25.01.2023, 13:59 Uhr
BNY Mellon Investment Management legt den neuen Responsible Horizons Emerging Markets Debt Impact Fund auf. Der Fonds erfüllt die Anforderungen von Artikel 9 der EU-Verordnung über die Offenlegung nachhaltiger...
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Political continuity and ECB liquidity do not solve Italys problems
Brendan Mulhern, Global Strategist for Newton Investment Management, part of BNY Mellon Investment Management (IM), comments on the European Central Banks (ECB) monetary policy meeting tomorrow.
"The ECB has already said that it stands ready to act to counter any instability in financial markets and the governing council is almost certain to announce an extension of Quantitative Easing (QE) on Thursday. Unfortunately, near-term political continuity and ECB liquidity can do nothing to solve Italys underlying problems. An unproductive asset base combined with the existing cost structure is leading to the continued erosion of the countrys balance sheet, most conspicuous in the Italian zombie banks, that further impairs the countrys economic potential. Propping up the Italian banking system with ECB liquidity, while postponing a banking crisis, does nothing to improve the economic prospects of the Italian economy and the probability of a disorderly breakup of the euro over the longer-term has increased."
