i fundit, megjithat\u00eb, duket se ka perspektiva m\u00eb t\u00eb mira p\u00ebr t\u00eb q\u00ebndruar.<\/span><\/p>\n Ana e kund\u00ebrt e k\u00ebtij argumenti, megjithat\u00eb, \u00ebsht\u00eb se shum\u00eb politikan\u00eb po i bashkohen K\u00ebshillit Drejtues, duke testuar potencialisht pavar\u00ebsin\u00eb e BQE. Presidentja Christine Lagarde theksoi koh\u00ebt e fundit r\u00ebnd\u00ebsin\u00eb e t\u00eb qenit n\u00eb gjendje t\u00eb veprohet pa nd\u00ebrhyrje politike kur sfondi ekonomik \u00ebsht\u00eb i paq\u00ebndruesh\u00ebm.<\/span><\/p>\n \u00cbsht\u00eb \u201ce detyrueshme q\u00eb bankat qendrore t\u00eb ken\u00eb pavar\u00ebsin\u00eb p\u00ebr t\u00eb p\u00ebrmbushur plot\u00ebsisht mandatet e tyre t\u00eb stabilitetit t\u00eb \u00e7mimeve\u201d, tha ajo.<\/span><\/p>\n Konsensusi \u00ebsht\u00eb se BQE-ja do marr\u00eb me hapa t\u00eb m\u00ebdhenj ndryshimet e stafit t\u00eb k\u00ebtij viti, me tregjet q\u00eb jan\u00eb ende shum\u00eb t\u00eb p\u00ebrqendruara te t\u00eb dh\u00ebnat dhe jo te personeli, nd\u00ebrsa ata kalibrojn\u00eb bastet me normat e interesit.<\/span><\/p>\n Por ndryshimi mund t\u00eb ofroj\u00eb nj\u00eb shije t\u00eb nj\u00eb tronditjeje m\u00eb kuptimplote q\u00eb do vij\u00eb n\u00eb vitet 2026 dhe 2027: ajo periudh\u00eb do shoh\u00eb jo vet\u00ebm p\u00ebrfundimin e mandatit t\u00eb Lagarde, por edhe at\u00eb t\u00eb z\u00ebvend\u00ebspresidentit Luis de Guindos, kryeekonomistit Philip Lane dhe an\u00ebtares s\u00eb Bordit Ekzekutiv Isabel Schnabel.<\/span><\/p>\n![\"\"](\"https:\/\/www.hashtag.al\/wp-content\/uploads\/2025\/02\/ECB.png\")
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