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:
Adrian Hull, Senior Fixed Income Specialist, Kames Capital (02.06.2015):
"The ECB’s QE programme when it arrived in January 2015 was far larger and more far reaching than expected. The subsequent fall in 10year bund yields to 5bps, the flattening of the curve and the depreciation of the currency were more dramatic than had been expected. Whilst we have seen some reversals of these moves the efforts of the ECB are clear and the Central bank has put down its marker on what it expects. We believe the QE programme will be implemented in its entirety through to October 2016 and initial concerns about the practical ability to implement bond buying will be brushed aside. The current early signs of better economic growth will be more fully established over the next two years and inflation will inch its way into positive territory. All those member states that are wedded to the Euro and the benefits of QE will continue to benefit with a majority Eurozone debt funding being achieved at around zero or lower yields. The main headwinds remain the Greek situation as well as the end of zero interest rate policy in the US. These issues will drive sentiment and pricing rather than internal Eurozone monetary policies."