AFS Morning Comments & Calendars

2 April 2020

AFS Morning Comment April 2 2020

The central bank that can’t shoot straight is an apt description for the ECB. Yes, the ECB’s easing appears to be massive at first sight (look! 1.1 trillion euros in QE this year!) But easing…

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27 March 2020

AFS Morning Comment March 27 2020

A seeming peculiar development is the rise in Eurozone money market rates despite the ECB having started to massively expand its balance sheet. As a reminder, the bank is scheduled to buy another 1.1 trillion…

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26 March 2020

AFS Morning Comment March 26 2020

When former ECB President Draghi comes out of hibernation and calls for a debt jubilee, things are truly in dire straits. We just want to share these three quotes from the Financial Times article with…

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ECB Pandenomics: public debt levels to explode

The Coronavirus spreading globally and the shutdown of large swathes of the economy will result in a sharp decline in Euro Area output and an equally sharp increase in debt levels. That’s because governments are…

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9 March 2020

Down to the last bullet? The ECB and the Coronavirus

In the final year of former President Draghi’s term, the ECB started giving up on pursuing macro-economic stabilization. The unwillingness to keep nominal growth on track at a stable trend pace, which has worsened under…

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2 March 2020

AFS Morning Comment March 2 2020

According to official Chinese PMIs released over the weekend, the Chinese economy has taken bigger hit from the Coronavirus then it did during the 2008 financial crisis. The world’s second biggest economy came near a…

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