„If the oil price now rises and hence also the inflation rate, interest rates in Europe will similarly be able to move higher. It is to be hoped that the European Central Bank follows the lead set by the Fed. With its protracted zero-rate policy the ECB is compelling German insurers to put loans on their books, the returns on which are no longer commensurate with the risk. Furthermore, with its programme of asset purchases the ECB is constricting the market for liquid instruments, hence promoting an additional price decline and forcing investors into an unholy chase for adequate returns. The signal sent out by the US opens the way for the ECB to reconsider its expansionary monetary policy. It should not miss the opportunity."
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