Good debt scrabble economy

Tanto denaro per nulla

BRUSSELS – I Paesi sviluppati si stanno spostando verso un contesto caratterizzato da tassi di interesse a zero a lungo termine. Anche se gli Stati Uniti, il Regno Unito, il Giappone e l’Eurozona hanno mantenuto il tasso di riferimento a zero già da diversi anni, la percezione che si trattasse di una temporanea anomalia stava a significare che i tassi a medio e lungo termine restavano fondamentali. Tuttavia la situazione potrebbe cambiare, soprattutto nell’Eurozona.

Per la precisione, i tassi a zero vengono presi in considerazione solo per il debito nominale a medio termine che non è considerato rischioso. Ma, nell’Eurozona, i tassi sono vicini allo zero – e negativi per una sostanziale quota del debito pubblico – e si prevede che resteranno bassi per un po’ di tempo.

In Germania, ad esempio, i tassi sui bond a cinque anni saranno negativi, e solo poco più positivi, generando una media ponderata pari a zero. Chiaramente il contesto del Giappone caratterizzato da tassi vicini allo zero non è più l’unico.

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