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17 Jan 2013
Forex Flash: Eurozone expected to exit from the crisis gradually throughout 2013 – Deutsche Bank
FXstreet.com (Barcelona) - Elke Speidel-Walz, Chief Investment Strategist for Deutsche Bank, believes that the beginning 2013 will bring a deepening of recession in the Eurozone and that growth should not kick in again until the second quarter of 2012 “when improving external demand will be one factor stabilizing the Eurozone economy.”
The analyst reminds however that 2012 brought some improvements to the Eurozone economy, due to the introduction of the two LTRO's by the ECB, which helped contain “systemic risks in the banking sector,” as well as the structural reforms implemented by the Member States.
In 2013 Elke Speidel-Walz expects fiscal austerity to pass its peak and inflation to “stay easily within the European Central Bank’s 2 percent target. The central bank's OMT program might not be implemented at all, remaining just as a “reassuring backstop.” As far as political events are concerned, the Italian general elections in April, German parliamentary elections in autumn and the French progress on reforms will remain in focus.
The analyst reminds however that 2012 brought some improvements to the Eurozone economy, due to the introduction of the two LTRO's by the ECB, which helped contain “systemic risks in the banking sector,” as well as the structural reforms implemented by the Member States.
In 2013 Elke Speidel-Walz expects fiscal austerity to pass its peak and inflation to “stay easily within the European Central Bank’s 2 percent target. The central bank's OMT program might not be implemented at all, remaining just as a “reassuring backstop.” As far as political events are concerned, the Italian general elections in April, German parliamentary elections in autumn and the French progress on reforms will remain in focus.