A stronger US economy should be good for the rest of the world, although financial market developments will need to be watched carefully given that the policy interest rate in the United States has been at zero for almost seven years now.
Many argue that QE is responsible for a bubble in the equity and bonds markets and that the negative interest rates ultimately benefit the affluent north and not the poor south, and that QE masks the structural problems of the euro area. What is your view after nearly two years of the programme?