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The European funds are under pressure because of the negative interest rates. Deutsche Bank boss Christian Sewing calls for a rethinking of the ECB as a BDB president.
is safe: inflation in the euro zone will not be back on the pre-pandemic level so fast from well below two percent. With all its client visits in the past few weeks, no single entrepreneur or manager expects the price increases to speed up quickly. "We have to set ourselves that the inflation rate will be increased in the next twelve to 18 months," said the Deutsche Bank boss on Wednesday in its function as President of the Federal Association of German Banks (BDB).
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In Germany, inflation in September for the first time for almost 28 years has again skipped the four-percent mark. In the euro area, the inflation rate was at 3.4 percent last.
In view of this scenario, Sewing demanded that theurgently needed to reconsider its crisis policy: "It has come to talking about an exit perspective from monetary crisis mode, even monetary policy should expect to discuss paths out of the current state of emergency. "
For years, the banking lobby has been fighting against the penalty interests who need to pay the profit liquidity funds that they park at the central bank. "Here you have to counteract urgently," said Sewing. There are opportunities for the central bank to be active in the short term. The burdens for the banks would have to be reduced.
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Since 2014, banks have to pay penalty interests. Thus, thewants to achieve that banks pass on the many cheap money that the central bank provides you with companies and consumers so it flows into investments and consumption. At the moment, the so-called introductory set is 0.5 percent at minus.
Increasing the amount A WEG
Since autumn 2019, however, the central bank also admits allowances for the banks, so that no longer payable to all parked surplus funds of penalty interest. "An increase of this allowance, that would be a way, for example," said Sewing.
of the banker pointed out that since the beginning of the pandemic, the surplus liquidity for which banks must pay negative interest rates of 950 billion euros to a good 3.4 trillion euros. It is already considered the allowance of currently around 900 billion euros. "For the entire euro area and to a year, the current negative interest payments of banks in the euro area thus amount to more than 17 billion euros," said Sewing.
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not only for the banks, but also for the economy, it is important that a way from the negative interest rates, Sewing noticed.
The ECB has been running a policy of far open money fails for years, which has reinforced it once again in the course of the pandemic. The key interest rate in the euro area has been 0.0 percent since March 2016. In addition, the central bank has initiated extensive emergency aids to curb the economic consequences of the pandemic. This includes a crisis bond program created at $ 1.85 trillion. It should continue until at least at the end of March 2022.
with material from Reuters
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