LOIM’s Gregor Macintosh comments on ECB rates

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While Draghi continues to show his progressive intent, the specific economic impact of the measures he has announced is likely to have less impact than will be delivered by the Euro’s reaction to his policy initiatives.

The limits of the EU policy framework have so far tied Draghi’s hands from delivering full-scale QE, let alone encourage fiscal easing. However, the steepening of the European yield curve, strong rally in peripheral debt and equities suggest investors are initially encouraged about the reflationary impulse of the Euro’s depreciation.

 

Gregor Macintosh is head of Sovereign, Emerging Debt and FX at Lombard Odier Investment Managers

ABOUT THE AUTHOR
Jonathan Boyd
Editorial Director of Open Door Media Publishing Ltd, and Editor of InvestmentEurope. Jonathan has over two decades of media experience in Japan, Australia, Canada and the UK. Over the past 17 years he has been based in London writing about funds and investments. From editing the newsletter of the Swedish Chamber of Commerce in Japan in the 1990s he now focuses on Nordic markets for InvestmentEurope. Jonathan was awarded Editor of the Year at the Professional Publishers Association (PPA) Independent Publisher Awards 2017. Shortlisted for the same in 2016, he was also shortlisted in 2017 and 2015 for the broader PPA Awards category Editor of the Year (Business Media).

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