Report
How much potential growth is the euro zone losing by needlessly lending its savings to the rest of the world?
Since the 2010-2013 euro-zone crisis, the German and Dutch savings surplus has not been lent to the other euro-zone countries but to the rest of the world, in particular to the US Treasury. This has led to savings representing on average 3 percentage points of euro-zone GDP (which corresponds to the euro zone's external surplus) being lent to the world outside the zone, instead of being invested in the zone. If this savings financed investment in the euro zone, the euro zone’s capital would increase 1 pp faster per year, and euro-zone potential growth would be 0.3 pp higher per year.
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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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