/ Fixed Income

The ECB Interest Rates Policy Is Not Adapted To The Economic Reality

By Pierre Moutounet-Cartan

The Brexit negotiations as well as Trump have shadowed that the Eurozone strategy is not appropriate to the economic reality. And the main reason is that the EU is "late" in the on-going credit cycle.

The theory of credit cycles, which was first developed by Irving Fisher to explain the Great Depression following the Black Tuesday has been quite good to predict and give a nearly correct explanation to each economic crisis. I must admit that it is not the solely indicator and cause for depressions, but is still a good indicator when coupled...

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