Ferdinando Giugliano, Columnist

Europe Has No Bubbles to Fear -- For Now

The ECB's monetary policy is not a problem for financial stability. Its withdrawal may be.

May 26, 2017 at 11:35 AM UTC

Ferdinando Giugliano is a former Bloomberg Opinion columnist. He was previously a member of the editorial board of the Financial Times.

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Talk to critics of the European Central Bank’s ultra-loose monetary policy and a common theme emerges: concern about financial stability. Quantitative easing is seen as creating dangerous asset bubbles. Negative interest rates are said to hurt bank profitability, making the financial system more vulnerable to shocks.

QuickTake Europe’s QE Quandary