Report
Euro zone: What form would a revolt of the savers take?
The fact that interest rates are considerably lower than the growth rate in the euro zone is a significant tax on savers, which they currently accept. But could they revolt against this tax in the future? This revolt would take the form of: A refusal to hold bonds with very low yields, which would force the ECB to resume quantitative easing and to buy the bonds sold by investors and savers; A portfolio switch into risky euro-zone assets (equities, real estate, high yield), whose prices would then rise sharply despite the rise in long-term interest rates, or into bonds from regions offering higher yields ( United States , emerging countries), leading to a steep depreciation of the euro.
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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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