The former European Central Bank (ECB) President Mario Draghi made some insightful comments, warning governments of a possible impending debt crisis unless the coronavirus stimulus packages are put to good use to upgrade their economies.
Below are some of his statements (via Bloomberg):
- “European institutions, savers and financial markets will only fund “good debt” if it’s being used for investment in human capital, crucial infrastructure, or research.”
- “If, however, debt is used for unproductive purposes, it will be seen as ‘bad’ debt and its sustainability will be eroded.”
- “Low-interest rates are not in themselves a guarantee of sustainability.”
- “For years, a form of collective selfishness has led governments to divert attention and resources toward initiatives that generated guaranteed and immediate political returns.”
While this primarily addresses those in leadership with power to make decision – we, the masses should pay close attention and use it to steer our trade decisions.
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