by Thierry Malleret | Sep 30, 2016 | Uncategorized
September 2016 More and more, decision-makers and market participants are coming to the realization that ultra-low interest rates reflect profound structural issues – most notably global ageing, falling productivity rates and rising inequalities – as much as...
by Thierry Malleret | Sep 1, 2016 | Uncategorized
August 2016 If we had to capture the mood at Jackson Hole (the meeting of central bankers) with just one word, it would be: anxiety. Despite participants putting on a brave face, there was a sense that central banks’ activism has run its course and is now increasingly...
by Thierry Malleret | Jul 29, 2016 | Uncategorized
July 2016 The “risky trinity” (in the words of the BIS) of (1) unusually low productivity growth, (2) historically high global debt levels and (3) remarkably narrow room for policy manoeuver explains why ultra-low interest rates, a symptom of apprehension about...
by Thierry Malleret | Jul 5, 2016 | Uncategorized
June 2016 Britain’s decision to exit the EU may constitute the first step on a “stairway to Hell”, throwing up a tangle of economic, financial, societal, legal, political and other issues of unfathomable complexity. The divorce will take years to play out and...
by Thierry Malleret | May 31, 2016 | Uncategorized
May 2016 Today’s world is threatened by many a ticking time bomb. Some, like immigration, financial crises or terrorism, tend to blow up suddenly; but the majority – including rising inequalities, ultra-low or negative interest rates, technological...