Report
Germany’s rejection of the ECB
The ECB’s highly expansionary monetary policy is being increasingly rejected by Germany, due to the concentration of Germans’ savings in bonds, which makes them fear a fall in their income and in their pensions; also due to Germany’s low level of debt, which means that the very low interest rates make fewer winners than losers. What might this rejection of the ECB by the Germans lead to? A rise in anti-European sentiment (the AfD)? The acceptance of a more expansionary fiscal policy, enabling the ECB to raise its interest rates somewhat? Less strident criticism of the ECB due to the appearance of a recession in Germany?
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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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