Differences between US/UK and Eurozone financial systems: Two key - PowerPoint PPT Presentation

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Differences between US/UK and Eurozone financial systems: Two key consequences and a word of caution Erik F. Nielsen, Global Chief Economist, UniCredit Group Copenhagen, December 2014 US/UK vs Eurozone financial systems: Two key consequences

Differences between US/UK and Eurozone financial systems: Two key consequences – and a word of caution Erik F. Nielsen, Global Chief Economist, UniCredit Group Copenhagen, December 2014
US/UK vs Eurozone financial systems: Two key consequences – and a word of caution • Transmission of stimulus via central bank balance sheet expansion • The cost of "fixing" the banking system in the middle of a great recession • Easy/desirable to change to a securities based system? 2
A broken transmission mechanism ECB's composite cost-of-borrowing indicator - NFCs (in %) 8,00 0,6 Eurozone Germany Spain Itay Refi rate Dispersion - RS 7,00 0,5 6,00 5,00 0,4 4,00 0,3 3,00 2,00 0,2 1,00 0,1 0,00 -1,00 0,0 jan-03 sep-04 maj-06 jan-08 sep-09 maj-11 jan-13 sep-14 3
Loans do not lead capex! 4
ROE Banks: Comparison of EMU versus US 20 15 10 5 0 -5 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 US Banks - ROE (source Worldscope) EMU Banks - ROE (source: Worldscope) So u rc e : T h o m s o n Re u te rs Da ta s tr Source: Thomson Datastream, UniCredit Research 5
Your contact Corporate & Investment Banking UniCredit Bank AG Erik F. Nielsen Managing Director Global Chief Economist Tel. +44 20 7826 1765 Erik.Nielsen@unicredit.eu UniCredit Bank AG Moor House 120 London Wall London EC2Y 5ET 6

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