Report
Euro zone: No excess private savings, so no role for an expansionary monetary policy
The euro zone has had excess savings over investment since 2012, but there is no anomaly regarding the equilibrium between private savings and investment: what we are seeing are the effects of the euro zone’s fiscal policy having become restrictive. If there are no excess private savings over investment that requir e a correction in the euro zone, then there is no role for an expansionary monetary policy. Rather, the focus should turn to the euro zone’s fiscal policy stance.
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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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