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Created by Dr. Jochen Felsenheimer


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[in German only] Devil in Disguise

Die Spekulation auf eine Ausweitung des Kaufprogramms der EZB ist aktuell der entscheidende Faktor für die Finanzmärkte. Und die EZB nimmt auf diesen eine immer entscheidendere Rolle ein. Deshalb widmen wir uns hier nochmal den teilweise abstrusen Entwicklungen in der Geldpolitik, um uns dann der spannenden Frage zuzuwenden, welche Folgen die aktuelle Popularität protektionistischer Maßnahmen haben kann. Unserer Meinung nach liegt die größte Gefahr in den Märkten weiterhin in den Ausschweifungen der Zentralbanken. Hier wiederum erwarten immer mehr Marktteilnehmer bis Ende des Jahres die Verkündigung „neuer“ Instrumente von Seiten der EZB. Ein Ende der ultralockeren Geldpolitik oder sogar schon einen Stagnation auf hohem Niveau würde indes einen starken Anstieg der Risikoprämien nach sich ziehen. Die EZB ist also so etwas wie der Devil in Disguise: „You fooled me with your kisses…”

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