Aktuelle Frage im Economics Forum:
„Inwieweit beeinflusst das QE-Programm der EZB die Entwicklungen an den Kapitalmärkten und welche Auswirkungen erwarten Sie in Verbindung mit einem – sich weiter verbreitenden - Negativ-Zinsumfeld auf die Realwirtschaft und die Asset Management Industrie?“
Current Question in the Economics Forum:
“To what extent will the ECB’s QE programme influence the development and performance of capital markets and how do you assess the impact of QE and an increasingly widespread negative interest rate environment on the real economy and the asset management industry?”
Klicken Sie auf den entsprechenden Experten, um das gesamte Statement angezeigt zu bekommen:
Bart Van Craeynest, Makroökonom, Petercam (19.02.2015):
"Like it did in the US, QE is also pushing up risky assets in the Eurozone. However, in this respect the announcement of the program is likely to be more powerful than the actual start of it. As such, a big part of the impact has probably already been seen. Both QE and negative interest rates are fuelling a search for yield. There is an obvious risk that this move goes too far, although euro-markets are not there yet. Unfortunately, the impact on the real economy is likely to prove more limited. As (parts of) the Eurozone is stuck in a liquidity trap, lower/negative interest rates are not having the hoped for stimulating impact on investment spending. At best, QE succeeds in putting a floor under inflation expectations, and as such reduces the risk of harmful deflation. However, to achieve this the ECB probably needs to go further than the current program."
