Report
Something is needed that can hold the euro-zone countries together
The euro zone’s spontaneous trend is growing heterogeneity, which may lead to its break-up. The zero or negative interest rates implemented by the ECB ha ve given the member countries fiscal space , enabl ing them to combat this heterogeneity. But this is not a normal and sustainable remedy against heterogeneity, which is: First, capital mobility between the member countries, which makes it possible to harmonise per capita capital and per capita GDP; Second, a federal budget financed by common public debt (eurobonds).
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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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