ASI over de ECB: Noch het monetair, noch het budgettair beleid kan een wondermiddel zijn

ASI over de ECB: Noch het monetair, noch het budgettair beleid kan een wondermiddel zijn

March 19, 2020

ECB
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Gisteravond heeft de ECB aangekondigd dat ze voor 750 miljard euro extra obligaties zal opkopen. Hieronder vindt u het commentaar van Paul Diggle, Senior Economist bij Aberdeen Standard Investments :

‘This is a distinct echo of ‘whatever it takes’. Indeed, that is becoming a common refrain among policymakers these days. We would not rule out even larger ECB measures in the weeks and months ahead, including working with the European Stability Mechanism to provide essentially monetised fiscal support, and even anchoring sovereign bond yields and spreads across the bloc.

‘The punchiness of this programme is primarily a response to rising sovereign debt yields in the Eurozone, and in particularly a response to increasing periphery spreads. The initial market reaction is positive, as BTP-Bund 10 year spreads have tightened almost 100bps this morning.

‘However, our view remains that neither monetary nor fiscal policy can be a panacea for this enormous real economy shock, but they can mitigate at least some of the risks of the shock mutating into a financial crisis and support the eventual recovery.’

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