Turbulente Zeiten für Zentralbanken
Im Anhang schicken wir Ihnen einen aktuellen Kommentar von Robert Spector, Institutional Portfolio Manager bei MFS Investment Management, zur überraschenden Leitzinssenkung durch die Bank of Canada und zudem einen Marktkommentar von Erik Weisman, Investment Officer and Portfolio Manager at MFS Investment Management, zum Billionen-Entscheid der EZB. Beide Kommentare sind in englischer Sprache beigefügt.
Freundliche Grüsse
Pressekontakt Schweiz:
Cécile Bachmann
Instinctif Partners
cecile.bachmann@instinctif.com
+41 44 280 11 88
*******************************************************************************************
«The Success of the ECB's QE Programme will Depend on the Sum of its Parts»
From Erik Weisman, Fixed Income Portfolio Manager
Ultimately, the success of the ECB's QE programme will depend on the sum of its parts. The ECB is hoping to push up inflation expectations in an effort to prevent deflation from becoming entrenched. While the initial reaction to the announcement has been positive, the key problem with the structure of this programme rests on the decision to place 80% of the asset purchases on the individual national central banks' balance sheets. This is a step backwards and is antithetical to the broader goals of the monetary union. It serves as further proof that the eurozone lacks a true banking, fiscal and political union. Additionally, the proportion of bonds purchased will be based on the relative size of each euro zone member's GDP, meaning Germany will take on a greater share of its outstanding debt than the more profligate nations in the eurozone. While this certainly will appeal to the more fiscally prudent members of the union, it, too, flies in the face of the idea of debt mutualisation. More broadly, the ECB's QE programme is yet another step down the unsustainable path of using liquidity to treat the ills of a global economy that is still struggling to work out the excesses that caused the global financial crisis of 2008 - 2009. Ultimately, central banks can provide short-term palliatives, but they won't be able to solve the more intractable and long-term problems of too much debt, not enough structural reform and demographic trends that are increasingly less favorable.
| Provider | Channel | Contact | ||
|---|---|---|---|---|
|
Tensid Ltd., Switzerland www.tensid.ch |
newsbox.ch www.newsbox.ch |
Provider/Channel related enquiries marco@tensid.ch +41 41 763 00 50 |
