Having spent three years and more than 2.6 trillion euros ($3 trillion) trying t...
LONDON - Having spent three years and more than 2.6 trillion euros trying to boost economic growth across the euro zone, the European Central Bank’s mixed record may open the door for a high-spending, radical alternative.
The country can’t be forced into defaulting on its debts since it can always print money to pay creditors, the theory runs. “Post-European elections, there will be much more talk at a European level of spending and stimulus,” John Roe, a fund manager at Legal & General Investment Management, Britain’s biggest asset manager, told Reuters.Roe noted calls for a vast publicly funded “Green New Deal”, as touted by some left-wing U.S. Democrats, are yet to materialize in Europe. But demands for such a policy remain a possibility which investors should take seriously.
French President Emmanuel Macron has beefed up public spending to defuse violent “yellow vest” street protests. “The general idea that government debt can be financed by central banks is a dangerous proposition”, ECB chief economist Peter Praet said in a recent online Q&A.
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