{"id":4029,"date":"2025-07-24T08:28:17","date_gmt":"2025-07-24T08:28:17","guid":{"rendered":"https:\/\/ekonomist.me\/?p=4029"},"modified":"2025-07-24T08:28:19","modified_gmt":"2025-07-24T08:28:19","slug":"ocekuje-se-da-ecb-zadrzi-postojecu-referentnu-kamatnu-stopu-2","status":"publish","type":"post","link":"https:\/\/ekonomist.me\/index.php\/2025\/07\/24\/ocekuje-se-da-ecb-zadrzi-postojecu-referentnu-kamatnu-stopu-2\/","title":{"rendered":"O\u010dekuje se da ECB zadr\u017ei postoje\u0107u referentnu kamatnu stopu"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"4029\" class=\"elementor elementor-4029\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2a37b54a e-con-full e-flex wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no e-con e-parent\" data-id=\"2a37b54a\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-d2c2a63 e-con-full e-flex wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no e-con e-child\" data-id=\"d2c2a63\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1812683f elementor-widget elementor-widget-text-editor\" data-id=\"1812683f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Evropska centralna banka (ECB) ne bi u predstoje\u0107em periodu trebalo da mijenja va\u017ee\u0107u referentnu kamatnu stopu, koja sada iznosi 2%, sla\u017eu se ekonomisti.<\/p><p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Najve\u0107i izazov za monetarnu politiku evrozone i uop\u0161te EU je eventualno stupanje na snagu ameri\u010dkih sankcija na uvoz robe. Ukoliko se izme\u0111u transatlantskih partnera do 1. avgusta ne postigne nikakav trgovinski dogovor, nove stope u SAD \u0107e stupiti na snagu. Me\u0111utim, prema podacima koje sti\u017eu iz ECB, o\u010digledno je da ta institucija ne\u0107e \u017euriti sa odlukama u vezi sa pove\u0107anjem referentne kamatne stope kao i sa kursom evropske valute prema dolaru.<\/p><p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Akteri na tr\u017ei\u0161tu, kao i stru\u010dnjaci za monetarna pitanja, sla\u017eu se sa ocjenama da se na osnovu vokabulara onih koji odlu\u010duju u ECB ni\u0161ta nije promjenilo u odnosu na poslednje odluke, donijete u junu. Olak\u0161avaju\u0107a okolnost u vezi sa inflatornim pritiscima je stabilizovano tr\u017ei\u0161te energenata i procjene da se na njemu ni\u0161ta ne\u0107e bitnije mijenjati do decembra.<\/p><p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Umjesto pove\u0107anja, na ECB se vr\u0161i pritisak da se referentna kamatna stopa smanji. Taj pritisak najvi\u0161e dolazi iz Njema\u010dke \u010dija je privreda upala u recesiju pa se tra\u017ei promjena zajedni\u010dke monetarne politike u smislu olabavljenja.<\/p><p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Kada je rije\u010d o statusu zajedni\u010dke evropske valute, ona je od po\u010detka godine prema dolaru zabilje\u017eila rast od 12%, ali u ECB smatraju da je kriti\u010dna vrijednost 1,20 dolara dok u anketi tr\u017ei\u0161ni akteri sve vi\u0161e govore o 1,25. Problem sa rastom eura u odnosu na dolar sastoji se u tome \u0161to on ne odgovara realnom sektoru evropske privrede.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-df7e021 e-con-full e-flex wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no e-con e-child\" data-id=\"df7e021\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c3a1298 elementor-widget elementor-widget-wpr-post-title\" data-id=\"c3a1298\" data-element_type=\"widget\" data-widget_type=\"wpr-post-title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"wpr-post-title\">O\u010dekuje se da ECB zadr\u017ei postoje\u0107u referentnu kamatnu stopu<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6e473ff elementor-widget elementor-widget-eael-breadcrumbs\" data-id=\"6e473ff\" data-element_type=\"widget\" data-widget_type=\"eael-breadcrumbs.