Monetary policy: Back to normal?

Only a few weeks ago the markets practically took it as read that the European Central Bank would reduce its key interest rate yet again in 2013. In the wake of ECB president Draghi's press conference at the beginning of January, however, such expectations have all but vanished.

Demographic challenges: Immigration and integration – an EU perspective

Against the background of an ageing population in the European Union there are ongoing discussions about how to tackle the future challenges resulting from demographic change. On the one hand the number of silver agers is going to increase markedly in the member countries, while on the other workforce populations will not only age, but are also going to shrink or at best remain constant. In addition, there are also likely to be major social shifts as traditional family structures are going to alter, not only due to a rising number of childless persons, but also due to higher mobility and changing lifestyles leading to an increasing number of single households. 

Allianz Global Wealth Report 2010

The analysis of 50 countries shows that the wealth losses as a consequence of the financial crisis have not yet been overcome. Despite a marked increase to the tune of 7.5 percent, global financial assets at the end of 2009 (EUR 82.230 trillion) were still some 4 percent lower than the level of EUR 85.590 trillion reached before the crisis. “Far too little has been said so far about this blow to savers”, said Michael Heise, Chief Economist at Allianz.

Working Paper: Exit strategies

The extremely expansionary monetary and fiscal policy was essential in the wake of the severe financial market and economic crisis and its consequences are still difficult to gauge. “But it is clear that risks and costs will rise the longer the expansionary policy remains in place. It is therefore time to work out alternative exit strategies,” said Michael Heise, chief economist at Allianz. According to Allianz, an optimal exit concept should be timed correctly, avoid new financial market bubbles and be coordinated internationally.