Report
The problem is that the monetary easing is going to drive up structural fiscal deficits
The ECB has no intention to continue to monetise structural fiscal deficits. This could lead to a problem with public finances and excessive public debt in the future, should structural fiscal deficits persist. But the problem is that the ECB is fully monetising the euro-zone countries’ fiscal deficits, whether they be cyclical or structural, leading these countries to put in place structural deficits which will pose a problem later.
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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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