30.03.2023 - Comments

Value erosion and balance sheet acrobatics in the Eurosystem

by Thomas Mayer, Christof Schürmann


Rising interest rates have plucked many investors and caused some banks to falter or fall. But the biggest losers are the owners of the biggest bond portfolios, and that means the central banks. But central bankers can hide the losses. As long as citizens do not discover the hiding place, all is well.

This comment is available in German only.