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"eael-breadcrumbs\">\n\t\t\t<div class=\"eael-breadcrumbs__content\"><a href=\"https:\/\/ekonomist.me\">Home<\/a> <span class=\"eael-breadcrumb-separator\">\/<\/span> <\/div>\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cc13a3d elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"cc13a3d\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-14f10a2 e-flex e-con-boxed wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no e-con e-parent\" data-id=\"14f10a2\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Evropska centralna banka (ECB) ne bi u predstoje\u0107em periodu trebalo da mijenja va\u017ee\u0107u referentnu kamatnu stopu, koja sada iznosi 2%, sla\u017eu se ekonomisti. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Najve\u0107i izazov za monetarnu politiku evrozone i uop\u0161te EU je eventualno stupanje na snagu ameri\u010dkih sankcija na uvoz robe. Ukoliko se izme\u0111u transatlantskih partnera do 1. avgusta ne postigne nikakav trgovinski dogovor, nove stope u SAD \u0107e stupiti na snagu. Me\u0111utim, prema podacima koje sti\u017eu iz ECB, o\u010digledno je da ta institucija ne\u0107e \u017euriti sa odlukama u vezi sa pove\u0107anjem referentne kamatne stope kao i sa kursom evropske valute prema dolaru. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Akteri na tr\u017ei\u0161tu, kao i stru\u010dnjaci za monetarna pitanja, sla\u017eu se sa ocjenama da se na osnovu vokabulara onih koji odlu\u010duju u ECB ni\u0161ta nije promjenilo u odnosu na poslednje odluke, donijete u junu. Olak\u0161avaju\u0107a okolnost u vezi sa inflatornim pritiscima je stabilizovano tr\u017ei\u0161te energenata i procjene da se na njemu ni\u0161ta ne\u0107e bitnije mijenjati do decembra. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Umjesto pove\u0107anja, na ECB se vr\u0161i pritisak da se referentna kamatna stopa smanji. Taj pritisak najvi\u0161e dolazi iz Njema\u010dke \u010dija je privreda upala u recesiju pa se tra\u017ei promjena zajedni\u010dke monetarne politike u smislu olabavljenja. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Kada je rije\u010d o statusu zajedni\u010dke evropske valute, ona je od po\u010detka godine prema dolaru zabilje\u017eila rast od 12%, ali u ECB smatraju da je kriti\u010dna vrijednost 1,20 dolara dok u anketi tr\u017ei\u0161ni akteri sve vi\u0161e govore o 1,25. Problem sa rastom eura u odnosu na dolar sastoji se u tome \u0161to on ne odgovara realnom sektoru evropske privrede. O\u010dekuje se da ECB zadr\u017ei postoje\u0107u referentnu kamatnu stopu Home \/<\/p>\n","protected":false},"author":1,"featured_media":4025,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-4029","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ekonomija"],"_links":{"self":[{"href":"https:\/\/ekonomist.me\/index.php\/wp-json\/wp\/v2\/posts\/4029","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ekonomist.me\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ekonomist.me\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ekonomist.me\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ekonomist.me\/index.php\/wp-json\/wp\/v2\/comments?post=4029"}],"version-history":[{"count":1,"href":"https:\/\/ekonomist.me\/index.php\/wp-json\/wp\/v2\/posts\/4029\/revisions"}],"predecessor-version":[{"id":4030,"href":"https:\/\/ekonomist.me\/index.php\/wp-json\/wp\/v2\/posts\/4029\/revisions\/4030"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ekonomist.me\/index.php\/wp-json\/wp\/v2\/media\/4025"}],"wp:attachment":[{"href":"https:\/\/ekonomist.me\/index.php\/wp-json\/wp\/v2\/media?parent=4029"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ekonomist.me\/index.php\/wp-json\/wp\/v2\/categories?post=4029"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ekonomist.me\/index.php\/wp-json\/wp\/v2\/tags?post=4029"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}