Report
Countercyclical economic policies are unfortunately ineffective in the euro zone
When we look at euro zone’s situation since the 2008 crisis, we see that: Monetary policy, which became very expansionary from 2014, has not succeeded in narrowing the gap between savings and investment; The action of expansionary fiscal policy has been thwarted by the rise in the private sector savings rate, probably due to Ricardian neutrality. So it has to be accepted that the euro zone has very limited countercyclical stabilisation capacity.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Patrick Artus
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