{"id":25861,"date":"2026-10-29T17:26:18","date_gmt":"2026-10-29T16:26:18","guid":{"rendered":"https:\/\/creandgroup.com\/?post_type=opinion-article&#038;p=25861"},"modified":"2026-10-29T17:52:39","modified_gmt":"2026-10-29T16:52:39","slug":"lagarde-sorprende-y-el-bce-mantiene-un-tono-moderado","status":"publish","type":"opinion-article","link":"https:\/\/creandgroup.com\/es\/articulo-opinion\/lagarde-sorprende-y-el-bce-mantiene-un-tono-moderado\/","title":{"rendered":"Lagarde sorprende y el BCE mantiene un tono moderado"},"content":{"rendered":"<section id=\"block_c663534840cc1ad64b3142ef3fc96bfd\"  data-block_c663534840cc1ad64b3142ef3fc96bfd class=\"text-img-article align w-full section-text-img-article relative block clear-both overflow-hidden mt-8 lg:mt-16\">\n    <div class=\"container\">\n\n        \n                    <div class=\"article-rows max-w-detail_container mx-auto mt-8 lg:mt-12\">\n                                     \n                                            <div class=\"article-row text-row my-6 lg:my-8  \" data-aos=\"fade-in\" data-aos-duration=\"500\" data-aos-easing=\"ease-in-out\" data-aos-once=\"true\">\n                            <div class=\"article-row-col w-full \"><p>La sorpresa no ha sido la decisi\u00f3n sobre los tipos de inter\u00e9s en la reuni\u00f3n del <strong>BCE<\/strong>, la sorpresa ha sido que <strong>Lagarde<\/strong> ha anunciado que pronto dejar\u00e1 el cargo de presidenta. En cualquier caso, de cara a los mercados, lo importante ha sido la menci\u00f3n a que las condiciones financieras son ahora m\u00e1s estrictas, algo que se entiende como que el <strong>BCE<\/strong> no tiene tanta prisa por subir los tipos de inter\u00e9s como podr\u00eda tener hace unos meses.<\/p>\n<p><strong>Lagarde<\/strong>, vuelve a se\u00f1alar que, por el momento, no existen evidencias de que el shock energ\u00e9tico est\u00e9 generando efectos indirectos significativos ni efectos de segunda ronda relevantes sobre la inflaci\u00f3n. Ese comentario, unido al de que el reciente repunte de las TIRes a largo plazo ya est\u00e1 introduciendo un endurecimiento adicional de las condiciones financieras, hace pensar que el tono de hoy ha sido Dovish. A pesar de ello, la reuni\u00f3n de diciembre se perfila como el momento m\u00e1s adecuado para realizar una nueva subida de tipos de inter\u00e9s, no hay duda de esto.<\/p>\n<p>Hay otro tema relevante que puede haber gustado a los mercados, al ser preguntada por Francia, <strong>Lagarde<\/strong> ha comentado que el <strong>BCE<\/strong> dispone de herramientas suficientes para compensar los movimientos extremos injustificados del mercado.<\/p>\n<p>Los mercados, no han tenido una gran reacci\u00f3n a las declaraciones posteriores a la reuni\u00f3n, pero en general s\u00ed se observa que han tenido una buena acogida. Quiz\u00e1 lo m\u00e1s rese\u00f1able es que el euro se aprecia algo respecto al d\u00f3lar y que los \u00edndices europeos reaccionan ligeramente al alza.<\/p>\n<\/div>\n                                                    <\/div>\n                    \n                            <\/div>\n        \n    <\/div>\n<\/section>\n\n<style>\n    .section-text-img-article .article-media :is(img, video) {\n        width: 100%; height: auto; max-height: 519px;\n        object-fit: contain; display: block; margin: 0 auto;\n    }\n    .section-text-img-article .article-media :is(.wp-video, .wp-video-shortcode) {\n        width: 100% !important; height: auto !important; max-width: 100%; max-height: 519px;\n    }\n    .section-text-img-article .video-embed-responsive {\n        position: relative; width: 100%; max-height: 519px;\n        padding-bottom: 56.25%; height: 0; overflow: hidden;\n    }\n    .section-text-img-article .video-embed-responsive :is(iframe, embed, object) {\n        position: absolute; 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