Report
What if the only effect of the ECB’s expansionary monetary policy was to enable a high public debt ratio?
In the euro zone, the ECB’s expansionary monetary policy has not led to increases in: The household or corporate debt ratio; Corporate or household investment; Potential growth; Core inflation; Asset prices (equities, real estate). So perhaps the only effect of the euro zone’s expansionary monetary policy has been to enable the increase in the public debt ratio to not erode fiscal solvency .
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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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