The new normal: structurers learn to live with low interest rates

The low rates challenge

Vincent Berard, BNP Paribas

The shadow of events last year is likely to continue haunting financial markets well into 2012. The intensification of the eurozone crisis in August tipped the balance of the global economy back towards greater uncertainty and risk aversion as its effects were felt worldwide. At the same time, political stalemate and bad economic data in the US, as well as sluggish or zero growth in most developed markets, led many investors to shun riskier assets in favour of cash, even as historically low

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