El Pais meets Patrick Artus, Natixis’ Chief Economist, to discuss the global economy. Touching on Europe, Artus says that “despite the recent Greek crisis, I’m optimistic on Europe’s recovery”, which he believes many experts have underestimated. Artus argues that there are positive signs in consumption, exports, investment and even in the housing market, which will translate into a growth of 2.5% by next year.
When questioned on bursting bubbles in the market, Artus believes that the only active market where he sees a risk is the property market in the UK. For the bond market, although prices are extremely high, “I would not say it is a bubble. It is a consequence of the ECB’s policies to stimulate the economy. The question is not whether there is bubble in bonds, but if there is a possibility of abandoning the policy. It is very easy to start a QE, the difficult thing is to leave it without creating a financial crisis.”
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