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:
Viktor Nossek, Head Research, WisdomTree Europe (02.06.2015):
"QE has been very effective as bond yields in Europe’s economies remain suppressed despite the build-up systemic risks in Greece where yields have pointed clearly to bankruptcy for several months now. Without the QE program, risks of rising borrowing cost in Spain or Italy would be higher. Furthermore, Bank lending standards to SMEs have finally started to ease significantly since H2 of 2014, with loan sizes of up to EUR 250K to have seen interest rates fall 100 bps to 3.4% from June 2014 to March 2015. This easing of SME lending standards has been far too slow following ECB’s TLTROs. Following QE, Eurozone banks have reversed their balance sheet deleveraging significantly, with banks extending EUR 270bn of new bank loans to Eurozone’s private sector. Its effect has been stronger industrial output and employment activity. Finally, inflation risk is absent given the large spare capacity in Eurozone’s economy, as seen in the still high levels of unemployment and lacklustre investment activity. Hence, it’s mainly through oil prices and the euro FX rate by which inflation volatility in the Eurozone is subjected. As such it has little bearing on QE. So QE is not driving inflation risk."
