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:
Iain Stewart, Newton Real Return team leader, BNY Mellon (02.06.2015):
"With its QE programme, the ECB is trying to purchase a large amount of bonds from the marketplace – some €60 billion per month – and these bonds are proving quite hard to buy. The supply of European sovereign bonds is lighter than was the case when QE was done, for example, in the US and the UK, because the eurozone economies are not deficit spending in the way that the US and UK did.
In the US, QE was positive for risk assets but not for bonds. Now, it seems to be generally positive all round, representing a somewhat subtle change. Market participants now appear to be disregarding the fact that QE does not seem to have driven the real economy forward and are just focusing on a low discount rate, which is increasingly seen as positive for all asset classes."