Aktuelle Frage im Economics Forum:
„Wie beurteilen Sie die bisherige Wirkung des EZB QE-Programms und welche Chancen beziehungsweise Risiken sollten europäische Investoren im weiteren Verlauf der Anleihekäufe unbedingt im Fokus behalten?“
Current Question in the Economics Forum:
“How do you assess the effect of the ECB’s bond purchases to date and what chances and risks should European investors focus on in the further course of the QE program?”
Klicken Sie auf den entsprechenden Experten, um das gesamte Statement angezeigt zu bekommen:
Eduardo Ugolini, Zest (01.06.2015):
"ECB’S QE must be considered not as “stand alone”, but as an action taken in a competitive world.
One of the effects of QE is to let the EZ economy regain competitiveness through FX devaluation, the action was necessary vis a vis the actions taken by our direct competitors’ Central Banks (BOJ and FED).
Second effect is to reignite the credit cycle depressed by the big recession and fiscal policies. The effect of QE in this regard must be evaluated adding to the equation the TLTRO program. EZ economy relies more than others on bank lending, freeing banks’ balance sheets from bonds holdings through QE and encouraging commercial lending through TLTROs, will have powerful effect on the economy.
QE+TLTROs will have differentiated effects in different EZ national economies, as “PIIGS” banking system is more heavily exposed to national bonds than others.
So the effects are overall positive for financial markets.
The major risk is that QE will inflate asset prices without the desired effects on the economy. This could lead to even more inequalities amongst national economies and population. To offset this risk fiscal policies measures must be taken."