Axa IM fixed-income head says euro collapse more inflationary than ECB printing euros

It is difficult to foresee borrowing costs for Italian, Spanish or other troubled debt falling permanently with "anything other than the ECB being used as a lender of the last resort", says Chris Iggo


The eurozone falling apart carries more risk of localised inflation than printing money to save it, while recent precedent for quantitative easing from the US and the UK does not suggest immediate links to inflationary expectations, says Chris Iggo, fixed-income chief investment officer at Axa Investment Managers.

The sentiment comes on a day a survey from Germany's Allianz Global Investors found investors in Germany, France, Switzerland and the UK all feared inflation over the coming 12 months

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ESRB narrows its macro-prudential tools

The European Systemic Risk Board is about to announce a slimmed-down list of potential macro-prudential tools, but who has the power to use them is still the subject of debate. By Michael Watt

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