Austerity Not Working Amid Safe Asset Shortage, Says ANZ’s Smith
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Austerity policies designed to shrink the size of government budgets are holding back growth in Europe, said Mike Smith, Australia & New Zealand Banking Group Ltd.’s chief executive officer.
High valuations for commercial banks will also persist as long as central banks continue quantitative easing, said Smith, the head of the country’s third-largest lender by market value, in an interview with Australian Broadcasting Corp. television today.