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Contributions by Dr Jörg Zeuner, Chief Economist of KfW

(Older entries only available in German)

Current comments

11-12-2018 | Monetary policy decision of the ECB, 13-12-2018

“Making monetary policy for the euro zone is currently like walking the tightrope. The economic upswing has recently been dampened. For example, we are seeing strong uncertainty among companies in Italy, imbalances in German automobile production and low water in the Rhine hampering the output of various industries. In this environment, it is difficult to filter out the true economic trend. After all, the ECB staff will have to revise its forecasts downwards. The ECB Council will then interpret this - and probably only as a temporary dent in the economy. It will thus be able to stick to its timetable, which is fundamentally good for planning purposes of economic players. However, markets are unlikely to become more optimistic again until economic data actually improves.” (Dr Jörg Zeuner)

 Kredite an nicht-finanzielle Kapitalgesellschaften
Chief Economist of KfW Dr Jörg Zeuner

Further comments


KfW Research, KfW Group, Palmengartenstrasse 5-9, 60325 Frankfurt, Germany,


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