J.P. Morgan Asset Management: The Weekly Brief

26.03.2013 08:59 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management: The Weekly Brief

Thema der Woche

Sobald die unmittelbare Krise vorüber ist, müssen Zypern und die EU entscheiden, ob die Insel ein Offshore-Finanzplatz und gleichzeitig Euro-Mitgliedsland bleiben kann. Die EU muss auch entscheiden, ob sie wirklich den Mut aufbringt, eine Bankenunion zu schaffen, die u. a. automatische Rettungsmassnahmen für angeschlagene Banken vorsieht. Durch dieses Kernelement der vorgeschlagenen Union würde der Teufelskreis aus Bankschulden, Staatsschulden und Sparmassnahmen durchbrochen. Doch die jüngsten Ereignisse deuten darauf hin, dass die Länder im Norden Europas Rettungsmassnahmen für Banken an sanktionierende Bedingungen knüpfen könnten, so dass ihre Wirksamkeit untergraben würde. Wer hätte Vertrauen in ein System der gegenseitigen Zusicherungen, die vielleicht eingehalten werden, vielleicht aber auch nicht? Dann wird der Teufelskreis nicht durchbrochen.

Tom Elliott

http://www.jpmam.ch/DEU/MarketInsights

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