NN IP: Get real
The issue of “rules” versus “burden and risk sharing” has different implications for the three pillars of banking union. The first pillar is essentially about putting all Eurozone banks under a single regulatory and supervision umbrella. The second pillar is the Single Resolution Mechanism, and the final pillar of banking union is a Common Deposit Insurance facility which is essentially all about “risk sharing”.04.08.2016 | 14:35 Uhr
Economic Outlook: A closer look at the European fiscal and banking union
Last week we looked at the Eurozone’s incomplete institutional set-up and its implications for the fiscal union. This week we will discuss what it all means for the banking union. In addition to this we will give our view on the July ECB meeting. Read more...
Asset Allocation: Central banks to continue market-friendly policies
More signs of increasing global growth momentum and the willingness of central banks to act pre-emptively against downside risks have stimulated global risk appetite. Our base case for a rate increase by the Fed remains December, with two further rate hikes in 2017. Read more...
Fixed Income: Search for yield is alive and kicking
Macroeconomic support for spread products remains in place, while also (the anticipation of) policy stimulus helps. Valuations have become less supportive in certain categories, but with zero or negative yielding government bonds being the alternative, this is no big problem. Read more...
Equity Strategy: Bank stress tests reveal no big surprises
Equity markets took a breather after the post-referendum rally, although the earnings season is so far encouraging. While the European bank stress tests revealed no big surprises, it is clear that especially Italian banks have work to do. Read more...