Report
Redistribution from lenders to borrowers: The only consequence of the euro zone’s expansionary monetary policy
The euro zone’s highly expansionary monetary policy since 2014-2015 has not led to: Strong credit growth; A sharp depreciation of the euro; A sharp rise in asset prices; A squeezing of risk premia. Its only clear consequence is to have instituted a large redistribution of income from lenders to borrowers. We weigh up the efficiency of these redistributive effects.
Provider
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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